The group chair of Heirs Holdings, United Bank for Africa, and Transcorp Group, Tony Elumelu, has issued a strong call for urgent investment in energy infrastructure across Africa to fully harness the continent’s youthful population for economic transformation.
Speaking at the 2025 African Caucus Meeting in Bangui, Central African Republic, Elumelu emphasised that reliable electricity is crucial for Africa’s industrial revolution and overall development.
While delivering the keynote address on “Resilient Infrastructure, Human Capital, and Green Assets,” Elumelu warned that without immediate and coordinated action from governments, private sector players, and global institutions, Africa’s vast potential—including its abundant natural resources and energetic youth—would remain untapped. “No industrial revolution or meaningful progress can occur on the continent without reliable electricity,” he stated.
Elumelu underscored the magnitude of the challenge, noting that as much as 70 per cent of Africans still lack access to electricity, and Nigeria, with over 200 million people, generates less than 7,000 megawatts. He argued that bridging the continent’s energy gap is essential for job creation, technological advancement—including participation in the global artificial intelligence boom—and sustainable economic growth.
“Africa’s development is our responsibility. No one else will do it for us. Africa’s future is in our hands,” Elumelu declared, calling for aggressive investment in energy solutions ranging from renewables to cleaner gas-based infrastructure.
Highlighting Africa’s demographic advantage, with more than 60 per cent of its population under the age of 35, Elumelu cautioned that this could either become the continent’s greatest asset or its greatest risk. “If the youth are not empowered and productively engaged, the demographic dividend could turn into a demographic crisis,” he warned.
He concluded by urging African governments to strengthen fiscal capacity, improve efficiency, and enable innovative financing, especially by encouraging private sector participation. Elumelu stressed that only by taking decisive action to upgrade energy infrastructure can Africa unlock the economic power of its young population and secure a prosperous future for the next generation.
“If we are to industrialise, create jobs, and participate meaningfully in the global AI revolution, we must invest aggressively in energy, from renewables to cleaner gas-based solutions. Imagine what Nigeria’s economy could become with 100,000 megawatts of reliable, affordable energy. That is the scale of transformation we need. And the story is not different across Africa.”
Elumelu called for aggressive investment in energy ranging from renewable sources to cleaner gas-based solutions, stressing that industrialisation, job creation, and participation in global technological advancements such as artificial intelligence depend on it.
While urging governments to strengthen fiscal capacity and improve efficiency, Elumelu also emphasised the critical role of the private sector in solving Africa’s infrastructure challenges through innovation and long-term investments.
On Africa’s demographic advantage, the UBA Chair described the continent’s youthful population as its most valuable resource.
However, he warned that the demographic dividend could become a demographic crisis if the youth are not empowered and productively engaged.
“Africa is the youngest continent on earth, with over 60 per cent of our population under 35. This presents either our most significant asset or our greatest risk. Our young people are the answer to the world’s demographic crisis, our minerals power the extraordinary technological changes we are experiencing, and our fields can feed the world.
“But these African solutions, this African opportunity, must be on African terms, benefit African people, and catalyse true value creation on the African continent. It must also be based on genuine partnerships of equality and mutual respect.
“We must also be realistic. African governments must do better. If we are to deliver that opportunity to our next generation, and if we are to be truly heard in the community of nations, Africa needs to step up.
“To bridge this divide, we must do three things: strengthen our fiscal capacity, drive efficiency and unlock innovative financing, especially by inviting and enabling the private sector to co-lead infrastructure development.”
