Tony Elumelu Champions Vision for Economic Empowerment, Sustainable Growth in Africa
As an undisputed advocate of Africa’s economic growth, Chairman of United Bank for Africa Plc, and the founder of the Tony Elumelu Foundation (TEF) Tony Elumelu, in his recent working visits to Saudi Arabia, Angola, and Congo Brazzaville stressed that Africa should not only be seen as a market of unprecedented opportunity but as a region in urgent need of partnership and support, reports Festus Akanbi
‘The Future of Africa is in our hands,’ Tony Elumelu never fails to quip at every opportunity he gets, and he seems to have taken this mantra personally as he has been putting words to action in driving the future of the African continent which he is ever so passionate about.
As the Group Chairman of Africa’s Global Bank – United Bank for Africa (UBA) Plc and the founder of the Tony Elumelu Foundation (TEF), Elumelu has long been a passionate advocate for Africa’s economic growth. With his unmistakable influence as a voice for African development, he has consistently pushed for investments that foster sustainable development across the continent.
The proponent of Africapitalism’s recent working visits to Saudi Arabia, Angola, and Congo Brazzaville reflect his commitment to exploring and supporting strategic opportunities that can positively impact Africa’s industries, communities, and people.
At the Future Investment Initiative (FII8) Summit in Saudi Arabia, Elumelu captured the attention of global leaders and investors by highlighting Africa’s unique demographic advantage as well as its potential risks. He presented a compelling case for the continent’s untapped market potential, emphasising that Africa which is home to about 1.5 billion people, will see its population rise to 2.5 billion in the next two decades.
However, Elumelu acknowledged that without targeted investments, this young population could become a significant challenge. He painted a scenario where Africa’s rising poverty levels have already led to political instability and rising social discontent, as he pointed out that with over half of Africa’s population still lacking access to electricity, industrialisation and the job creation it fosters, remains elusive. “Without industrialisation, the jobs simply won’t be there,” Elumelu said, as he stressed that electricity remains the bedrock of Africa’s economic evolution.
Elumelu’s address at FII8 was not just a presentation; it was a call to action for global investors. He urged them to recognise Africa not only as a market of unprecedented opportunity but as a region in urgent need of partnership and support. By investing in Africa’s energy infrastructure, global stakeholders can play a role in a transformative journey that benefits Africa and stabilises global economies.
In Riyadh, Elumelu announced that UBA will establish its presence in Saudi Arabia, the largest economy in the Gulf and world’s largest exporter of crude oil.
New Africa Summit
Speaking to Arab News at the FII New Africa Summit in Riyadh, Elumelu, who also chairs Heirs Holdings, a family proprietary investment company, based in Lagos said that the Bank and his larger companies are exploring business opportunities within the Kingdom.
UBA in Saudi Arabia
UBA which currently operates in 24 countries across four continents believes that a presence in Saudi Arabia will further consolidate economic ties between the Kingdom and Africa.
“We are trying to open a bank in Saudi Arabia. We have applied to the Central Bank of Saudi Arabia, and we hope that will be successful soon. So that we can be the only first African bank with a presence in Saudi Arabia,” Elumelu is quoted to have said.
He continued: “You might ask me: ‘Why am I interested in having United Bank for Africa operate in Saudi Arabia?’ Because of the trade opportunities, because of investment opportunities, because we like what is happening in Saudi Arabia,” he was further quoted
The impending arrival of UBA in the Kingdom of Saudi Arabia would double its presence in the Gulf, following the establishment of a subsidiary in Dubai, United Arab Emirates, two years ago.
His next stops are the countries of Angola and Congo Brazzaville, where he had extensive discussions with Presidents Joao Lourenco and Denis Sassou Nguesso.
In Angola, discussions with President Lourenco focused on extending his extensive investments in the banking, energy, and insurance sectors to the oil-rich former Portuguese colony. Elumelu’s interest in Angola is part of a broader strategy to drive economic growth by facilitating financial inclusion and supporting energy development, which is critical for a nation seeking to diversify its economy beyond oil.
In Congo Brazzaville, Elumelu and President Sassou Nguesso talked about diverse issues and explored collaborative opportunities to address local economic challenges. Energy, once again, emerged as a focal point in discussions. Access to reliable and affordable energy in Congo Brazzaville would unlock opportunities in various sectors, from manufacturing to technology. These dialogues highlight Elumelu’s commitment to partnering with governments across Africa to promote private-sector-driven growth, create jobs and grow infastructure. Congo Brazzaville is one of the 20 countries UBA Group has subsidiaries in Africa.
Fostering Development
Elumelu’s commitment to fostering development extends beyond financial services. Through these discussions, he positioned UBA as more than a bank, but also as a driver of social and economic transformation, providing African nations with the financial tools to achieve sustainable growth.
With its presence in 20 African countries, UBA has a strong Pan-African footprint and a deep-rooted mission to support economic empowerment across the continent. UBA’s approach includes financing projects that target key sectors, such as energy, infrastructure, and financial services. By facilitating cross-border trade, supporting small businesses, and financing critical infrastructure, UBA is helping to build resilient economies throughout Africa.
The bank’s commitment to these goals is seen in its recent initiatives. For example, UBA has supported renewable energy projects, financed infrastructure, and partnered with governments to address pressing issues like poverty and unemployment. The bank has also been making inroads in Francophone Africa, with significant expansions in countries like Senegal and the Ivory Coast, where the bank has introduced tailored financial products designed to foster entrepreneurship and create jobs.
TEF: Providing Grassroots Approach to Empowerment
Elumelu’s work through the Tony Elumelu Foundation (TEF) complements UBA’s initiatives, providing a more grassroots approach to economic empowerment. The foundation’s flagship Entrepreneurship Programme has supported over 18,000 African entrepreneurs with seed funding, mentorship, and training since its inception. By investing in young African business owners, TEF helps foster innovation and create job opportunities, empowering entrepreneurs to become engines of growth in their communities.
In Angola and Congo Brazzaville, Elumelu met with some of these entrepreneurs who have benefited from TEF’s support. His interactions reinforced his belief in Africa’s young business leaders as the catalysts of future prosperity. By empowering entrepreneurs, the TEF is addressing one of Africa’s most pressing issues: the need for sustainable job creation in a continent with a rapidly growing youth population.
UBA has been proactive in financing energy projects across the continent. These projects range from small-scale renewable energy installations in rural areas to large-scale infrastructure initiatives aimed at powering cities and industrial zones The Chairman’s recent interactions with world leaders reflect a larger vision for Africa – one that involves both local empowerment and global partnership. His call to action at the FII8 Summit and his efforts in Angola and Congo Brazzaville demonstrate a philosophy centred on sustainable development, which requires both private-sector leadership and public-sector collaboration.
His work with UBA and the Tony Elumelu Foundation exemplifies a commitment to creating a self-reliant Africa where young people have access to jobs, businesses have the tools to grow, and governments are supported in their mission to provide sustainable development.
His passion for Africa is clear: he sees the continent not as a place of poverty but as a land of opportunity. However, he understands that realising Africa’s potential requires strategic action. By focusing on sectors such as energy and finance and empowering local entrepreneurs, Elumelu is paving the way for a resilient, prosperous Africa.
As a well-rounded banker and philanthropist; he is a visionary leader with a deep-rooted commitment to Africa’s progress. His recent engagements underscore his belief that Africa’s development lies in the hands of its people, supported by collaborative investment and strategic partnerships. With UBA as a catalyst and the Tony Elumelu Foundation as a support system, Elumelu is building a legacy of empowerment across Africa one that holds the promise of a brighter, self-sustaining future for the continent.
Through his dedication, Elumelu is transforming the narrative of African development, reminding the world that Africa is not only rising but also ready to lead. The journey he envisions is one of hope, resilience, and prosperity, a journey that ensures Africa’s youth find opportunities at home and contribute to a sustainable global economy.
