In Key Call To Action, Elumelu Champions How Emerging Tech Can Make Africa Prosperous

Champion of shared prosperity in Africa, Tony Elumelu, has highlighted how harnessing the power of emerging technologies can make the continent prosperous for generations to come.

One of Africa’s leading investors and philanthropists made this strong call to action while delivering the Graduation Lecture to participants of the Executive Intelligence Management Course 17 of the National Institute for Security Studies.

Elumelu spoke on “Emerging Technologies as a Catalyst for Social and Economic Growth and Partnership Opportunities in Africa”, a topic he described as “profoundly transformative for our beloved continent.”

“I firmly believe that emerging technologies—be they artificial intelligence, biotechnology, or renewable energy—are not merely tools of convenience but powerful engines of growth, capable of driving unparalleled social and economic development across Africa,” the Chairman of United Bank for Africa (UBA), the global powerhouse serving over 45 million customers, declared at the event, which took place on Thursday, December 5, 2024.

Backing his position, the master entrepreneur—who emphasized that UBA is the first financial services group to truly pursue a global strategy, currently operating in the United States of America (USA) and the United Arab Emirates (UAE), with deals to expand to Saudi Arabia and France already inked—highlighted pivotal potentials, drawing from real-life experiences under four categories: social growth and inclusion, economic empowerment and job creation, fostering innovation and entrepreneurship, and partnerships for collaborative growth.

Under the social growth and inclusion category, the founder of the Tony Elumelu Foundation (TEF), which has empowered 20,000 young men and women and created more than 40,000 direct and indirect jobs, pointed out that “Technology is democratizing access to opportunities, breaking down barriers that have long hindered progress. Imagine a child in a remote village accessing world-class education through online platforms. Imagine healthcare reaching underserved areas through telemedicine. These are not mere dreams; they are becoming realities.”

Using the Tony Elumelu Foundation model to drive home his point, the Chairman of the bank that boasts 25,000 employees group-wide explained: “At the Tony Elumelu Foundation, we are nurturing a generation of young, empowered African entrepreneurs who are transforming their communities and industries. In total, we have funded and mentored over 20,000 entrepreneurs. And technology is transforming how we achieve our mission—our TEF Connect platform gives access to over 1.5 million young African entrepreneurs for training and networking.”

He added, “We leverage our platforms for advocacy, spreading our message of Africapitalism—that the African private sector can transform Africa, can do well, and can do good. It allows us to demonstrate that Africa’s economic development is the responsibility and destiny of us, Africans.”

The leading figure in the global campaign for a better Africa is a proponent of Africapitalism.

On the economic empowerment and job creation potential of emerging technologies, Elumelu noted the profound impact of tools such as e-commerce platforms and mobile banking services. “E-commerce platforms are empowering small and medium enterprises, enabling them to compete on a global scale, and mobile banking and digital financial services are bringing millions into the formal economy, driving financial inclusion,” he said.

He highlighted UBA’s efforts in this regard: “UBA is developing products and services that allow the poorest to access financial services. The United Bank for Africa Group serves 45 million customers across 20 African countries, as well as the UK, US, France, and the UAE. UBA is not just a bank; it empowers businesses, creates jobs, and facilitates regional and continental trade, contributing to our nation’s and continent’s development.”

He also mentioned Heirs Insurance, a subsidiary of his family-owned Heirs Holdings: “Heirs Insurance is allowing a broad swathe of our population to discover security and savings through digitally delivered insurance products. In agriculture, precision farming and new data are revolutionizing productivity and sustainability. Each of these advancements is not just an innovation but a catalyst for creating jobs, reducing poverty, and boosting economic resilience.”

On fostering innovation and entrepreneurship, Elumelu declared, “Africa is brimming with entrepreneurial talent. Our young people are not just the leaders of tomorrow; they are the innovators of today.” He explained: “By leveraging emerging technologies, we can harness this talent, creating a vibrant ecosystem of startups that develop solutions tailored to our unique challenges. From fintech in Lagos to agritech in Nairobi, African entrepreneurs are at the forefront of innovation. This spirit of entrepreneurship is attracting global investors, who see in Africa a continent of boundless potential.”

Discussing partnerships and collaborative growth, he stated, “Technology is a global language that transcends borders. Whether it’s collaborating on renewable energy projects or developing AI solutions, the possibilities are endless.”

He pointed to the African Continental Free Trade Area (AfCFTA) as an example: “Partnerships must occur regionally. Positive developments such as the AfCFTA can benefit from digital tools to harmonize trade and boost inter-African commerce. UBA’s AfriCash has made it seamless for people to remit funds and make small trade payments across borders in Africa.”

Re-emphasizing the importance of global collaboration, he added, “We must engage with global tech giants, venture capitalists, and academia to create an ecosystem where innovation thrives. These partnerships will not only drive technological advancement but also position Africa as a key player in the global digital economy.”

Elumelu also outlined the challenges posed by emerging technologies and the way forward, stressing the need for robust policies, regulatory frameworks, education, skill development, and reliable infrastructure. “Development is impossible without reliable access to electricity. Power is a fundamental resource that impacts every aspect of life—from hospitals to homes and businesses.”

Bringing the situation closer to home, he said, “Nigeria cannot industrialize, and our youth cannot be educated without ensuring our abundant natural resources are translated into plentiful, robust power for all. Heirs Holdings understands this—we invest across the energy and power value chain. We now supply over 15% of Nigeria’s electricity needs, but we can do so much more.”

Summing up his address, Elumelu declared: “Emerging technologies offer a transformative opportunity for Africa. By embracing these technologies and fostering strategic partnerships, we can drive inclusive growth, create sustainable development, and unlock the immense potential of our continent. The future of Africa is bright, and it is within our grasp. Let us seize this moment, harness the power of technology, and build a prosperous and safe Africa for generations to come.”