Tony Elumelu Calls AI Africa’s Next Great Leap at IMF, World Bank Meetings
Chairman of UBA Group and Heirs Holdings, Tony Elumelu, has stated that artificial intelligence (AI) could power Africa’s next great transformation, revolutionising critical sectors such as healthcare, education, and agriculture.
Speaking at a panel session titled “Boosting Productivity Growth in the Digital Age” during the IMF/World Bank Annual Meetings, Elumelu emphasised that AI offers immense potential to make a meaningful impact across the continent, particularly in regions where innovation can bridge deep structural gaps.
“Artificial intelligence can be the next great leap in healthcare, where diagnostic tools reach remote clinics; in education, where content becomes accessible in local languages; and in agriculture, where data helps small farmers improve yields,” Elumelu said.
Africa’s Digital Future Lies in Its People
Elumelu highlighted that Africa’s digital transformation must remain people-centered, not just focused on technology or productivity metrics.
“When we speak of productivity in the digital age, we are really talking about people. Productivity is not only about output per worker, it is about opportunity per person,” he explained.
He acknowledged the continent’s infrastructure and connectivity challenges, but also noted that Africa’s youthful population, known for creativity and resilience, offers a unique advantage.
“We have something the world envies: youth, creativity, and a hunger to build,” Elumelu added, recalling how mobile money once transformed African finance by overcoming structural limitations.
Bridging the Digital Divide Through Partnerships
Despite the promise of AI, Elumelu warned that key barriers, including limited access to affordable capital and digital skills gaps, could hinder Africa’s digital progress.
“Too many of our entrepreneurs lack access to affordable capital. Too many of our citizens lack digital skills. And too often, technology’s benefits are captured by the few, not the many,” he said.
He called for smart public-private partnerships to mobilise capital for digital infrastructure and skills development without burdening public finances.
“At Heirs Holdings, we have seen how blended finance and long-term local investment can unlock value — from energy to finance to entrepreneurship. If we align incentives between government, business, and citizens, we can multiply impact,” Elumelu stated.
Inclusion Must Be Intentional
Elumelu cautioned that inclusion in the global digital economy will not happen by chance. He urged African leaders and institutions to demand representation in AI governance, data management, and finance frameworks.
“We must make sure that global frameworks, for AI governance, for data, for finance—include African voices. Because inclusion is not automatic; it must be intentional,” he said.
He concluded by calling for a collective commitment to systems that work, skills that empower, and investments that sustain growth.
“Digital transformation must not just increase productivity—it must democratize prosperity. Africa’s young people do not want sympathy; they want systems that work, skills that matter, and partners who believe.”
What You Should Know
Earlier, Elumelu called for the mobilization of Africa’s estimated $4 trillion in domestic capital to address the continent’s infrastructure and development challenges without straining government budgets.
Speaking in Washington, D.C., he stressed that energy poverty and digital infrastructure gaps remain major obstacles, noting that over 50% of Africa’s population still lacks access to electricity.
For Elumelu, Africa’s next leap will come not from dependence on aid, but from strategic investments in technology, people, and inclusive systems that unlock the continent’s full potential.
