The Chairman of Heirs Holdings and United Bank for Africa (UBA) Plc, Tony Elumelu, has urged global leaders, investors, and development institutions to make deliberate investments in Artificial Intelligence (AI) and digital infrastructure across Africa, emphasizing that such efforts are crucial to unlocking the continent’s full productivity potential.
Elumelu made this call on Wednesday in Washington D.C., United States, during a seminar titled “Boosting Productivity Growth in the Digital Age”, held on the sidelines of the IMF/World Bank Annual Meetings.
According to the billionaire investor and philanthropist, Africa must not be left behind in the digital revolution that is reshaping economies and industries worldwide. He stressed that technology-driven productivity is no longer optional, it’s a necessity for inclusive and sustainable development. “When we talk about productivity in today’s age, it is really about people. Productivity is not just about output per worker; it is about opportunity per person,” Elumelu stated.
Elumelu identified persistent challenges such as inadequate infrastructure, limited access to capital, and unreliable electricity as major barriers to Africa’s progress. He, however, noted that the digital era presents a historic opportunity for the continent to leapfrog traditional development stages much like it did with mobile banking and financial inclusion.
“Access to electricity is critical for the advancement of AI and the productivity that comes with it,” he said. “We need a combination therapy that addresses these challenges if we are to fully benefit from digital transformation.”
The Heirs Holdings Chairman also highlighted the work of the Tony Elumelu Foundation (TEF), which partners with global tech giant Google to empower young African entrepreneurs.
He emphasized that the continent’s youthful population energetic and innovativeremains its greatest asset in driving technological and economic progress.
“Our youths are eager, creative, and willing to perform. When we invest in them, we are not just helping Africa; we are helping the world enhance productivity,” he said.
Elumelu also cautioned that AI and digital investments must be inclusive, warning that without proper governance and collaboration, they could widen inequality rather than reduce it.
“AI must democratize prosperity, not deepen inequality,” he emphasized. “We need public, private, and development partners including the IMF and major tech companies to ensure that AI works for all.”
Drawing from Africa’s success with mobile money innovations, Elumelu expressed optimism that the continent could once again lead through innovation and resilience.
“We revolutionized mobile money, not because the systems were perfect, but because entrepreneurs innovated within constraints,” he said. “We can do the same with AI if we act decisively.”