Tony O. Elumelu, Chairman of the United Bank for Africa (UBA), has urged African governments to prioritize infrastructure development and encourage greater private sector investment to unlock the continent’s economic potential.
Speaking at a recent high-profile forum, Elumelu emphasized the critical need for substantial investments in infrastructure, including energy, transport, and telecommunications. Highlighting the role of the private sector in driving sustainable growth, he called on policymakers to create environments that are both conducive and inclusive for businesses and entrepreneurs.
He noted that “African governments must create enabling policies that attract more private sector participation while also investing heavily in critical infrastructure.” Elumelu pointed out that without adequate infrastructure and reforms that facilitate private investment, Africa will struggle to achieve its development objectives and meet the aspirations of its growing population.
The UBA Chairman shared insights on how strong infrastructure could serve as the backbone for sectors such as technology, agriculture, and manufacturing. He stressed that successful examples from other regions show the crucial link between infrastructure, employment, and poverty reduction.
Additionally, he urged leaders to foster public-private partnerships, design transparent processes for project execution, and integrate youth and women into economic development strategies. According to Elumelu, “The future of Africa lies in our ability to empower businesses, create jobs, and build systems that work for all.”
His comments come at a time when many African countries are seeking ways to boost economic recovery and attract both local and international investors in the wake of global challenges.
Team V.INO-LNK
