Chairman of United Bank for Africa: ‘We need to fix our problems ourselves’

Tony Elumelu, chairman of United Bank for Africa and Heirs Holdings, made a compelling case for African self-reliance at the Africa-France summit in Nairobi. With Western development aid shrinking, he urged the continent’s private sector to step up and invest in pressing infrastructure needs.

Elumelu emphasized that electrification and mass transportation are crucial drivers of economic growth. The African Continental Free Trade Area has yet to live up to its promise due to these very infrastructure gaps. He stressed that the private sector cannot wait for governments to act, highlighting a sense of urgency in his words.

The West’s waning interest in Africa’s development is not surprising, given global attention focused on pressing issues closer to home. However, it would be a mistake to view this decline as an inevitable consequence of Western priorities. Elumelu’s call for African self-reliance should be seen as an opportunity rather than a threat.

For too long, Africa has been defined by its reliance on external assistance. This mindset has stifled innovation and hindered the continent’s ability to develop homegrown solutions to its problems. By recognizing that prosperity must be democratized – in other words, shared among all, not just a privileged few – Elumelu is advocating for a fundamental shift in Africa’s development paradigm.

While external aid has had some successes in areas such as healthcare and education, these gains are fragile and susceptible to reversal without sustained investment from within the continent itself. Notable examples of successful aid programs should not distract from the need for African self-reliance.

Elumelu’s emphasis on the private sector’s role in driving economic growth raises important questions about accountability and governance. He noted that wealthy Africans have a responsibility to invest in their communities and hold governments accountable for delivering basic services. This is not merely a matter of philanthropy; it is a matter of recognizing that prosperity is a shared enterprise.

As Elumelu’s words serve as a clarion call to action, African leaders must recognize that their primary responsibility is to their citizens, not external donors or investors. They must prioritize investment in infrastructure and human capital over short-term gains. The continent’s future is too precious, and its people too resilient, to be left to the whims of external actors.

Africa cannot afford to wait any longer for someone else to fix its problems. As Elumelu himself said, “Enough of talking; let’s get things done.”