By: Erewunmi Peace

At the recent World Bank/IMF African Caucus held in Bangui, renowned Nigerian economist and philanthropist Tony Elumelu delivered a compelling keynote address calling for public-private collaboration to close Africa’s growing infrastructure gap.

Speaking to a high-level audience of African finance ministers, central bank governors, and international development partners, Elumelu highlighted the urgent need for reliable power, transport networks, and digital connectivity to unlock the continent’s economic potential.

“Energy is the lifeblood of modern economies. Yet today, over 70% of Africans lack access to reliable electricity. Nigeria, with more than 200 million people, generates less than 7,000 megawatts of power. This must change,” he said.

Key Strategies Proposed:

Elumelu emphasized three strategic actions:

1. Strengthen Africa’s fiscal capacity to manage infrastructure debt sustainably.
2. Improve operational efficiency in public infrastructure projects.
3. Unlock innovative financing by empowering the private sector to co-lead development initiatives.

He stressed that Africa must embrace Africapitalism—his economic philosophy that places the private sector at the heart of social transformation. Through his companies—Transcorp and Heirs Energies—Elumelu noted that investments are already underway to boost regional energy capacity via the West African Power Pool.

Youth and Opportunity

With over 60% of Africa’s population under 35, Elumelu urged governments and institutions to prioritize youth entrepreneurship. He referenced the impact of the Tony Elumelu Foundation, which has funded over 20,000 young African entrepreneurs in a bid to spur grassroots economic growth.

“We cannot talk about infrastructure without addressing who it’s meant to serve. Our youth are not the future—they are the now.”

A Call to Action

Elumelu concluded his address by calling on Africa’s leaders to work with urgency and unity:

“If we fail to bridge our infrastructure gap, we risk another generation locked out of global prosperity. But if we act decisively—through partnership, innovation, and shared responsibility—Africa will rise.”