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Chairman of United Bank for Africa (UBA) Plc and Transnational Corporation Plc, Mr. Tony Elumelu

Developing Africa Our Collective Responsibility—Elumelu

Chairman of United Bank for Africa (UBA) and Founder of The Tony Elumelu Foundation, Mr. Tony Elumelu, has urged governments across Africa to unite on the implementation of policies designed for developments.

In his remarks at the World Pension Summit ‘Africa Special’ and Africa Pension Awards in Abuja, he said such collaboration will help the continent overcome its current economic challenges.

Elumelu said “For us to take Africa out of its current economic situation, we need to have all hands on deck; the executive, legislature alongside international partners and the private sector. All of us have to work together and stop blaming each other.

“While the executive arm should do more, other arms like the legislature should play their own role by reviewing extant laws that are no longer supportive of the current developmental trajectory of the continent.

While challenging African governments to take deliberate measures to support entrepreneurship, he revealed that “Africa’s large population is also Africa’s greatest opportunity but this demographic dividend can easily become our doom if not well engaged. We must deliberately empower our youth through entrepreneurship so that they can create jobs and eradicate poverty.

“At a time like this, we need to infuse hope in the people and change the narrative of Africa rising, to a risen Africa.”

In the role of pension administrators in savings mobilisation, Elumelu noted that the continent  needs domestic and international capital to fund its  infrastructural deficit and noted that “If we don’t fix this, entrepreneurship will not thrive and economic transformation will be an illusion”.


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