Chairman of the United Bank for Africa, UBA PLC, and Founder of the Tony Elumelu Foundation, Mr. Tony Elumelu, discussed the key points of his presentation during the seminar on Boosting Productivity Growth in the Digital Age, which took place at the ongoing annual meetings of the World Bank and the International Monetary Fund (IMF) in Washington DC.
He also addressed the significant findings of the UBA White Paper titled Banking on Africa’s Future: Unlocking Capital and Partnerships for Sustainable Growth, which was launched alongside the annual meetings.
In your presentation at the seminar on ‘Boosting Productivity Growth in the Digital Age,’ you emphasized digital transformation and its advantages for Africa. What was your primary message?
My message is straightforward, we Africans must be included. The global community must be intentional about incorporating Africa into the digital revolution. Africa deserves a place at the table where governance, practices, and protocols for artificial intelligence (AI) are being established.
We need to be purposeful in this endeavor and acknowledge that, in the 21st century, digital inclusion equates to economic inclusion. Digital transformation should not only enhance productivity and efficiency but also promote the democratization of prosperity.
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For us Africans, there is much to be done to seize this moment. We have experienced revolutions in the past such as the mobile money revolution and we succeeded. Now, we face another opportunity with the digital and AI revolution.
However, for this to materialize, access to electricity must be improved. Electricity is essential to powering data and the AI revolution. Yet, more than 50% of our population lacks access to electricity. This situation is unacceptable.
I take this opportunity to urge all African governments that are genuinely committed to addressing youth unemployment, fostering transformation, and democratizing prosperity on the continent resolve the electricity issue.
The young people of our continent are not seeking sympathy. They are requesting functional systems a supportive environment that empowers them to utilize their talents effectively. Should this occur, Africa will progress. Conversely, if it does not, we face a grim future.
