Africa is sitting on a goldmine! Tony Elumelu, Chairman of Heirs Holdings and UBA, calls on governments to tap into their huge pension funds and fix the energy crisis to drive inclusive growth and innovation.
Speaking at the UBA white paper launch in Washington, Elumelu stressed that trillions in African pension assets are stuck in low-yield treasury bills instead of powering key sectors like infrastructure, manufacturing, and renewable energy. He believes taking calculated risks on investing these funds can transform the continent’s economies.
Elumelu highlighted the critical need to resolve Africa’s electricity challenge—over half the population lacks power—if the continent’s digital and AI future is to be realized. He praised Nigeria’s visionary Contributory Pension Scheme but emphasized it’s time for those funds to work harder for development.
Mobilizing local capital, Elumelu says, will also attract more international investors and signal Africa’s seriousness about economic transformation.
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