Elumelu Seeks AI, Digital Investments to Unlock Africa’s Potential
Chairman of Heirs Holdings, Tony Elumelu, has called for a deliberate and coordinated global effort to invest in Artificial Intelligence (AI) and digital infrastructure across Africa to unlock the content’s productivity potential.
Elumelu made the call on Wednesday, in Washington at a seminar on “Boosting Productivity Growth in the Digital Age” on the sidelines of the annual meetings of the IMF/World Bank Group.
He said that such investments were essential tools for unlocking the continent’s productivity and prosperity in the 21st century.
According to him, true productivity goes beyond mere output per worker. “When we talk about productivity in today’s age, it is really about people.
“Productivity is not just about output per worker, it is about opportunity per person,” he said. He said that Africa faced major structural barriers, including infrastructure deficits and limited access to capital.
“The digital era provides a historic chance to leapfrog development stages, just like the continent did with mobile technology and financial inclusion. Access to electricity is critical for the advancement of AI and the productivity that comes with it.
“We need a combination therapy that addresses these challenges for us to reap the benefits we see,” he said. Elumelu cited the work of his foundation, The Tony Elumelu Foundation, in collaboration with Google to support young African entrepreneurs.
He said that empowering the continent’s youthful population was key to transforming global productivity. “Our youths are energetic, eager and willing to perform.
“When we pool resources to support them, we are not just helping Africa, we are helping the world improve productivity,” he said. He said that digital infrastructure and AI investment were not inclusive, adding that they could deepen inequality rather than bridge it.
“AI must help democratise prosperity, not just enrich a few.
“We need public, private, and development partners including, institutions like the IMF and big tech companies to ensure that AI works for all,” Elumelu said.
Recalling Africa’s success with mobile money innovation, he said that the continent could once again lead through innovation and resilience.
“We revolutionised mobile money, not because systems were perfect, but because entrepreneurs innovated within constraints.
“We can do the same with AI if we act decisively,” he said. Elumelu called for inclusive digital transformation for Africa to position itself at the center of global conversations on technology, innovation, and equitable growth. Transcorp Power Hits All-Time High as Q3 Earnings Renew Investors Confidence
