Chairman of UBA Group, Tony Elumelu, has said that artificial intelligence (AI) could drive Africa’s next major transformation, revolutionising sectors such as healthcare, education, and agriculture.
He, however, said that this is achievable only if inclusive systems, access to capital, and digital skills are prioritised.
Speaking on Wednesday at the IMF/World Bank Annual Meetings panel session titled “Boosting Productivity Growth in the Digital Age,” Elumelu said artificial intelligence (AI) holds immense potential to create meaningful impact where it is most needed across the continent.
“Artificial intelligence can be the next great leap in healthcare, where diagnostic tools reach remote clinics; in education, where content becomes accessible in local languages; and in agriculture, where data helps small farmers improve yields,” he said.
Africa’s strength lies in its people
Elumelu emphasised that Africa’s digital transformation must be centred on people, not just technology or productivity metrics.
“When we speak of productivity in the digital age, we are really talking about people. Productivity is not only about output per worker — it is about opportunity per person,” he said.
He acknowledged Africa’s significant gaps in connectivity, infrastructure, and digital skills but noted that the continent’s youthful population and creativity remain unmatched with advantages.
“We have something the world envies: youth, creativity, and a hunger to build,” he said, recalling how mobile money had previously transformed African finance through innovation that overcame infrastructural constraints.
Bridging the digital divide through partnerships
Elumelu, who also chairs Heirs Holdings, warned that Africa must confront key barriers to digital progress, including the lack of affordable capital for entrepreneurs and limited access to technology skills among citizens.
“Too many of our entrepreneurs lack access to affordable capital. Too many of our citizens lack digital skills. And too often, technology’stechnology benefits are captured by the few, not the many,” he noted.
He called for “smart public-private partnerships” that would mobilise capital for digital infrastructure and skills development without burdening public finances.
“At Heirs Holdings, we have seen how blended finance and long-term local investment can unlock value — from energy to finance to entrepreneurship,” he added.
“If we align incentives between government, business, and citizens, we can multiply impact.”
Inclusion must be intentional
Elumelu stressed that Africa’s participation in global frameworks on AI, data, and finance must be deliberate, warning that inclusion does not happen automatically.
“We must make sure that global frameworks, for AI governance, for data, for finance, include African voices. Because inclusion is not automatic; it must be intentional,” he said.
He concluded with a call to action for global partners to focus on systems that work, skills that empower, and investments that sustain growth.
“Digital transformation must not just increase productivity, it must democratize prosperity,” Elumelu said.
“Africa’s young people do not want sympathy; they want systems that work, skills that matter, and partners who believe. If we invest in that, in them, then this new digital wave can finally be the one that lifts all boats, not just a few.”
What you should know
- Elumelu had also called for the urgent mobilization of Africa’s estimated $4 trillion in domestic capital to address the continent’s infrastructure and development challenges, without placing additional strain on government budgets.
- Speaking at the World Bank-IMF Annual Meetings in Washington, D.C., he highlighted the continent’s pressing issues, including energy poverty and digital infrastructure gaps, noting that over 50% of Africa’s population still lacks access to electricity.
