Notable entrepreneur and philanthropist, Tony Elumelu, has frowned at Nigeria’s persistent electricity challenges, revealing that the country generates less than 7,000 megawatts of power for a population of over 200 million.
Speaking in his keynote address at the African Caucus Meeting of the World Bank and International Monetary Fund (IMF), Elumelu described the state of power infrastructure in Nigeria as a major barrier to economic development, job creation, and industrialization.
Elumelu said: “Energy access remains the biggest enabler — or barrier — to our progress. My home country, Nigeria, generates less than 7,000 MW for over 200 million people.’”
The event, themed “Resilient Infrastructure, Human Capital, and Green Assets”, brought together African ministers, central bank governors, and representatives of the World Bank and IMF.
Elumelu, who chairs Heirs Holdings, Transcorp, and United Bank for Africa (UBA), called for urgent reforms and investments in infrastructure, particularly energy, as a pathway to sustainable development.
He painted a picture of missed potential, stating that with 100,000 megawatts of reliable and affordable energy, Nigeria’s economy could be transformed. “That is the scale of transformation we need,” he emphasized.
Elumelu called attention to Africa’s broader infrastructure deficit, citing underdeveloped roads, ports, internet connectivity, and especially electricity. He stressed the need for governments to strengthen fiscal capacity, drive efficiency, and embrace innovative financing models that involve the private sector.
Through his businesses, notably Transcorp and Heirs Energies, Elumelu said he is actively addressing these challenges by investing in power generation and using gas resources to fuel plants that also supply energy to other parts of West Africa.
“This is Africapitalism in action,” he said, referring to his philosophy that private capital can solve public problems and drive both economic and social progress.
In a passionate segment of his speech, Elumelu described Africa’s youth as its most valuable resource — and greatest risk if neglected.
Through the Tony Elumelu Foundation, he revealed that over 24,000 young entrepreneurs across 54 African countries have been empowered with $5,000 each in seed funding, alongside training for over 1.5 million youth, catalyzing more than 1.2 million jobs.
“If empowered, our youth can transform Africa. If neglected, they can become a source of instability,” he warned.
Concluding his speech, Elumelu issued a rallying call for African-led development. “Africa’s development is our responsibility. No one else will do it for us,” he said. He called for prioritizing energy infrastructure and investing in youth, urging collaboration between governments, the private sector, and development partners.
Elumelu, who also sits on the IMF Advisory Council on Entrepreneurship and Growth, commended initiatives like the World Bank’s “Mission 300,” aimed at connecting 300 million Africans to electricity.
“Africa is ready,” Elumelu declared. “Let’s seize this moment — and build the prosperous, empowered continent our people deserve.”
President, Central African Republic, Faustin-Archange Touadéra and Group Chair, UBA and Heirs Holdings and Founder, Tony Elumelu Foundation, Mr. Tony Elumelu at the African Caucus Meeting of the World Bank and International Monetary Fund (IMF).