Elumelu: Africa Must Lead Own Devt, Bridge Infrastructure, Energy Gaps

Nume Ekeghe 

The Group Chairman of Heirs Holdings, United Bank for Africa (UBA), Transcorp Plc, and founder of the Tony Elumelu Foundation, Mr. Tony O. Elumelu, has reiterated that Africa must take full ownership of its development journey, urging leaders on the continent to prioritise infrastructure, invest in young people, and build partnerships based on equality.

Elumelu made the remarks while delivering the keynote address at the African Caucus Meeting of the World Bank and International Monetary Fund (IMF), held in Bangui, Central African Republic, yesterday, where African leaders converged to discuss this year’s gathering, “Resilient Infrastructure, Human Capital, and Green Assets.”

In his call to action, he said: “Africa’s development is our responsibility. No one else will do it for us. Africa’s future is in our hands. No one will build this continent for us. We must lead.

“Power is everything. No industrial revolution can happen without electricity. We must prioritise energy. Without power, there can be no progress. We must invest in our youth. They are not just our future – they are our present.

“Together, by working across public and private sectors, and in partnership with institutions like the IMF and World Bank, we can build an Africa that is resilient, inclusive, and full of opportunity.

He cautioned against continued dependence on global systems that have historically failed to prioritise African interests.

“We live in a highly volatile, complex world. It is a world where the rules-based order has been challenged, where we need to reaffirm our commitment to the idea of a global community. But as an African, I must be frank. This global community has not always served Africa’s interests, ensured that Africa’s voice is heard or delivered for Africa. And Africa’s voice not only needs to be heard, but has to be heard.”

Elumelu stressed the continent holds solutions to many of the world’s pressing problems if only it chooses to harness them.

His words: “Africa has solutions to so many of the world’s problems. Our young people are the answer to the world’s demographic crisis, our minerals power the extraordinary technological changes we are experiencing, our fields can feed the world.

“But these African solutions, this African opportunity, must be on African terms, benefit African people, catalyse true value creation on the African continent. And it must be based on true partnerships, partnerships of equality and mutual respect.”

He stressed that no meaningful development can take place without solving Africa’s energy deficit, which remains one of its most urgent infrastructure needs.

“Energy access remains the biggest enabler or barrier to our progress. Up to 70 per cent of our people lack electricity. My home country, Nigeria, generates less than 7,000 MW for over 200 million people.

“If we are to industrialise, create jobs, and participate meaningfully in the global AI revolution, we must invest aggressively in energy from renewables to cleaner gas-based solutions. Imagine what Nigeria’s economy could become with 100,000 megawatts of reliable, affordable energy. That is the scale of transformation we need. And the story is not different across Africa.”

Through his Group’s investments in power and oil and gas, Elumelu illustrated what private capital can achieve when focused on public challenges. “Through our investments in Transcorp and Heirs Energies, we are working to solve this challenge generating power, exporting it through the West African Power Pool, and using gas from our oil operations to power our plants. This is Africapitalism in action: private capital solving public challenges.”

At the core of his Africapitalism philosophy is a belief in the power of entrepreneurship and the need for governments to play an enabling role. “Africapitalism is the belief that the African private sector must take the lead in driving economic development. It is about long-term investments in key sectors that create both economic returns and social impact.”

“To succeed, we need strong partnerships. Governments must create the right environment. Private sector must bring capital and innovation. And our development partners must support Africa’s realities including recognising gas as a viable transition fuel on our path to clean energy.”

Elumelu also stressed the importance of investing in Africa’s most valuable resource, its youth. “No resource is more valuable than our people – especially our youth. Africa is the youngest continent on earth, with over 60 per cent of our population under 35. This presents both our greatest asset or our greatest risk.”

He referenced the undertakings of the Tony Elumelu Foundation as a practical intervention. “At the Tony Elumelu Foundation, we have empowered over 24,000 young entrepreneurs across all 54 African countries. Each with a non-refundable seed capital of $5,000. Trained 1.5m youth. Catalysed 1.2m jobs. These entrepreneurs are creating jobs, building businesses, and changing lives.”

Elumelu praised current multilateral focus on Africa, noting, “I commend the growing focus of global institutions on Africa. I sit on the IMF Advisory Council on Entrepreneurship and Growth, and I’m pleased with our emphasis on job creation as a path to lasting growth. I also applaud Ajay Banga’s ‘Mission 300’ initiative at the World Bank, an ambitious goal to connect 300 million Africans to power.

“Africa is ready. Let’s seize this moment and build the prosperous, empowered continent our people deserve.”

The post Elumelu: Africa Must Lead Own Devt, Bridge Infrastructure, Energy Gaps appeared first on THISDAYLIVE.

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    Report: Nigeria Back on Stable Growth Path, But Pace Remains Inadequate

    Report: Nigeria Back on Stable Growth Path, But Pace Remains Inadequate

    •Says in last 15 months, real investment flows rebounded in energy, mineral resources, others

    •Urges more public sector reforms

    Ndubuisi Francis in Abuja

    Consistent with recent positive ratings of Nigeria’s economic trajectory, a new report by Quartus Economics has declared that the country is back on the path of stable growth.

    The report, however, insisted that the current level of production in the country remained too low to drive shared prosperity for all.

    The three-section report, titled, “Is Africa’s Eagle Stuck or Soaring Back to Life?” stated that perhaps the clearest sign of restored economic stability was the recovery in Nigeria’s external reserves in the middle of currency appreciation.

    It recalled that the decisive reforms of 2023–2024 (the removal of fuel and foreign exchange subsidies) were critical measures to save the economy, adding that although the immediate shocks fuelled inflation in the early months, the twin action corrected deep-seated distortions that had drained public finances and weakened market incentives for decades.

    The report said, “By 2024, the first signs of renewal began to emerge: GDP expanded by nearly four percent, manufacturing and mining sectors returned to growth, and for the first time in many years, economic expansion outpaced population growth.

    “Inflation began to ease, the naira regained modest stability, and by October 2025, foreign reserves had risen to $42 billion, signalling a slow but a genuine restoration of confidence.

    “Both foreign portfolio and foreign investments also picked up. After lean years, foreign direct investment rebounded to more than $1 billion in 2024, with fresh commitments in 2025. All of these tell a simple story: investor confidence is back on the uptick.

    “Perhaps, the clearest sign of restored economic stability is the recovery in Nigeria’s external reserves in the middle of currency appreciation.

    “For nearly a decade, Nigeria’s reserves followed a worrying downward path—falling from over $42 billion in 2018 to barely $32 billion in 2023. This decline reflected years of low oil receipts, high import bills, and heavy fiscal strain.

    “By 2023, reserves were at their lowest in seven years, a level that left both investors and policymakers anxious about the country’s external vulnerability.”

    The report added, “Then came a turnaround. In 2024, reserves climbed sharply to about $40 billion, and by October 2025, they stood at roughly $43 billion, the highest in five years.

    “This rebound is not merely a function of higher oil prices. It is underpinned by disciplined external management, growth of non-oil exports, and a notable rise in capital inflows.

    “The central bank’s more transparent market operations and a gradual shift toward market-oriented stability rather than control also helped rebuild confidence in the currency.

    “Beyond the optics, a healthier reserve position strengthens the naira, reduces speculative pressure, and allows the country to meet import

    and debt obligations without the constant fear of depletion.

    “It also signals to foreign investors that Nigeria is once again a safe destination for capital, a market where policy stability and economic fundamentals align positively.

    “The recovery of Nigeria’s reserves captures the essence of the monetary and broader economic turnaround.”

    The report stated that the foreign reserves recovery also “reflects an improvement in numbers and a return of balance. It signals a restoration of the buffers that protect the economy from shocks.

    “For a country that has weathered the trauma of currency losses and capital flight, regaining and securing this cushion is a crucial win”.

    It said, “Inflation, until recently the biggest pain point, continues to ease off. From a peak above 30 per cent, it fell to its 3-year low (around 18 per cent) by September 2025. For the first time in a decade, food inflation declined, as prices of basic items moderated.

    “The monetary policy rate, which had climbed aggressively to combat inflation, also started to decline.

    “Nigeria’s currency, the naira, has shown unusual resilience. Between December 2024 and October 2025, it gained roughly five percent against the dollar, reflecting improving balance-of-payments position and new investment flows.”

    The report, however, submitted that the effect of Nigeria’s economic descent during the 2014 to 2023 decade could not be ignored or discounted.

    According to the report, in reality, the economy emaciated, shrinking in US dollar terms by more than $200 billion during a period when the population expanded by over 40 million people. Stating that this huge deficit and the negative effect on standards of living could take decades or more to reverse, it stressed that relative to regional and aspirational peers, Nigeria retrogressed in real economic terms, pushing over 65 million residents below the poverty line.

    It further explained that despite Nigeria’s recent return to stable growth, the current level of production was too low to drive shared prosperity.

    The report stated, “Besides, today’s stock of infrastructure is low due to weak investment in the past. Thus, pushing back poverty at a quick enough pace requires more actual investment in human and physical capital than the country has the resources or capacity to deploy.

    “Beyond production to meet local demand, Nigeria’s export basket remains narrow, concentrated around crude oil and gas, a sector that offers limited capacity to drive inclusive growth except through efficient use of oil-related government revenues.

    “Current and near-term GDP growth is low Nigeria’s GDP growth rate for 2027 is forecast to be 4.4 percent. At this rate, GDP per capita by 2030 is expected to be $1,565, less than half of the value in 2014, a time when GDP stood at $574 billion, more than double today’s production, with less than 80 per cent of today’s population.

    “As a measure of living standards, the GDP per capita forecast shows that even if reforms are consolidated and growth accelerates, Nigeria’s journey to full recovery is still years away, especially in view of expansion in the country’s population.

    “While a large population is an important ingredient for rapid economic growth, a country suffers more from a rising population when it fails to make necessary investment to secure and build the productive capacity of its young population.

    “Already, when compared to other countries within and outside Africa (e.g. Ethiopia, Senegal, Indonesia, Vietnam, and Kenya), Nigeria’s productivity lags remarkably, with 5-year GDP growth merely a fraction of population growth. For peer countries, GDP grew in multiples of population growth.”

    It pointed to the persisting structural weaknesses and cultural deficiencies, noting that both threaten Nigeria’s dream of shared prosperity and diversified exports.

    According to the Quartus Economics report, reforms are still work-in-progress with much ground yet to be covered.

    It stated, “Until multiple measures of health begin to align, no recovery can be called stable. In the past year, however, Nigeria’s macro health indicators have shown respite and promise.”

    Equally, beyond progress in tax reforms, the report said fiscal management (like public-sector procurement) urgently needed change.

    It said, “Without much-needed reforms here, the transmission mechanisms for public expenditure will remain weak and fail to drive growth. The intense scramble and ‘crave’ for public office in Nigeria is merely symptomatic of a pro-establishment elite culture that seeks to feed on, rather than build the system.”

    The report also stated that 10 years from now (2035), Nigeria’s population had been projected  to surpass 280 million and peak at 320 million by 2050, adding that against a weak productive base, resources to raise, train, and expand infrastructure and social services to cater to a larger population can constrain economic growth.

    The report said Nigeria was now in a better place than it was two years ago.

    But it pointed out that the economy was like a patient, promising and vulnerable at the same time.

    It prescribed some measures, including raising production and productivity across the agriculture value chain; fostering the culture of making things; initiating crucial reforms in the public sector; and taming the “locust” culture, among others.

    On the need for public sector reform, the report stated that despite Nigeria’s largely successful privatisation programme, the three tiers of government together remained the economy’s largest spenders.

    It stated that without crucial reforms designed to direct public resources to their most effective social and economic uses, the country would continually miss both inclusive and accelerated growth.

    It said, “Reforming the public sector is not merely about cutting costs; it is about restoring purpose and efficiency to government spending.

    “Every naira deployed must translate into measurable economic and social value, not lost in layers of bureaucracy and patronage.

    “A leaner, more accountable public system would free resources for infrastructure, education, and innovation (the true drivers of growth).”

    To a fixed exchange rate that cost the economy dearly, the report said such must not happen again.

    It added, “Any promise of unearned soft life in the present only endangers the country’s future and economic fortune.

    “The real test of reform lies not in its announcement but in its endurance through political cycles.

    On the monetary side, Nigeria’s currency regime is long overdue for an overhaul.

    “The naira in the past two decades has lost so much value and gained so much weight that either introducing higher denominations or an outright redenomination is required to restore the naira’s portability.

    “Especially in the informal sector, rural areas, and open-air markets on the country-side, portability is crucial for the velocity of money. Today, the naira trades on both ATMs and POS terminals because of its weight.”

    ​  

    •Says in last 15 months, real investment flows rebounded in energy, mineral resources, others •Urges more public sector reforms Ndubuisi Francis in Abuja Consistent with recent positive ratings of Nigeria’s

    US Revokes Soyinka’s Visa, Gives No Reason for Action

    US Revokes Soyinka’s Visa, Gives No Reason for Action

    Yinka Olatunbosun and Sunday Ehigiator

    In a move that has elicited shock, the United States consulate in Lagos, yesterday, revoked the non-immigrant visa of Nigeria’s Nobel Laureate, Professor Wole Soyinka.

    The revocation, which would henceforth prevent him from entering the US, was personally confirmed by Soyinka at a media briefing at the Kongi’s Harvest Gallery, Freedom Park, Lagos.

    The decision followed a letter dated October 23, 2025 from the U.S. Consulate General in Lagos, informing Soyinka of the action.

    According to the letter, the consulate stated that his non-immigrant visa had been revoked pursuant to US Department of State regulations under 22 CFR 41.22 and was no longer valid for entry into the country.

    The letter also instructed the literary icon to submit his passport to the consulate for physical cancellation, a request he described humorously by asking if anyone in the audience could volunteer to deliver it on his behalf.

    But Soyinka said he was unaware of any wrongdoing that would justify the revocation.

    “I have no visa. I am banned, obviously, from the United States. I have no criminal record, felony, or misdemeanour that would justify this revocation. If you want to see me, you know where to find me,” he said.

    He added that he initially thought the letter was a scam but later verified its authenticity.

    At present, the exact reasons for the decision remained unclear, but many felt it might be connected to his recent criticism of the choices of the US President Donald Trump, in which he described him as Idi Amin Whiteface, likening him to the late former Uganda dictator.

    Besides, Soyinka had in December 2016, torn his green card after Trump emerged the president of the United States the first time as he was opposed to his policies on immigration.

    Although Soyinka stated that he was still reviewing his past interactions, he has yet to find anything that could have triggered the decision of the US Consulate in Lagos.

    “My relationship with US ambassadors, consuls general, and cultural attachés has always been courteous, making this development all the more puzzling,” he said.

    Asked if he would consider reapplying for a US visa, he dismissed the idea, saying he had no reason to return there.

    “How old am I? What am I going to do in the US? Human beings live there, my friends, families, colleagues. There are productions going on there.

    “I won’t take the initiative because there is nothing I am looking for there. I have contributed in establishing some institutions there. I give them as much as they gave me. They owe me nothing, I owe them nothing,” he said.

    But with a bit of humour, he added: “I have written a lot of plays about Idi Amin. Maybe it is about time I also wrote about @realDonaldTrump. Literary compliment. Maybe he would reconsider and restore my visa.”

    Soyinka maintained that he had done nothing criminal during his time in the U.S, adding that only his vocal criticism of Trump’s policies especially those targeting African nations could have prompted the visa revocation.

    The Nobel Laureate, however, added that, there was no hard feelings as a result of the development and would continue to welcome Americans to his house in Abeokuta, Ogun State, as he has no issues with the people or the nation.

    According to him, as a global citizen, he would continue to speak against racism and what he felt wrong with policies of governments, including that of Donald Trump.

    “I will continue to welcome any American to my home if they have anything legitimate to do with me,” Soyinka maintained.

    ​  

    Yinka Olatunbosun and Sunday Ehigiator In a move that has elicited shock, the United States consulate in Lagos, yesterday, revoked the non-immigrant visa of Nigeria’s Nobel Laureate, Professor Wole Soyinka.

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