In a bold demonstration of visionary leadership and unwavering dedication to Africa's economic renaissance, Tony O. Elumelu CFR, the esteemed Group Chairman and Founder of the United Bank for Africa (UBA) as well as the Tony Elumelu Foundation, is set to launch a high-impact working tour this week. This expansive journey will traverse East, Central, and Southern Africa, reinforcing UBA's pivotal role as a catalyst for sustainable development, entrepreneurial empowerment, and investment mobilization across the continent.
Elumelu, a prominent proponent of Africapitalism—a philosophy that emphasizes the private sector's transformative power in driving Africa's growth through profitable, inclusive, and socially responsible investments—views this tour as more than a series of diplomatic visits. It represents a strategic imperative to forge resilient economic ecosystems amid global uncertainties. The itinerary encompasses seven key nations: Kenya, the Republic of Congo (Brazzaville), Uganda, Zambia, Mozambique, Rwanda, and the Democratic Republic of Congo (DRC). Each stop is meticulously designed to facilitate substantive dialogues that address pressing continental challenges and opportunities.
At the heart of Elumelu's engagements will be high-level meetings with Heads of State, including Presidents from the host countries, alongside policymakers, influential business magnates, and a new generation of youth innovators. These interactions will delve into critical themes such as innovative infrastructure financing, bridging the digital divide for broader inclusion, and nurturing youth-led entrepreneurship. With Africa boasting a demographic profile where over 60% of its population is under the age of 35, Elumelu emphasizes the urgency of harnessing this "demographic dividend" to reposition the continent as a powerhouse of global innovation, job creation, and prosperity. By prioritizing these areas, the tour aims to translate demographic potential into tangible economic gains, fostering environments where young Africans can thrive as entrepreneurs, inventors, and leaders.
In his own words, Tony Elumelu articulated the tour's profound mission: “Africa’s story is one of immense potential, and it is time we take ownership of it. Through this tour, UBA is not just visiting these vibrant nations; we are igniting partnerships that will drive real impact. We must build resilient foundations together. This means empowering our entrepreneurs, bridging infrastructure gaps, and creating shared prosperity for generations to come.” This statement encapsulates Elumelu's Africapitalism ethos, which posits that private sector-led initiatives can simultaneously generate wealth and address societal needs, creating a virtuous cycle of growth.
The tour is deeply rooted in UBA's storied legacy as Africa's Global Bank, an institution that has consistently pioneered financial solutions tailored to the continent's unique dynamics. A recent highlight in this legacy is the launch of UBA’s comprehensive White Paper titled Banking on Africa’s Future: Unlocking Capital and Partnerships for Sustainable Growth. This seminal document serves as a clarion call for heightened foreign direct investment (FDI) in green assets—such as renewable energy projects and eco-friendly infrastructure—and in human capital development, including education, skills training, and health initiatives. By advocating for these priorities, the White Paper aligns with global sustainability goals while addressing Africa's specific vulnerabilities, such as climate change impacts and skills mismatches in the labor market.
This initiative arrives at a crucially opportune juncture in Africa's economic trajectory. Projections indicate that the continent's gross domestic product (GDP) could surge to an impressive $2.6 trillion by 2030, propelled by burgeoning sectors including telecommunications, education technology (EdTech), and consumer goods. Telecommunications, for instance, is revolutionizing connectivity, enabling mobile banking and e-commerce to reach underserved populations. EdTech is democratizing access to quality education, equipping youth with digital skills for the Fourth Industrial Revolution. Meanwhile, the consumer goods sector is expanding rapidly due to a growing middle class and urbanization trends. UBA's strategic outreach seeks to amplify these drivers by cultivating robust partnerships with international investors, multilateral organizations, and local stakeholders. A key ambition is to catalyze $50 billion in trade and investment flows over the next five years, channeling capital into high-impact projects that yield both financial returns and societal benefits.
United Bank for Africa Plc (UBA) stands as one of the continent's foremost financial powerhouses, delivering unparalleled value to millions of customers through its operations in 20 African countries. Its global footprint extends to major financial hubs including the United States, the United Kingdom, France, and the United Arab Emirates (UAE). Dubbed Africa's Global Bank, UBA excels in connecting businesses, investors, and innovators to the myriad transformative opportunities burgeoning across Africa. The bank's innovations in digital banking have revolutionized financial access, making services faster, more secure, and inclusive for remote and unbanked communities. In sustainable finance, UBA leads by integrating environmental, social, and governance (ESG) criteria into lending and investment decisions, supporting projects that combat climate change while promoting economic equity.
Furthermore, UBA's commitment to inclusive growth is evident in its support for small and medium-sized enterprises (SMEs), which form the backbone of African economies. Through tailored financing, mentorship programs, and market access initiatives, UBA empowers entrepreneurs to scale their ventures, create jobs, and contribute to GDP growth. This aligns seamlessly with the principles of Africapitalism, which Elumelu has championed through the Tony Elumelu Foundation. The Foundation has already empowered over 18,000 entrepreneurs across 54 African countries with seed capital, training, and networking opportunities, demonstrating the multiplier effect of strategic private sector intervention.
Elumelu's tour is poised to yield immediate and long-term dividends. In Kenya, discussions may focus on leveraging the country's tech hub status in Nairobi—often called the "Silicon Savannah"—to advance digital inclusion. The Republic of Congo and DRC engagements could prioritize infrastructure financing for natural resource management and cross-border trade. Uganda and Rwanda, known for their progressive policies on youth empowerment, offer fertile ground for entrepreneurship dialogues. Zambia and Mozambique, rich in mineral and agricultural potential, present opportunities for sustainable investment in green assets.
Beyond bilateral meetings, the tour will include public forums, roundtables, and site visits to showcase UBA's on-the-ground impact. For instance, interactions with youth innovators could highlight success stories of UBA-funded startups in fintech, agritech, and renewable energy. These narratives underscore the bank's role in turning ideas into viable businesses that address local challenges, such as food security, energy access, and financial inclusion.
In a broader context, this tour signals UBA's proactive stance in a world where Africa is increasingly viewed as the next frontier for global growth. Amid geopolitical shifts, supply chain diversifications, and the push for net-zero emissions, Africa's strategic importance is undeniable. Elumelu's leadership ensures that UBA is at the forefront, bridging gaps between African potential and global capital.
As the tour unfolds, it will not only strengthen UBA's pan-African network but also inspire a continental movement toward self-reliant development. By empowering entrepreneurs, closing infrastructure deficits, and fostering shared prosperity, Tony Elumelu and UBA are scripting a new chapter in Africa's success story—one where the private sector leads the charge toward a prosperous, innovative, and equitable future.
