Elumelu: Africa needs to improve electricity access, infrastructure

The Chairman of UBA Group, Tony Elumelu, recently discussed the importance of unlocking capital to improve electricity access, develop infrastructure, and create jobs in Africa. In a conversation with CNBC Africa, Elumelu highlighted the significant impact that the Arab-Africa Financial Consortium, launched by the Arab Bank for Economic Development in Africa, will have in addressing these crucial needs on the continent. Elumelu commended the efforts of the Tony Elumelu Foundation and Badia in empowering Africans, especially women, through initiatives that provide support and resources to those in need. For instance, the partnership between the Tony Elumelu Foundation and Badia helped over four hundred widows in Nigeria by offering non-refundable capital to start businesses. This is just one example of the positive impact that organizations like Badia have had in Africa. From a business perspective, Elumelu emphasized the importance of capital in driving Africa's infrastructure development agenda. He praised Badia for its role in assisting private sector companies in advancing to the next level and contributing to the economic growth of the continent. Elumelu stressed the urgent need to mobilize resources to enhance electricity access, build essential infrastructure, and generate employment opportunities for Africa's youth. He expressed his belief that initiatives like the Arab-Africa Financial Consortium will attract private capital to finance key projects that are crucial for Africa's development. The African Development Bank, Afro-Ezim, the African Finance Corporation, and other financial institutions are all working towards this common goal of supporting Africa's economic advancement. Elumelu underscored the necessity of creating jobs for the youth population, as joblessness can have far-reaching consequences for the continent. In terms of energy development, Elumelu highlighted the efforts of the Air Zolding Group, particularly through the Transnational Corporation of Nigeria (Transco), in contributing to the energy sector. With 2,000 MW of installed energy capacity in Nigeria and involvement in the West African Energy Pool, Transco plays a significant role in supplying electricity to Nigeria and Benin Republic. United Bank of Africa (UBA) is also actively supporting investments in energy across Africa to ensure energy sufficiency and security. Elumelu emphasized that access to electricity is essential for Africa's growth, job creation, poverty alleviation, and security enhancement. Regarding Badia's aspirations to become a benchmark regular issuer in the debt market, Elumelu voiced his support for such initiatives. He praised Badia's successful debt issuances totaling $1.5 billion, emphasizing the critical need for capital to drive infrastructure development and facilitate intra-African trade. In conclusion, Elumelu reiterated the importance of collaboration among financial institutions, corporations, and organizations like Badia to propel Africa towards a prosperous future. By unlocking capital, investing in infrastructure, and creating job opportunities, Africa can overcome poverty and achieve sustainable development.