At the 9th edition of the Future Investment Initiative (FII9) in Riyadh, Tony Elumelu delivered a strong message to global leaders. Speaking before a gathering of investors, he advocated for the fair inclusion of Africa in the artificial intelligence (AI) revolution, emphasizing that access to basic infrastructure, particularly electricity and private capital remains the main obstacle to the continent’s digital transformation.
The debate took place at a pivotal moment for global finance: after 2024 marked by a contraction in investment flows, global private equity rebounded by more than 420 billion US dollars in the first half of 2025, according to S&P Global. This renewed appetite for private assets is accompanied by a broader reflection on the geographic allocation of capital and the balance between established players and emerging markets. For Tony Elumelu, chairman of the United Bank for Africa (UBA) and founder of Heirs Holdings, this global dynamic must not leave Africa on the sidelines. He also emphasized that, despite the promises of AI, economic fundamentals remain the real challenge for the continent.
“ We need so much private global capital on the continent to help catalyze infrastructural development. To talk about AI here, but to fire AI on the continent we need to improve massively access to electricity which is a challenge on the continent ”
Tony O. ELUMELU, Chairman of the United Bank for Africa (UBA) – Nigeria
More than 600 million Africans still lack access to electricity, according to the World Bank, a major obstacle to the continent’s digitization and industrialization. According to Tony Elumelu, Africa has the resources, but not always the governance structures or financing needed to turn them into shared prosperity. He calls for a “combination therapy”: an alliance between reform-minded governments, international private capital, and traditional institutions to build the foundations for sustainable growth. This vision aligns with the central theme of FII9, “Investing in Humanity,” and highlights the need to think of investment beyond financial returns, as a tool for societal transformation.
“ Let’s see how much of that we can concretize or commit to deploying in helping to create the AI infrastructure in Africa that will help us begin to talk about accessibility then adoption.”
Tony O. ELUMELU, Chairman of the United Bank for Africa (UBA) – Nigeria
A clear and unequivocal message: Africa is not asking for charity, but for fair partnerships and structural investments. In an era where artificial intelligence is redefining markets and productivity, the true revolution will be the one that allows everyone including the billion Africans who will soon be connected to fully participate in global prosperity.
