By Sofiyyah Layole
The Chairman of Heirs Holdings, United Bank for Africa (UBA), and Transcorp Group, Tony O. Elumelu, CFR, has urged world leaders and technology innovators to ensure that artificial intelligence (AI) serves as a force for inclusive global development rather than deepening inequality.
Elumelu made the call while speaking at an International Monetary Fund (IMF) seminar titled “Boosting Productivity Growth in the Digital Age,” which brought together global policymakers, economists, and tech executives to examine the impact of AI on productivity, innovation, and equity.
“Artificial Intelligence must not become a tool that benefits only the privileged few but one that uplifts communities across all regions, especially in Africa,” Elumelu said.
“This is not just a technological shift; it is a moral imperative. We must build a future where AI works for all.”
He cautioned that Africa’s existing challenges, unreliable electricity, poor infrastructure, and limited digital access must be addressed if the continent is to fully benefit from AI. Citing the continent’s mobile money revolution, he said Africa has demonstrated how innovation can thrive even in constrained environments.
Other speakers at the seminar, including MIT economist Simon Johnson and Alphabet President and CFO, Ruth Porat, discussed the dual nature of AI, its power to transform industries and its potential to widen inequality if not managed responsibly.
Porat highlighted AlphaFold, an AI breakthrough in drug discovery now used by scientists worldwide, as an example of how open innovation can drive shared progress.
IMF Managing Director, Kristalina Georgieva echoed the call for balanced growth, stressing that AI’s benefits must be broadly distributed.
Elumelu closed his remarks with a challenge to global stakeholders:
“AI must be a tool for empowerment, not exclusion,” he said, emphasizing the need for collaboration to ensure that digital progress translates into shared prosperity for all.
