The Chairman of United Bank for Africa (UBA) Plc and Heirs Holdings Group, Tony Elumelu, has called for a strategic and collaborative approach to drive sustainable economic growth across Africa.
Speaking at the inaugural Cameroon Economic Meeting in Yaoundé, Elumelu stressed the need for governments, private sector leaders, and development partners to work together to unlock the continent’s vast economic potential. Addressing an audience of policymakers, business executives, and investors, he highlighted the crucial role of entrepreneurship, infrastructure development, and financial inclusion in fostering economic transformation.
Invited by Cameroon’s President, Paul Biya, Elumelu emphasised the importance of intra-African trade and investment, urging stakeholders to implement policies that create an enabling environment for businesses to thrive.
“For Africa to succeed, for Cameroon to succeed, governments and businesses need to unite and invest for the long term, not just the short term. We must all be strategic and purposeful. I have always been passionate about helping African youths succeed, and I believe that leaders who have risen to the top should help create pathways for young people to thrive and, in turn, contribute to the continent’s development,” Elumelu stated.
Citing Heirs Energies as a case study—one of Africa’s fastest-growing indigenous integrated energy businesses—he illustrated how collaboration between governments and the private sector can unlock greater economic opportunities. He stressed that similar initiatives could be implemented in Cameroon to stimulate economic growth.
Elumelu outlined key priority areas for governments to focus on, including security and the rule of law, infrastructure development, youth empowerment, attracting global investment, and strengthening public-private partnerships.
Regarding public-private partnerships, he urged governments to view the private sector as a partner rather than a competitor. He called for policies that support business growth by reducing excessive taxation and improving the ease of doing business.
As “Africa’s Global Bank,” UBA remains committed to assisting governments in financing infrastructure and energy projects, key sectors essential for economic development. Elumelu reaffirmed UBA’s long-standing commitment to Cameroon, where the bank has operated since 2008, employing over 1,000 locals and supporting major economic initiatives, including financing the landmark Olembe Stadium.
As the Chairman of Transnational Corporation (Transcorp), Nigeria’s largest conglomerate, Elumelu underscored the importance of execution, enterprise, and excellence in achieving sustainable economic transformation.
“The path to economic revival is within our reach, but it requires a collective commitment from the government, private sector, investors, and the Cameroonian people. My life story is proof of what can be achieved in Africa, by Africans, for Africans. The conversations we are having today are a call to action,” he concluded.