Tony Elumelu, Chairman of Heirs Holdings, has called for major global investments in artificial intelligence (AI) and digital infrastructure across Africa to unlock the continent’s economic potential and boost productivity.
Speaking at a seminar themed “Boosting Productivity Growth in the Digital Age” during the IMF/World Bank Annual Meetings in Washington D.C., Elumelu stressed that productivity in the modern era goes beyond output per worker—it is about “creating opportunity for every person.”
He noted that despite Africa’s vast potential, progress is hindered by structural challenges such as poor infrastructure, limited access to capital, and unreliable electricity supply—factors that must be addressed to enable AI-driven growth.
“The digital era offers Africa a unique opportunity to leapfrog traditional barriers, just as mobile technology and financial inclusion did in the past,” Elumelu said.
He cited the Tony Elumelu Foundation’s collaboration with Google to support young African entrepreneurs as an example of how strategic partnerships can expand opportunity and drive inclusive development.
However, he warned that if not properly managed, AI could deepen global inequality rather than reduce it. He urged governments, development partners, and private investors to ensure that emerging technologies “democratize prosperity, not concentrate it.”
Reflecting on Africa’s innovation journey, Elumelu recalled how entrepreneurs transformed mobile banking under difficult conditions, adding that with the right investments and policies, the continent could do the same with AI.
He concluded by emphasizing the need for an inclusive digital transformation that places Africa at the heart of global discussions on technology, innovation, and equitable growth.
