By Gilbert Ekugbe
The Chairman of the United Bank for Africa, Tony Elumelu has stated that Africa’s youthful energy is a goldmine for investment, innovation, and economic growth, noting that the continent has an unstoppable demographic advantage.
Elumelu, according to a post on his X handle on Tuesday, stated this at the World Government Summit questioning the “skewed” perception of risk towards Africa, revealing that he has a “diversified portfolio across 4 continents.”
“This youthful energy is a goldmine for investment, innovation, and economic growth. Investing in a continent with a median age of 19 where 65 percent of its 1.5 billion population are under 30, will yield greater returns as “we have an unstoppable demographic advantage,’ he said.
According to him, the different challenges confronting the African continent present opportunities for investors as “nowhere else offers the kind of Return on Investment that Africa does.”
“Every challenge in Africa—whether it’s infrastructure deficit, energy insufficiency, or transportation inadequacy—is an investment opportunity,” Elumelu who doubles as the chair of Heirs Holdings and Transcorp said.
Elumelu urges public-private partnerships for Africa’s economic growth
“The key is identifying these gaps and structuring your approach to mitigate the risks. That’s where the competitive edge lies,” he added.
Global investors have cited inconsistency in government policy directions and uncertainty in exchange rates across African markets as reasons for limiting presence in the youth-infested continent.
But the narratives are beginning to change. Investor confidence is rising as a result of various market reforms implemented in major economies like Nigeria, Egypt, and Kenya among others.
These reforms have increased transparency and efficiency, giving investors the true value of the economy.
Meanwhile, the renowned philanthropist stated that Africa has its youthful population as a competitive advantage which investors can leverage to grow their investments.
