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By Emeka Anaeto, Business Editor, Babajide Komolafe, Economy Editor & Emma Ujah, Abuja Bureau Chief, successful Washington DC
In the bustling corridors of Washington DC, acold from the sound of Africa’s teeming cities, a quiescent but almighty connection echoed done a packed league hall: Africa has the wealth it needs—if lone it tin larn to spot itself.
That connection came from Tony Elumelu, Chairman of United Bank for Africa (UBA), a antheral whose dependable carries some the authorization of endeavor and the condemnation of a continental patriot.
Standing earlier an assemblage of policymakers, planetary investors, and improvement financiers astatine the motorboat of the UBA Africa White Paper, Elumelu’s code was urgent, his words deliberate.
“Africa does not deficiency capital,” helium declared. “What we deficiency is coordination and committedness to transmission it productively.”
The UBA White Paper, unveiled connected the sidelines of the World Bank/IMF Annual Meetings, seeks to reframe Africa’s maturation narrative—from 1 of assistance dependency to 1 of self-financed transformation.
A Continent Awash with Untapped Wealth
Behind the statistics, Elumelu painted a quality story: a continent with implicit $4 trillion successful home superior lying dormant successful pension funds, security assets, savings, and sovereign wealthiness funds—resources that, if mobilised, could powerfulness the roads, information centres, and greenish vigor systems Africans imagination about.
“Reports amusement that Africa tin rise implicit $4 trillion from wrong the continent,” helium said. “The question is however to bring this unneurotic to powerfulness infrastructure, integer transformation, and inclusive growth.”
For Elumelu, the situation is nary longer astir assistance oregon overseas loans. It’s astir self-belief—a corporate volition to link the savings of mean Africans to the investments that tin alteration their lives.
Voices of Support — A Call for Sovereignty
Among those listening intently was Professor Benedict Oramah, President of the Afreximbank, whose ain instauration has go a awesome of African fiscal innovation.
He nodded successful statement arsenic Elumelu spoke, aboriginal taking the microphone to echo his sentiments.
“Africa’s situation is not the lack of capital, but the inability to mobilise and deploy it effectively,” Oramah said.
He spoke passionately astir financing successful section currencies, a measurement helium believes volition escaped African economies from the volatility of overseas speech and outer debt.
“By trading and investing successful our ain currencies, we volition deepen our markets and reenforce our economical sovereignty,” helium added.
Oramah highlighted Afreximbank’s Pan-African Payment and Settlement System (PAPSS), which allows cross-border commercialized successful African currencies, arsenic a applicable illustration of however fiscal integration tin fortify independence.
Nigeria’s Reform Push
Also astatine the lawsuit was Nigeria’s Minister of State for Finance, who commended UBA’s thought enactment and assured investors that reforms backmost location were creating the close situation for superior to thrive.
He outlined ongoing measures to stabilise the economy, curb inflation, and pull backstage investment—particularly successful energy, finance, and SMEs. “Reforms successful our fiscal and superior markets are designed to enactment entrepreneurs and unlock backstage superior for growth,” the curate said.
From Research to Action
Beyond the speeches, the UBA Africa White Paper itself represents thing much than information and charts. It is simply a blueprint for self-determination—a roadmap for channeling Africa’s ain wealth into Africa’s ain future.
The study highlights however mobilising pension funds, security pools, and sovereign wealthiness assets tin unlock semipermanent financing for captious sectors specified arsenic infrastructure, integer transformation, and manufacturing.
The Human Vision Behind the Numbers
For Elumelu, who has built a pan-African banking empire and championed entrepreneurship done the Tony Elumelu Foundation, this is not conscionable an economical argument—it’s a quality one.
He sees the faces of millions of young Africans—ambitious, connected, restless—waiting for a strategy that believes successful them.
“The clip for speech is over,” helium urged successful his closing remarks. “We person the resources, we person the talent. What we request present is the volition to marque it happen. Africa indispensable concern Africa.”
As the assemblage roseate successful applause, the connection was clear: Africa’s aboriginal volition not beryllium bui...
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