The Chairman of United Bank for Africa, Tony Elumelu, has called for a public-private collaborative approach to drive sustainable economic growth across the African continent.
According to a recent statement from the bank, Elumelu made this call at the inaugural edition of the Cameroon Economic Meeting in Yaoundé.
Speaking to a combined audience of policymakers, business executives, and investors at the meeting, Elumelu, who presented the keynote remarks, highlighted the critical role of entrepreneurship, infrastructure development, and financial inclusion in fostering economic transformation.
Invited by the country’s President, Paul Biya, Elumelu emphasised the importance of intra-African trade and investment, urging stakeholders to adopt policies that create an enabling environment for businesses to thrive.
“For Africa to succeed, for Cameroon to succeed, government and businesses need to unite, to invest for the long term, not just the short term. We must all be strategic and purposeful. For me, I have always been passionate about helping African youths to succeed, and I believe that leaders who have reached the top should help create a ladder so that young ones can also succeed and, in turn, impact the continent,” Elumelu said.
Using the case study of Heirs Energies, one of the fastest-growing indigenous integrated energy businesses in Africa, Elumelu underscored how fostering collaboration between government and private sector players can unlock greater economic opportunities. He pointed out that similar strategies could be replicated in Cameroon to boost the economy.
He identified key priority areas that governments should focus on to enhance economic growth, including security and rule of law, infrastructure development, youth empowerment, attracting global investment, and public-private partnerships.
On public-private partnerships, Elumelu noted that governments must see the private sector as a partner, not a competitor, and create an enabling environment that fosters business growth through reforms that reduce excessive taxation and improve the ease of doing business.
He added that as Africa’s Global Bank, UBA is always ready to assist governments in financing infrastructure and energy needs—key sectors that will drive development.
Elumelu, who chairs Nigeria’s largest conglomerate, Transnational Corporation (Transcorp), 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 shows what can be achieved, in Africa, by Africans, for Africans. The conversations we are having today are a call to action,” he added.
