Yaoundé: The Chairman of United Bank for Africa (UBA) Plc and Heirs Holdings Group, Tony Elumelu, has advocated for a strategic and collaborative approach to drive sustainable economic growth across the African continent.
According to Cameroon News Agency, Elumelu emphasized the necessity for governments, private sector leaders, and development partners to unite in unlocking Africa’s vast economic potential. Addressing an audience of policymakers, business executives, and investors at the inaugural Cameroon Economic Meeting in Yaoundé, Elumelu, who delivered the keynote speech, underscored the importance of entrepreneurship, infrastructure development, and financial inclusion in fostering economic transformation.
He was invited by Cameroon’s President, Paul Biya, and highlighted the significance of intra-African trade and investment. He urged stakeholders to adopt policies that create an enabling environment for businesses to thrive. Elumelu stated, ‘For Africa to succeed, for Cameroon to succeed, governmen
t and businesses need to unite, to invest for the long term, not just the short term. We must all be strategic and purposeful.’
Using Heirs Energies as a case study, which is one of Africa’s fastest-growing indigenous energy businesses, Elumelu demonstrated how collaboration between government and private sector players can unlock greater economic opportunities. He suggested that similar strategies could be implemented in Cameroon to boost its economy.
Elumelu identified key areas for government focus, including Security and Rule of Law, Infrastructure Development, Youth Empowerment, Global Investment Attraction, and Public-Private Partnerships. He stressed that governments should view the private sector as a partner and create an environment conducive to business growth through reforms that reduce excessive taxation and improve ease of doing business.
He assured that UBA, as Africa’s Global Bank, is prepared to assist governments in financing infrastructure and energy needs, which are critical for economi
c development. Elumelu reaffirmed UBA’s commitment to Cameroon, where it has been operational since 2008, employing over 1,000 locals and supporting major economic projects like the Olembe Stadium.
Elumelu, who also chairs Nigeria’s largest conglomerate, Transnational Corporation (Transcorp), emphasized the importance of execution, enterprise, and excellence in achieving sustainable economic transformation. He concluded by noting that ‘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.’