In the bustling corridors of Washington DC, far from the noise of Africa’s teeming cities, a quiet but powerful message echoed through a packed conference hall: Africa has the money it needs—if only it can learn to trust itself.

That message came from Tony Elumelu, Chairman of United Bank for Africa (UBA), a man whose voice carries both the authority of enterprise and the conviction of a continental patriot.

Standing before an audience of policymakers, global investors, and development financiers at the launch of the UBA Africa White Paper, Elumelu’s tone was urgent, his words deliberate.

“Africa does not lack capital,” he declared. “What we lack is coordination and commitment to channel it productively.”

The UBA White Paper, unveiled on the sidelines of the World Bank/IMF Annual Meetings, seeks to reframe Africa’s growth narrative—from one of aid dependency to one of self-financed transformation.

A Continent Awash with Untapped Wealth

Behind the statistics, Elumelu painted a human story: a continent with over $4 trillion in domestic capital lying dormant in pension funds, insurance assets, savings, and sovereign wealth funds—resources that, if mobilised, could power the roads, data centres, and green energy systems Africans dream about.

“Reports show that Africa can raise over $4 trillion from within the continent,” he said. “The question is how to bring this together to power infrastructure, digital transformation, and inclusive growth.”

For Elumelu, the challenge is no longer about aid or foreign loans. It’s about self-belief—a collective will to connect the savings of ordinary Africans to the investments that can change their lives.

Voices of Support — A Call for Sovereignty

Among those listening intently was Professor Benedict Oramah, President of the Afreximbank, whose own institution has become a symbol of African financial innovation.

He nodded in agreement as Elumelu spoke, later taking the microphone to echo his sentiments.

“Africa’s challenge is not the absence of capital, but the inability to mobilise and deploy it effectively,” Oramah said.

He spoke passionately about financing in local currencies, a step he believes will free African economies from the volatility of foreign exchange and external debt.

“By trading and investing in our own currencies, we will deepen our markets and reinforce our economic sovereignty,” he added.

Oramah highlighted Afreximbank’s Pan-African Payment and Settlement System (PAPSS), which allows cross-border trade in African currencies, as a practical example of how financial integration can strengthen independence.

Nigeria’s Reform Push

Also at the event was Nigeria’s Minister of State for Finance, who commended UBA’s thought leadership and assured investors that reforms back home were creating the right environment for capital to thrive.

He outlined ongoing measures to stabilise the economy, curb inflation, and attract private investment—particularly in energy, finance, and SMEs. “Reforms in our financial and capital markets are designed to support entrepreneurs and unlock private capital for growth,” the minister said.

From Research to Action

Beyond the speeches, the UBA Africa White Paper itself represents something more than data and charts. It is a blueprint for self-determination—a roadmap for channeling Africa’s own money into Africa’s own future.

The report highlights how mobilising pension funds, insurance pools, and sovereign wealth assets can unlock long-term financing for critical sectors such as infrastructure, digital transformation, and manufacturing.

The Human Vision Behind the Numbers

For Elumelu, who has built a pan-African banking empire and championed entrepreneurship through the Tony Elumelu Foundation, this is not just an economic argument—it’s a human one.

He sees the faces of millions of young Africans—ambitious, connected, restless—waiting for a system that believes in them.

“The time for talk is over,” he urged in his closing remarks. “We have the resources, we have the talent. What we need now is the will to make it happen. Africa must finance Africa.”

As the audience rose in applause, the message was clear: Africa’s future will not be built by aid or chance, but by the collective resolve of its people to invest in their own destiny. (Vanguard)