This archive report was first published on 10 December 2019.
On December 10, 2019, Tony Elumelu, Chairman of United Bank for Africa, Heirs Holdings, and founder of the Tony Elumelu Foundation, delivered a keynote speech at the Presidential Dialogue of the 9th ACP Business Summit in Nairobi, Kenya.
Elumelu emphasized the need for ACP Heads of State to improve the business environment in their countries to drive industrialisation and wealth creation. He stated that industrialisation will not be achieved without support for small and medium-scale enterprises (SMEs) and improved access to electricity.
“We cannot hope to industrialise if we do not fix the issue of power. If our entrepreneurs are spending so much of their resources to power their businesses, how are they expected to make the investments necessary to upgrade and industrialise?” Elumelu said.
He also highlighted the importance of infrastructural development, citing the key role the United Bank for Africa Group plays in achieving this. Elumelu noted that UBA is a force for development in Africa through infrastructure investment and is leading the way in cross-border payments and services.
Elumelu also highlighted the critical role partnerships between the private and public sectors, as well as developmental organisations, play in achieving industrialisation. He mentioned the Tony Elumelu Foundation's Entrepreneurship Programme, which has empowered over 7,500 young African entrepreneurs across 54 African countries.
President Uhuru Kenyatta of Kenya shared the same approach to development, highlighting his country's private-sector-focused plan that has propelled Kenya's ease of doing business ranking from 129th position in 2013 to 56th position in 2019.
