Washington: Elumelu made the call on Wednesday, in Washington at a seminar on ‘Boosting Productivity Growth in the Digital Age’ on the sidelines of the annual meetings of the IMF/World Bank Group. He said that such investments were essential tools for unlocking the continent’s productivity and prosperity in the 21st century.
According to News Agency of Nigeria, true productivity goes beyond mere output per worker. Elumelu emphasized that when discussing productivity in today’s age, it is fundamentally about people. “Productivity is not just about output per worker, it is about opportunity per person,” he stated.
Africa faces significant structural barriers, including infrastructure deficits and limited access to capital. Elumelu pointed out that the digital era provides a historic opportunity to leapfrog development stages, as the continent previously did with mobile technology and financial inclusion. He stressed that access to electricity is critical for the advancement of AI and the productivity associated with it, advocating for a comprehensive approach to overcome these challenges and harness potential benefits.
Elumelu highlighted the efforts of The Tony Elumelu Foundation, in collaboration with Google, to support young African entrepreneurs, asserting that empowering the continent’s youthful population is crucial for transforming global productivity. “Our youths are energetic, eager, and willing to perform. When we pool resources to support them, we are not just helping Africa, we are helping the world improve productivity,” he said.
However, he cautioned that digital infrastructure and AI investments must be inclusive, as they could otherwise exacerbate inequality rather than reduce it. “AI must help democratise prosperity, not just enrich a few. We need public, private, and development partners, including institutions like the IMF and big tech companies, to ensure that AI works for all,” Elumelu urged.
Reflecting on Africa’s success with mobile money innovation, Elumelu expressed confidence that the continent could once again lead through innovation and resilience, stating, “We revolutionised mobile money, not because systems were perfect, but because entrepreneurs innovated within constraints. We can do the same with AI if we act decisively.”
Elumelu concluded by calling for an inclusive digital transformation for Africa, emphasizing the need for the continent to position itself at the forefront of global discussions on technology, innovation, and equitable growth.
