The Dubai Fintech Summit, held this week, brought together industry leaders to discuss the future of finance and technology in Africa and the United Arab Emirates.
One of the key takeaways from the summit was the growing importance of Africa in shaping the global economic landscape.
Tony O. Elumelu, Chairman of the United Bank of Africa Group, highlighted Africa’s potential as a major economic power during a fireside chat with Lenah Hassaballah, Editor of CNN Business Arabic.
Africa’s Growing Role
Elumelu emphasised that Africa is ready for business, with the private sector taking centre stage in driving economic growth. He noted that strategic investment and collaboration with the public sector are crucial to unlocking Africa’s potential.
“If the world is open to investments, Africa is ready for business. Africa is ready to receive, welcome, and nurture private investments,” Elumelu said.
“Foreign aid won’t transform Africa. Private capital will. Let’s stop talking about charity and start focusing on investments that deliver returns and development. It doesn’t matter if capital comes from the West, China, or the Gulf. What matters are: fair returns, lasting impact, and mutual prosperity. That is smart investment,” he added.
He explained that governments alone can’t fix Africa because we need bold public-private partnerships to drive economic transformation.
“When the public sector creates the right environment, the private sector will build the future. The private sector is not a rival to government, it is a partner. Together, we can power the continent, create jobs, and end poverty,” he observed.
Private Sector Leadership
He observed that the private sector is playing a vital role in driving Africa’s economic growth. According to Elumelu, with increasing investment and collaboration with the public sector, Africa is poised to become a major player in the global economy. Indeed, his comments highlight the importance of private sector leadership in shaping Africa’s economic future.
New Era of Opportunity
Africa’s economic rise presents a new era of opportunity for investors, businesses, and governments. With its growing population, increasing economic output, and improving business environment, Africa is an attractive destination for investment.
As Elumelu noted, Africa is ready to welcome and nurture private investments, and the world is taking notice.
Africa’s economic potential is vast, and the private sector is leading the charge, just as Elumelu pointed out.
With strategic investment and collaboration between governments and the public sector, Africa is poised to become a major economic power.
As the world looks to the future, therefore, Africa’s growing role in shaping the global economic landscape is undeniable and shouldn’t be ignored!