Chairman of the United Bank for Africa (UBA) Group, Tony Elumelu, has called on African leaders to strengthen governance and uphold transparency as key drivers for attracting foreign investment and achieving sustainable economic growth across the continent.
Speaking at the Norwegian–African Business Summit, Elumelu said that Africa’s transformation depends on creating a fair and predictable environment that inspires investor confidence. He stressed that despite the continent’s vast natural and human resources, poor governance and weak institutional systems continue to discourage foreign investors.
“Why is Africa not the preferred destination? To me, it is governance, to a large extent,” Elumelu stated. He urged governments to embrace reforms that promote inclusivity, accountability, and fairness in both policy and practice, noting that investor trust is built on the credibility of leadership.
According to him, “When you create the right operating environment and improve governance standards, investors will come. Transparency and inclusivity are essential for long-term progress and true transformation.”
Elumelu warned against governance systems that favor a privileged few, describing such practices as major barriers to sustainable development. He said that a transparent, all-inclusive environment not only drives investment but also lays the foundation for equitable prosperity across Africa.
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“When we create an environment that does not confer undue advantage on some to the exclusion of others, that is when we begin to attract genuine investment and talk about transforming Africa in a sustainable way,” he added.
Reflecting on his leadership journey, Elumelu shared lessons from his early career, recalling how he became a bank branch manager at just 27 years old under the mentorship of HRM Ebitimi Banigo during the transformation of Nigeria’s banking sector. Despite widespread doubt about his youth, he said the experience taught him valuable lessons about leadership, discipline, and empowering others.
He explained that effective leadership is not defined by age but by vision, competence, and the ability to inspire collective success. “It’s not about doing everything yourself,” he said. “It’s about empowering people, setting direction, and providing clarity.”
Elumelu emphasized that Africa’s progress depends on leaders who demonstrate emotional intelligence, strategic thinking, and the will to build systems that outlive individual ambition. His message reinforced the need for a new generation of African leaders committed to governance that works for all.
