The Chairman, United Bank for Africa (UBA) Plc, and founder, Tony Elumelu Foundation (TEF), Mr. Tony Elumelu, has stressed the need for global organisations and multinational institutions to Support the much-needed growth in the African continent, New Telegraph reports.
Elumelu, who stated this on the side-lines of the 2018 World Economic Forum currently ongoing in Davos, Switzerland, said organisations must come together to provide solutions to key challenges negatively impacting African economies, especially with regards to power supply and infrastructural challenges which are the major issues that the economies have had to grapple with.
Speaking specifically with regard to power supply on the continent, he said: “Under the Obama administration the Power Africa programme was initiated, which helped in a number of ways. However, now, we have a number of investors, like Transcorp Power Plc, that is working hard to improve power in the continent in the 21st century. The truth is we have a new crop of investors who know and realise that it is important to have access to power to grow the continent, and our governments have keyed into this.”
“To this end, we would also continue to need support from World Bank, AfDB, and other organisations to support with the huge capital that is needed to boost that sector. We could also do with the support of America, because if we improve access to electricity in Africa, it would help the world in a variety of ways,” he added.
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