Today, Thursday, December 5, 2024, Heirs Holdings Founder and Group Chairman, Tony O. Elumelu, CFR, delivered the graduation lecture at the National Institute for Security Studies (NISS) to senior leaders and security experts of the Institute’s flagship Executive Intelligence Management Course (EIMC).
Read his full remark below:
Ladies and gentlemen, distinguished servicemen
Good morning,
It is with immense pleasure and a deep sense of responsibility that I address you today on a topic that is not just timely, but also profoundly transformative for our beloved continent: “Emerging Technologies as a Catalyst for Social and Economic Growth and Partnership Opportunities in Africa.”
It is an honour to have been asked to deliver the Graduation Lecture to the participants of the Executive Intelligence Management Course 17 of the National Institute for Security Studies.
Let me begin by recognizing the members of the Nigerian armed forces for their dedication and role in ensuring our security — a cornerstone of socioeconomic stability.
We stand on the cusp of an era where technology holds the promise of transforming the very fabric of our societies.
I firmly believe that emerging technologies — be they artificial intelligence, biotechnology, or renewable energy — are not merely tools of convenience, but powerful engines of growth, capable of driving unparalleled social and economic development across Africa.
As someone who created a banking group that has democratised our industry, and executed a growth strategy both in and beyond Nigeria – UBA is the first Africa financial services group to truly pursue a global strategy – I can say that every day I see the opportunities, and threats from emerging technologies.
Like many innovations in history, new technologies bring challenges. In the domain of warfare and security, the use of technology, of drones and improvised devices, has massively changed the dynamic and increased the threat from those who do not share our values. These threats you know all too well.
Social Growth and Inclusion
Let us start with the social implications.
Technology is democratizing access to opportunities, breaking down barriers that have long hindered progress.
Imagine a child in a remote village, accessing world-class education through online platforms.
Imagine healthcare reaching underserved areas through telemedicine.
These are not mere dreams; they are becoming realities.
By investing in digital literacy and infrastructure, we can ensure that no African is left behind in this digital revolution.
At the Tony Elumelu Foundation, we are nurturing a generation of young, empowered African entrepreneurs, who are transforming their communities and industries. In total we have funded and mentored over 20,000 entrepreneurs.
And technology is transforming how we achieve our mission – our TEF Connect platform gives access to over 1.5 million young African entrepreneurs to training and networking.
We leverage our platforms for advocacy, spreading our message of Africapitalism, that the African private sector can transform Africa – can do well and can do good. It allows us to demonstrate that Africa’s economic development is the responsibility and destiny of us, Africans.
Economic Empowerment and Job Creation
Economically, the impact is equally profound.
E-commerce platforms are empowering small and medium enterprises, enabling them to compete on a global scale.
Mobile banking and digital financial services are bringing millions into the formal economy, driving financial inclusion.
UBA is developing products and services that allow the poorest to access financial services. The United Bank for Africa Group serves 45 million customers across 20 African countries, as well as UK, US, France, and the UAE. The UBA Group is not just a bank; it empowers businesses, creates jobs, and facilitates regional and continental trade, contributing to our nation’s and continent’s development.
Heirs Insurance is allowing a broad swathe of our population to discover security and savings through digitally delivered insurance products.
In agriculture, precision farming and new data are revolutionizing productivity and sustainability.
Each of these advancements is not just an innovation, but a catalyst for creating jobs, reducing poverty, and boosting economic resilience.
Fostering Innovation and Entrepreneurship
Africa is brimming with entrepreneurial talent.
Our young people are not just the leaders of tomorrow; they are the innovators of today.
By leveraging emerging technologies, we can harness this talent, creating a vibrant ecosystem of startups that develop solutions tailored to our unique challenges.
From fintech in Lagos to agritech in Nairobi, African entrepreneurs are at the forefront of innovation. This spirit of entrepreneurship is attracting global investors, who see in Africa a continent of boundless potential.
I am so proud that the Tony Elumelu Foundation is at the forefront of bringing technological change and youth entrepreneurship together.
Everytime I meet one of the thousands of Tony Elumelu entrepreneurs, my faith in Africa’s future is renewed – I am overwhelmed by their ingenuity, resilience and tenacity. I am reminded also that those values of ingenuity, resilience and tenacity are also so relevant to our armed forces, to you today.
Partnerships and Collaborative Growth
Now, let’s talk about partnerships.
Technology is a global language that transcends borders.
By fostering strategic partnerships, we can pool resources, share knowledge, and drive collective growth.
Whether it’s collaborating on renewable energy projects or developing AI solutions, the possibilities are endless.
Partnerships must occur regionally. Positive developments such as the African Continental Free Trade Area (AfCFTA) can benefit from digital tools to harmonize trade and boost inter-African commerce. UBA’s AfriCash has made it seamless for people to remit funds and make small trade payments across borders in Africa.
We must engage with global tech giants, venture capitalists, and academia to create an ecosystem where innovation thrives. These partnerships will not only drive technological advancement but also position Africa as a key player in the global digital economy.
TEF is showing the way, where we join hands with partners such as the EU, the UNDP and the International Red Cross, to leverage our know how and processes to help and reach even more young entrepreneurs.
Challenges and the Way Forward
Of course, this journey is not without its challenges.
We need robust policies and regulatory frameworks that encourage innovation, while protecting rights and privacy.
Education and skill development are paramount to prepare our workforce for the jobs of tomorrow.
We must invest in infrastructure to ensure that all Africans, regardless of their location, benefit from these advancements. Here power is so important.
Development is impossible without reliable access to electricity.
Power is a fundamental resource, that impacts every aspect of life—from hospitals to homes and businesses.
Nigeria cannot industrialise, our youth cannot be educated, without ensuring our abundant natural resources are translated into plentiful, robust power for all. A power ecosystem that encourages investment and unlocks our economy.
Heirs Holdings understands this – we invest across the energy and power value chain. We are ensuring Nigeria’s natural resources – our gas – powers Nigerian schools, hospitals and businesses. We know Nigeria cannot succeed without power. I am proud we now supply over 15% of Nigeria’s electricity needs – but we can do so much more.
Security in this context is critical. When we acquired OML 17, theft was taking over 97% of our production – revenue that should have paid tax and contributed to national wealth was being stolen. I am proud to say, with the collaboration of our armed forces, we have reduced that figure to less than 10% – and we have invested in communities – allowing them also to benefit from the technological changes we are discussing today.
To accelerate our progress, we must enable our power sector to guarantee reliable electricity for everyone.
Conclusion
In closing, emerging technologies offer a transformative opportunity for Africa.
By embracing these technologies and fostering strategic partnerships, we can drive inclusive growth, create sustainable development, and unlock the immense potential of our continent.
This is not just a vision; it is a call to action.
The future of Africa is bright, and it is within our grasp.
As stewards of security and stability, you are not just defenders, but also builders of a vibrant, prosperous, and tech-driven future for Africa.
Let us seize this moment, harness the power of technology, and build a prosperous and safe Africa for generations to come.
Thank you.