Tony Elumelu identifies electricity as key to Africa's AI potential

Tony Elumelu, Chairman of Heirs Holdings, has shared insights regarding his professional beginnings and the future of the digital economy in Africa. Reflecting on his career, Elumelu noted that he began in a role for which he was not qualified, stating, “I was lucky. But luck should not be the only way an African talent gets a chance.” He emphasized the need to democratize opportunity for young professionals.

Addressing the continent's role in the global artificial intelligence race, Elumelu highlighted that Africa currently accounts for less than 1% of the world’s AI computing capacity and approximately 3% of its AI talent. He identified electricity as the primary barrier to progress, asserting that the race for AI in Africa is essentially a race for megawatts. He warned that African nations must urgently resolve electricity challenges to avoid being left behind in the digital revolution.

Elumelu also encouraged investors to support the growth of African entrepreneurs, pointing to the success of the Tony Elumelu Foundation’s seed capital program as evidence that young African businesses are investible.