At the 9th Future Investment Initiative (FII) Summit held in Riyadh‐ Saudi Arabia, the Chairman of the United Bank for Africa (UBA) Group Tony O. Elumelu delivered a compelling message on the future of Artificial Intelligence (AI) in Africa. Speaking during a high-level panel session focused on technology and economic transformation, he highlighted the urgent need for Africa to build strong economic and infrastructural foundations before fully embracing AI-driven solutions.
The FII Summit, often referred to as “Davos in the Desert,” brought together global leaders, investors, and innovators to discuss strategies for shaping the world’s future economy. This year’s theme centered on “Investing in Humanity: Enabling a New Global Order,” with particular attention to digital transformation, sustainable finance, and emerging technologies such as AI.
In his address, the UBA Group Chair stressed that Africa’s conversation around AI must be rooted in the realities of the continent’s current developmental challenges.
“Before we talk about AI, we must secure the fundamentals,” he said. “Financial inclusion remains a priority, and our informal sectors continue to drive most of Africa’s economies. But without reliable power, we cannot build or sustain the digital infrastructure which AI depends on. Innovation needs infrastructure.”
Mr. Elumelu added that, while AI holds tremendous potential for economic growth, productivity, and innovation, African nations must first invest in the critical systems that will enable technology to thrive sustainably. These, he explained, include energy, digital connectivity, education, and a robust financial ecosystem.
On UBA’s strategic role in driving these transformations, the Group Chair revealed that the bank is actively channeling investments into sectors that build the foundation for long-term growth.
“As a Group, we are investing in these fundamentals—financing energy projects, supporting digital ecosystems, and backing infrastructure that strengthens Africa’s productive capacity,” he stated. “We believe true innovation cannot exist without the systems that make it possible. That’s why we are committed to empowering the continent’s economic backbone.”
The UBA Group, which operates in over 20 African countries as well as in the United Kingdom, the United States, France, and the UAE, has been instrumental in financing large-scale infrastructure and technology projects across the continent. Through strategic partnerships and innovation-driven banking solutions, the Group continues to promote financial inclusion and sustainable development in alignment with Africa’s long-term digital ambitions.
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Industry observers at the FII Summit described the UBA Chair’s remarks as both timely and visionary, coming at a period when global conversations about AI are accelerating, yet many African economies still face challenges in energy reliability, data accessibility, and inclusive financing.
Mr. Tony O. Elumelu also reiterated the importance of building from the ground up, saying:
“Africa must innovate, but we must do so with purpose. When we strengthen our foundations—energy, infrastructure, and inclusion—we prepare the continent not just to adopt technology, but to lead with it.”
The 2025 Future Investment Initiative Summit continues to serve as a platform for dialogue and collaboration between global and regional leaders, fostering partnerships aimed at driving inclusive and technology-driven growth for emerging markets, including Africa.