\n The Heirs Holdings and United Bank for Africa (UBA) chairman spoke during the Board of Changemakers: \u201cFinancial Markets\u201d plenary session at the Future Investment Initiative (FII) Institute in Riyadh, alongside global banking executives including Tareq A. Al-Sadhan, Jane Fraser, Jenny Johnson, Kanetsugu Mike, Ron O\u2019Hanley, Makoto Takashima, Su Shan Tan, Sim Tshabalala, C.S. Venkatakrishnan and Bill Winters.\n <\/p>\n
Africa\u2019s infrastructure gap threatens AI adoption<\/p>\n
\n \u201cAccess to electricity is so poor on the continent, over 600 million people don\u2019t have access to electricity, and we are talking about data \u2014 you need so much power to fire these. But something can be done and should be done, and FII is about prosperity,\u201d he said.\n <\/p>\n
\n The Nigerian investor underscored the connection between financial inclusion, infrastructure, and economic growth, calling for renewed efforts to mobilise capital towards Africa\u2019s foundational needs.\n <\/p>\n
\n \u201cAccess, infrastructure is so critical, the capital for that infrastructure is not available,\u201d he added.\n <\/p>\n
AI adoption lagging amid power and funding constraints<\/p>\n
\n On artificial intelligence, the UBA chairman noted that while the technology is becoming mainstream in developed markets, adoption remains slow across Africa due to systemic challenges.\n <\/p>\n
\n \u201cAI is like a constant, it\u2019s like commoditised in some markets. But in some markets like the African market, this is starting, but the rate of adoption is not great, and even the infrastructure to make AI work on the continent is lacking,\u201d he said.\n <\/p>\n
\n He urged investors and global financial institutions to integrate AI accessibility and infrastructure development into their strategic planning.\n <\/p>\n
\n \u201cSo I think in our credit rooms, in our boardrooms, as we make decisions about funding, capital allocation in particular, about access investment, we should please encourage and support the infrastructural development in Africa,\u201d Elumelu said.\n <\/p>\n
\n He further emphasised that AI accessibility, not just adoption, must be prioritised to promote inclusive global prosperity.\n <\/p>\n
\n \u201cWe must democratise access to AI to ensure that no one is left behind. This is how we will co-create shared global prosperity,\u201d he said.\n <\/p>\n
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Expanding portfolio and investment footprint<\/p>\n