Monrovia, Liberia – Tony O. Elumelu, CFR, Founder and Group Chairman of Heirs Holdings, has reported that if inclusive prosperity is to be attained, Africa must be approached as a continent of enterprise rather than charity. Speaking at the 14th Nordic–African Business Summit in Oslo, Norway, Mr. Elumelu called on Nordic investors to reconsider their ties to Africa, highlighting infrastructure development, investment, and job creation as the real engines of sustainable growth.
“You make your money in Africa; invest in Africa. Create jobs on the continent and help provide the infrastructure we need,” Elumelu declared, setting the tone for what many observers describe as a shift from an aid-based engagement model to a partnership anchored in enterprise and shared value.
Invest in Africa, where you earn your money. Elumelu stated, “Create jobs on the continent and help provide the infrastructure we need, laying the groundwork for what many outsiders characterize as a transition from an engagement model focused on charity to one based on enterprise and shared value.”
High-impact industries like agriculture, trade, energy, and infrastructure were the focus of the summit, which was organized by the Norwegian-African Business Association (NABA) in association with Norfund, the Africa Finance Corporation, and Norway’s Ministry of Foreign Affairs.
Elumelu argued that these industries ought to serve as the cornerstone of economic ties between Africa and the Nordic region. He emphasized that rather than charity, Africa needs partners who are aware of its potential for investment, creativity, and entrepreneurial spirit. His remarks struck a chord with Norway’s Development Minister Åsmund Aukrust, who admitted that despite an increase in international financial inflows to the region, Norwegian investment in Africa has decreased recently.
The United Nations Conference on Trade and Development (UNCTAD) reports that foreign direct investment (FDI) in Africa increased at an average yearly rate of 24%, from US$40.94 billion in 2020 to US$97.03 billion in 2024. Currently, two-thirds of investment, nearly three-quarters of financing, and more than 80% of Africa’s overall production come from the private sector.
The services sector accounts for an average of 56% of GDP in Nigeria, the most populous country in Africa with a population of over 237 million, highlighting the continent’s expanding size and performance. These numbers, according to analysts, refute antiquated beliefs that Africa is a high-risk, low-return travel destination.
The Nordic Africa Institute (NAI) Policy Note indicates a purposeful shift away from the donor-recipient model and toward reciprocal trade, investment, and shared prosperity. Finland, Norway, and Denmark are just a few of the countries that have adopted African policies that include reciprocal connections, the green transition, African-led solutions, and ethical business practices.
With Africa’s population expected to nearly triple by 2050, Nordic countries have an opportunity and an obligation to engage more fully with African markets, particularly in the areas of infrastructure, digital skill development, renewable energy, and climate adaptation.
This innovative strategy is demonstrated by a recent collaboration between United Bank for Africa Plc (UBA), Norwegian renewable energy investor Empower innovative Energy, and energy companies Renewvia and Incremental Energy Solutions (IES). Solar-and-battery hybrid systems have been deployed at 25 UBA branches in five Nigerian states under a Power-as-a-Service (PaaS) agreement.
The project produces more than 166,000 kilowatt-hours of clean energy per month and reduces carbon emissions by more than 228,000 kilos of CO2 per month by delivering about 1.5 megawatts of solar capacity and 3.6 megawatt-hours of battery storage. It reported that Plans are underway to expand the initiative to 50 branches across 18 states.
Svein Baera, Norway’s ambassador to Nigeria, called the collaboration “a shining example of what can be achieved when African ambition meets Nordic investment and innovation.”
Africa’s population is expected to reach 2.47 billion by 2050, or almost a quarter of the world’s population, and the continent’s infrastructure finance shortfall is anticipated to be between US$130 billion to US$170 billion yearly. Stakeholders argue that these facts demand strong action and large-scale private funding. This entails guaranteeing local ownership and enhancing transparency for African companies and governments.
This indicates to investors that Africa is now a strategic growth destination rather than a frontier market. It supports the notion that social impact and commercial investment are not mutually exclusive for development players.
Reported by: Prince Saah
