Goddie Ofose, Editor at The Industry Newspaper, brings Mr. Tony Elumelu, Chairman of UBA Group/Chairman of the Tony Elumelu Foundation, in conversation with a Norwegian news outlet, E24+, on why the continent no longer desires aid but action.
One of Africa’s most influential investors, Tony Elumelu, has demanded that Norway start seeing the continent of Africa as a place to invest and build, and not an aid project.
He spoke on the sidelines of the Nordic–African Business Summit in Oslo, Norway, where he called on Norway and other foreign partners to stop viewing Africa as a charity case and to shift from traditional aid to investment.
He advocated for a focus on “Africapitalism,” which involves investing in African businesses and infrastructure to create jobs and sustainable growth, rather than providing development aid.
“We need partners who invest and build with us,” he said.
Elumelu, who spoke from the balcony outside his suite at the Grand Hotel, with a view of the Palace and the City Hall, said, “I see great opportunities in partnerships between Norway and Africa.”
“Africa needs partners, not charity,” Elumelu said firmly.
“We want cooperation with countries like Norway. Countries that have capital, expertise, and a strong climate profile, but that understand that growth and development must be created through investments, not donations. Stop thinking about aid, start thinking about business, and he says.
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Elumelu heads the investment company Heirs Holdings and United Bank for Africa, with operations in 20 African countries, the US, UK, France, and the United Arab Emirates. He is in Oslo for the Nordic-African Business Summit and hopes the visit marks the start of a closer relationship between Norway and the African continent.
According to him, “I admire the cooperation between Norway and Africa. But I would challenge Norway to do more. To invest, not just give”, he stated.
Elumelu believed that cooperation on energy, infrastructure, and technology can generate growth. However, he warned Europe not to become too passive in favour of China and the Gulf states.
He said, “We want cooperation with countries like Norway. Countries that have capital, expertise, and a strong climate profile, but that understand that growth and development must be created through investments, not donations. Stop thinking about aid and start thinking about business.”
“I admire the cooperation between Norway and Africa. But I would challenge Norway to do more. To invest, not just give,” he said.
Elumelu, who is considered one of Africa’s richest and most influential men, said he built his fortune through investments in banking, energy, real estate, and healthcare. In 2020, he was named one of the 100 most influential people in the world by TIME Magazine.
Elumelu particularly points to energy, infrastructure, and technology as areas where Norway and Norwegian companies can make a difference.
Elumelu has also warned Europe against being left on the sidelines while China and the Gulf states strengthen their positions in Africa through massive investments.
He said, “Africa is developing rapidly. China is already heavily involved in infrastructure, technology, and finance. If Europe and Norway do not act now, others will fill the void.”
According to figures from Menon Economics, Norwegian investments in Africa have fallen by almost 90 per cent since 2014, while global investments in the continent have increased significantly.
“It’s a paradox. Norwegian companies could have enormous opportunities in Africa, but many are scared of them. Many people don’t understand the terrain.
Several large Norwegian companies have tried to establish themselves in Africa but failed. What do you think they have done wrong, risk, and bad news? I say: Every challenge is a business opportunity, he said.
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