By Chiugo Ndubisi, Executive Director, Heirs Holdings
When the Founder and Group Chair of Heirs Holdings, Tony O. Elumelu, CFR, took the stage at the 14th Nordic–African Business Summit in Oslo, Norway, his message was unmistakable. “You make your money in Africa; invest in Africa. Create jobs on the continent. Help to provide the infrastructure that we need.”
Delivered with clarity and conviction, his remarks, reinforced by a subsequent interview with Norway’s business media, signaled a potential turning point in Africa–Nordic relations: a decisive shift from an aid-driven mindset to one anchored in enterprise, investment, and shared prosperity.
The Context
Hosted by the Norwegian-African Business Association (NABA) in collaboration with Norfund, the Africa Finance Corporation, and the Norwegian Ministry of Foreign Affairs, the summit focused on agriculture, trade, energy, and infrastructure. These sectors are the backbone of sustainable economic growth, and it was within this framework that Mr. Elumelu urged stakeholders to stop viewing Africa through the prism of charity and instead recognize it as a continent of investment, innovation, and entrepreneurship.
“Africa needs partners, not charity,” he said, noting that Norwegian investment into Africa has declined sharply even as global investment flows into the continent have risen. Norwegian Minister of International Development, Åsmund Aukrust, concurred, encouraging Norwegian companies to integrate development outcomes into their business strategies.
According to data from the United Nations Conference on Trade and Development (UNCTAD), foreign direct investment into Africa surged from US$40.94 billion in 2020 to US$97.03 billion in 2024, representing a compound annual growth rate (CAGR) of 24 percent. This rebound reflects renewed global confidence in Africa’s growth trajectory.
The private sector already accounts for over 80 percent of Africa’s total production, roughly two-thirds of investment, and three-quarters of lending. In Nigeria, Africa’s most populous country, with an estimated 237.53 million people, the services sector contributes an average of 56 percent to GDP and continues to expand. These indicators underscore a clear reality: Africa is increasingly a story of performance, scale, and opportunity.
From a Nordic perspective, this moment is consequential. Norwegian investment in Africa remains a small fraction of total overseas investments, even as other global players, including China, the Gulf states, and India, deepen their engagement.
Aligning With Nordic Strategy
The Nordic Africa Institute (NAI) Policy Note reflects a growing shift away from the traditional donor-recipient model toward one grounded in mutual trade, investment, and shared value creation. While Denmark, Finland, Iceland, Norway, and Sweden pursue distinct national priorities, they are united by a common objective: expanding trade with Africa, amplifying Africa’s voice in global governance, and promoting responsible, sustainable business practices.
Finland, Norway, and Denmark have each launched Africa strategies that emphasize reciprocal partnerships, African-led solutions, green transition, and multilateral cooperation. With Africa’s population expected to nearly double by 2050, Nordic countries face both an opportunity and a responsibility to engage African markets at scale. Climate adaptation, renewable energy, digital skills, democratic stability, and migration governance are central pillars of these strategies and align closely with Africa’s own development priorities.
A recent example of this alignment is United Bank for Africa Plc’s adoption of a long-term Power-as-a-Service (PaaS) model in partnership with Renewvia, Incremental Energy Solutions (IES), and Norway-based renewable energy investor, Empower New Energy. The initiative is delivering solar-and-battery hybrid systems across 25 UBA branches in five Nigerian states.
The project provides approximately 1.5 megawatts-peak (MWp) of solar capacity and 3.6 megawatt-hours (MWh) of battery storage, generating more than 166,000 kilowatt-hours of clean electricity monthly and reducing UBA’s carbon footprint by over 228,000 kilograms of CO₂ each month. Upon full rollout, the initiative will cover 50 branches across 18 states, delivering 3 MWp of solar power and 7 MWh of energy storage.
This is not charity. It is a commercially structured, private-sector-led initiative, co-driven by Nordic capital and African entrepreneurship. It exemplifies the model Africa needs: African ambition plus global partnership equals scalable impact. As Norway’s Ambassador to Nigeria, Svein Bæra, observed, “This partnership is a shining example of what can be achieved when African ambition meets Nordic investment and innovation.”
A Call to Action
Africa’s population is projected to reach 2.47 billion by 2050, accounting for over a quarter of the world’s population. At the same time, the continent faces an annual infrastructure financing gap estimated at between US$130 billion and US$170 billion. For Norwegian and Nordic companies, the message is clear: the time to engage is now.
For Africa, the imperative is equally strong. Opportunity must be seized through African leadership, supported by transparent frameworks, local ownership, and credible global collaboration. Investing in Africa is not inconsistent with social impact; it is essential to delivering jobs, infrastructure, climate resilience, and the Sustainable Development Goals.
When business replaces benevolence, and partnership replaces patronage, inclusive, equitable, and enduring prosperity becomes possible. Heirs Holdings remains committed to advancing this vision, not only for Africa, but for a world ready to engage Africa as a true partner in global growth.
