By Chiugo Ndubisi
When Heirs Holdings Founder and Group Chair, Tony O. Elumelu, CFR took the stage at the 14th Nordic–African Business Summit in Oslo, Norway, he did so with conviction and clarity; “You make your money in Africa; Invest in Africa. Create jobs on the continent. Help to provide the infrastructure that we need.” The sentiments he expressed in Oslo and in his subsequent interview with Norway’s business media may mark the beginning of a turning point in how Africa–Nordic business relations will evolve from an aid-mindset to an enterprise-mindset.
The Context
At the summit, hosted by the Norwegian-African Business Association (NABA) in collaboration with Norfund, the Africa Finance Corporation and the Norwegian Ministry of Foreign Affairs, the agenda was framed around critical sectors such as agriculture, trade, energy, and infrastructure which are important catalysts to the growth and development of any economy. It was in the context of these sectors that Mr. Elumelu stated that Africa should stop being viewed through the prism of charity and aid, but instead be engaged as a continent of investment, innovation and entrepreneurship.
In his words, “Africa needs partners, not charity.” He also pointed out that Norwegian investment into Africa had fallen sharply, even as global investment flows into the continent were rising, to which Norwegian Development Minister Åsmund Aukrust, agreed and encouraged Norwegian companies to invest and think about development policy in their business model.
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According to the latest data from the United Nations Conference on Trade and Development (UNCTAD), foreign direct investment into Africa surged from US$40.94billion in 2020 to US$97.03billion in 2024 representing a Compound Annual Growth Rate (CAGR) of 24% during the period. This reflects renewed global confidence in the continent’s growth trajectory. Meanwhile, the private sector in
Africa accounts for over 80% of total production, around two-thirds of investment and three-quarters of lending, making it a potent engine for economic transformation. And in Nigeria, Africa’s most populous country with a population of 237.53million representing 15.5% of African population of 1.53billion, the service sector’s contribution to the Gross Domestic Product (GDP) at an average of 56% is significant and expanding. This is evidence that Africa is fast becoming a story of performance and scale.
From the Nordic perspective, Tony Elumelu’s submission carries significant weight. Norwegian investment in Africa is a small fraction of total investments, at a time when other global players, including China, the Gulf states and India, are filling the void.
Aligning with Nordic Strategy
The Nordic Africa Institute (NAI) Policy Note marks a decisive shift from the traditional donor–recipient model to one rooted in mutual trade, investment, and shared prosperity. While each Nordic country (Denmark, Finland, Iceland, Norway and Sweden) maintains distinct priorities, they converge on expanding trade relations with Africa, strengthening the continent’s voice in global forums, and promoting responsible business practices.
Finland, Norway and Denmark have launched Africa strategies that emphasize reciprocal partnerships, African-led solutions, green transition, and multilateralism. With Africa’s population set to nearly double by 2050, the Nordics should recognize both the opportunities and challenges of engaging at scale with African business ecosystems. Central to these strategies are commitments to climate adaptation, renewable energy, digital skills development, democratic stability, and migration governance. These are all areas that align closely with Africa’s development priorities.
Recently, United Bank for Africa Plc (UBA) adopted to a long-term Power-as-a- Service (PaaS) with Renewvia, Incremental Energy Solutions (IES), and Norway- based renewable energy investor, Empower New Energy, to install solar-and- battery hybrid systems across twenty-five (25) UBA branches in five Nigerian states.
This project will deliver approximately 1.5 megawatts-peak (MWp) of solar capacity and 3.6 megawatt-hours (MWh) of battery storage. The installations now generate more than 166,000 kilowatt-hours of clean electricity monthly, cutting UBA’s carbon footprint by over 228,000 kg of CO₂ each month. Upon full rollout, the project will cover fifty (50) branches across eighteen (18) states, totaling 3 MWh of solar power and 7 MWh of energy storage.
Importantly, this is not charity. It is a private-sector–driven, commercially structured initiative, co-led by Nordic capital in partnership with African entrepreneurship. This is the model. African ambition plus global partnership equals scalable impact. As Svein Bæra, the Norwegian Ambassador to Nigeria, observed, “This partnership is a shining example of what can be achieved when African ambition meets Nordic investment and innovation.”
What does this mean for the different stakeholders? For African governments and enterprises, it becomes imperative to create transparent frameworks and ensure local ownership. For investors, Africa is no longer a frontier of high risk and low return. For civil society and development actors, investing in Africa is not inconsistent with social impact. On the contrary, private capital deployment at scale is key to meeting jobs, infrastructure, climate challenges and the Sustainable Development Goals (SDGs). For Heirs Holdings, the significance is that the Nordic region’s renewed Africa agenda offers not only fresh funding and partnership models, but a mindset shift that aligns with Africapitalism’s core belief that the private sector must lead Africa’s transformation.
A Call-To-Action
Africa’s population is projected to grow to 2.47billion by 2050 and will represent 25.52% of the world population. The continent’s infrastructure financing gap is estimated at US$130-US$170 billion annually. Now is the time for Norwegian and Nordic companies to join the train. For Africa, the message is equally strong: opportunity must be seized with African leadership and global collaboration.
When business replaces benevolence, and partnership replaces patronage, then inclusive, equitable and enduring prosperity becomes possible. Heirs Holdings remains committed to that vision, not just for Africa, but for the world that engages Africa.
Chiugo Ndubisi is Executive Director, Heirs Holdings
