Africa’s leading investor Tony Elumelu urges a new era of partnership between Africa and Nordic countries, emphasizing sustainability, equity, and shared prosperity at the Nordic–African Business Summit in Oslo
Tony Elumelu Calls for New Africa–Nordic Partnership to Drive Self-Reliant, Prosperous Continent
Africa’s foremost investor and philanthropist, Tony Elumelu, has once again reiterated his transformative vision for an Africa that powers itself, feeds itself, and funds its own development — a future he believes must be driven by Africans, for Africans.
Speaking at the 14th Nordic–African Business Summit held in Oslo, Norway, Elumelu shared his perspective during a fireside chat with David Pilling, Africa Editor of the Financial Times, calling for a new model of partnership between Africa and the Nordic region — one built on sustainability, equity, and shared prosperity.
The annual summit, organized by the Norwegian Business Association Africa in collaboration with Norfund, the Africa Finance Corporation, and the Norwegian Ministry of Foreign Affairs, brought together top Nordic investors, African policymakers, and business leaders to discuss investment opportunities and sustainable growth across the continent.
Elumelu, who chairs Heirs Holdings, Transcorp Group, and the United Bank for Africa (UBA), said Africa’s greatest opportunity lies in leveraging its youthful population, natural resources, and entrepreneurial spirit through equitable partnerships that enable long-term growth rather than dependency.
According to him, these are the kinds of alliances that can help reshape Africa’s economic story and drive inclusive growth across the continent.
“I was born, educated, and built all my businesses in Africa. I’ve witnessed our continent’s immense potential — the drive of our youth, the vision of our leaders, and the resilience of our people,” he said. “I am proud to work alongside partners who believe, as I do, that Africa’s growth must be sustainable, inclusive, and driven by Africans.”
For Elumelu, the principle of Africapitalism — the philosophy he coined and continues to champion globally — remains the cornerstone of Africa’s transformation. It is an economic philosophy that calls on African businesses to create both economic and social wealth by investing long-term in key sectors that generate jobs, improve lives, and drive broad-based prosperity.
At the summit, Elumelu reiterated that no one but Africans themselves will develop Africa. He challenged the continent’s private sector to take the lead in investing in areas such as power, agriculture, manufacturing, and technology.
He also urged governments to create transparent and predictable environments that attract both domestic and international capital. “There is no shortage of global capital, but governance remains the key,” he said, adding “When we fix governance, improve the ease of doing business, and create level playing fields, capital will flow.”
Elumelu, through his conglomerate Heirs Holdings, has made significant strides in sectors that are central to Africa’s future. His group’s investments in power generation — with over 2,000 megawatts of installed capacity — are already lighting homes, powering industries, and transforming communities. “Without power, there can be no industrialisation, no education, no competitive economies,” he noted, highlighting the critical link between energy access and development.
Beyond business, Elumelu’s philanthropic vision has been equally transformative. Through the Tony Elumelu Foundation (TEF), established in 2010, he has championed the empowerment of African entrepreneurs as the surest path to sustainable development.
The Foundation’s flagship Entrepreneurship Programme has funded and mentored over 20,000 young African entrepreneurs across all 54 African countries, catalysing thousands of small and medium-sized enterprises that are today creating jobs and driving innovation in their communities.
Elumelu’s influence has transcended boardrooms and borders. His advocacy for equitable global partnerships and a redefined Africa narrative has earned him recognition as one of the continent’s leading voices for inclusive capitalism.
He has addressed global platforms such as the United Nations, the World Economic Forum, and the G7, using each opportunity to call for investment-led development rather than aid dependency.
At the Oslo summit, he again underscored the need for fairness in the global energy transition, arguing that Africa — which contributes less than 4% of global carbon emissions — must not be left behind in the race toward net zero.
He urged the world to support Africa’s right to access affordable power and industrial growth while transitioning responsibly to cleaner energy sources. “We must ensure an equitable energy transition — one that balances sustainability with inclusivity,” he said.
As he often reminds his audience, profit and purpose are not mutually exclusive. “At Heirs Holdings, we live this philosophy,” he said. “Yes, we make profits. But more importantly, we power lives, support jobs, and enable prosperity. That is Africapitalism in practice.”
For Elumelu, transforming Africa is a collective mission — one that demands vision, courage, and sustained commitment. “The future I see,” he concluded, “is an Africa that powers itself, feeds itself, and funds its own development.” Read More
