The chairman of the UBA Group and founder of Heirs Holdings, Tony Elumelu, challenges Norway to look at Africa as an investment partner and not as a humanitarian aid project.

According to the UBA leader, who attended the Nordic-African Business Summit, "Africa needs partners, not charity", launching an emphatic appeal to Norway and the European nations.

Elumelu also advocated a new vision for the relationship between Africa and the developed world, a partnership based on investment, innovation and sustainable growth, rather than dependence on humanitarian aid.

"We want to collaborate with countries like Norway, countries that have capital, competence and a strong climate profile, but that understand that growth and development must be created through investments, not donations," said Elumelu during his speech, stressing that "the private sector is the engine of African development".

"We in the African private sector have to invest to create economic growth and prosperity, not just for profit. If we don't create more prosperity, our own companies won't survive either," he stressed.

In Oslo, Elumelu pointed out that Norwegian investment in Africa has fallen by almost 90% since 2014, according to data from Menon Economics, even as global investment in the continent has increased. For the African leader, this downturn represents a missed opportunity.

"Norwegian companies could have huge opportunities in Africa, but many are intimidated by risk and bad news. Every challenge is a business opportunity."

Pointing to energy, infrastructure and technology as priority areas for cooperation, Elumelu warned Europe not to sit on the sidelines while China and the Gulf States strengthen their economic presence on the continent. "If Europe and Norway don't act now, others will fill the void," he warned.

Through the Tony Elumelu Foundation, the businessman has supported more than 24,000 young African entrepreneurs, responsible for creating around 1.5 million jobs on the continent.

"I believe in the power of youth. When young people have capital and opportunities, they create jobs and hope, and nobody leaves their home country when they have economic hope," he said.

 

(Photo DR)