Renowned Nigerian entrepreneur and philanthropist Tony O. Elumelu, CFR, delivered a clarion call for Africa’s economic self-determination at the 14th Nordic-African Business Summit, urging global partners to shift from paternalistic aid to equitable investment and entrepreneurship. Speaking on October 9 at the Grand Hotel in Oslo, Elumelu—founder of the Tony Elumelu Foundation and Heirs Holdings—challenged the status quo: “Africa’s future will not be built by aid, but by investment, partnership, and entrepreneurship.”
The summit, organized by the Norwegian-African Business Association (NABA) in collaboration with Norfund, the Africa Finance Corporation, and the Norwegian Ministry of Foreign Affairs, convened Nordic investors, policymakers, and African business leaders under the theme of navigating global economic shifts toward sustainable growth. Elumelu’s keynote, shared widely on X, resonated as a blueprint for reimagining Africa-Europe ties, emphasizing the continent’s youthful demographic, untapped resources, and burgeoning innovation ecosystem as gateways to mutual prosperity.
“Africa needs partners, not charity,” Elumelu posted on X, encapsulating his message to an audience including Norwegian ministers and African CEOs. He advocated for empowering small and medium enterprises (SMEs) and young innovators, arguing that true development blooms from homegrown ventures, not handouts. “You make your money in Africa; invest in Africa. Create jobs on the continent. Help to provide the infrastructure that we need,” he urged, drawing applause for his unapologetic Africapitalism philosophy—the belief that Africans must drive their own economic destiny.
The address aligns with Elumelu’s legacy through the Tony Elumelu Foundation, which has seeded over 20,000 entrepreneurs across 54 countries with $100 million in non-debt financing since 2015, fostering 400,000 jobs and a $2.5 billion economic impact. At the summit, discussions veered toward clean energy transitions, trade under AfCFTA, and Nordic investments in African fintech and renewables—echoing Elumelu’s vision for a partnership model that yields sustainable returns for all.
Elumelu’s words landed amid heightened global focus on Africa, with Norway’s $1.5 billion annual aid to the continent increasingly pivoting toward impact investments. “This is a pivotal moment for Africa-Europe relations,” noted NABA Chair Kari Nordheim-Larsen, praising Elumelu’s “refreshing candor.” On X, reactions poured in, with users amplifying his message: “Elumelu dropping gems—aid keeps us dependent; investment sets us free. #Africapitalism.”
