Tony Elumelu: Norway Must Stop Treating Africa as an Aid Project
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One of Africa’s most influential investors, Tony Elumelu, asks Norway to stop looking at Africa as an aid project. – We need partners who invest and build with us, he says.
!Tony Elumelu on the balcony outside the suite at the Grand Hotel, overlooking the castle and town hall. – I see great opportunities in partnerships between norway and Africa, says Tony Elumelu. Photo: Jørgen Indrøy strømsnes Tony elumelu on the balcony outside the suite at the Grand Hotel, overlooking the castle and town hall. – I see great opportunities in partnerships between Norway and Africa, says Tony Elumelu. Photo: Jørgen Indrøy Strømsnes
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* Tony Elumelu, one of Africa’s most influential investors, encourages Norway to invest rather of providing assistance to Africa.
* He believes that cooperation on energy, infrastructure and technology can grow.
* elumelu warns Europe not to become too passive in favor of China and the Gulf States.
The summary is made by the AI tool Chatgpt and quality assured by E24’s journalists
Norwegian Investment in Africa Plummets Despite Growing Global Interest
Norwegian investments in Africa have fallen by nearly 90 percent since 2014, a stark contrast to the significant increase in global investments to the continent, according to Menon Economics.
This decline presents a paradox, as Norwegian companies could be capitalizing on significant opportunities within Africa. However, many are reportedly hesitant due to perceived risks and negative media coverage.
“Each challenge is a buisness opportunity,” states a proponent of increased Norwegian investment, highlighting a potentially missed chance for economic growth and partnership.
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Tony Elumelu: Why Norway Should Invest, Not Aid, in Africa
Nigerian investor Tony Elumelu is urging Norway to shift its approach to Africa, advocating for investment over customary aid. He believes that strategic investments, coupled with local partnerships, are the key to unlocking Africa’s economic potential.
– Many people don’t understand the terrain
– Several large Norwegian companies have tried to establish themselves in Africa, but failed. What do you think they have done wrong?
– Most people who fail, do it because they do not understand the terrain, Elumelu replies without hesitation.
– You can’t invest in a market you don’t know. You must have a credible local partner who knows how the system works. That’s how you succeed in Africa.
He refers to his previous collaboration with the Norwegian rig company,seadrill.
Africa is not one country
Elumelu emphasizes that africa is not a monolithic entity.
– People make the mistake of thinking Africa is one country. It’s not. It’s 54 countries, all with different dynamics, different regulations, different opportunities. You need to understand each market individually.
He points out that Nigeria, such as, has a population of over 200 million people and a rapidly growing middle class, presenting significant investment opportunities.
– Aid is not enduring