By Seun Ibiyemi
Nigerian businessman and philanthropist Tony Elumelu has called on investors in European countries not to be scared-off from investing in Africa, warning that the continent’s future could be shaped instead by China and Gulf nations if Europe remains passive.
Elumelu, recognized as one of Africa’s wealthiest and most influential figures, amassed his fortune through investments in banking, energy, real estate, and healthcare.
Speaking on Africa’s economic transformation, Elumelu said Norway and other European countries have a chance to make meaningful contributions in energy, infrastructure, and technology, sectors he described as key drivers of Africa’s next growth phase.
“Africa is developing rapidly. China is already heavily involved in infrastructure, technology, and finance. If Europe and Norway do not act now, others will fill the void,” he warned.
Recent data from Menon Economics reveal that Norwegian investments in Africa have fallen by nearly 90 percent since 2014, even as global investments in the continent continue to rise.
Elumelu described this as “a paradox,” urging European investors to look beyond the risks.
“Norwegian companies could have enormous opportunities in Africa, but many are scared off by risk and bad news. Every challenge is a business opportunity,” he said.
Beyond business, Elumelu continues to champion youth empowerment through the Tony Elumelu Foundation, which has trained and funded more than 24,000 young entrepreneurs across Africa.
According to the foundation, these beneficiaries have created around 1.5 million jobs.
“I believe in the power of youth. When young people are given capital and opportunity, they create jobs and hope and that stops unwanted migration. No one leaves their homeland when they have economic hope,” he stated.
Guided by his philosophy of Africapitalism, Elumelu believes the private sector must lead Africa’s development by investing in areas that generate both profit and social progress.
“No one else will develop Africa for us. We must do it ourselves,” he said. “Governments should provide stable conditions, but it is the private sector that must drive change.”
Looking to the future, Elumelu envisions an Africa that is self-reliant, entrepreneurial, and confident by 2050.
“I see a continent standing on its own two feet built by young Africans who believe in themselves,” he said with a smile. “Africa doesn’t need more sympathy. We need partners who believe in us.”