Africa and the Nordic countries share priorities. We came together this week to share, learn and partner.
Both regions are rich in natural resources and face demographic challenges: Africa grapples with a young growing population, the Nordics face an aging demographic.
These experiences and challenges are significant opportunities for equitable partnership: both regions can work collaboratively to build stronger economic structures. Africa can learn from the careful stewardship of resource wealth; both share the potential of tech driven entrepreneurship.
I was born and raised in Africa. I schooled in Africa, worked in Africa, and built my businesses on the continent. I have seen the many faces of Africa: the opportunities; the constraints to growth and ambition, the energy of our youth, and the determination of leaders striving to get it right. I also work with wonderful partners who believe, as I do, that Africa’s development must be sustainable, inclusive, and led by Africans.
I brought this perspective to the 14th Nordic–African Business Summit in Oslo, where I joined David Pilling, Financial Times Africa Editor, in a fireside chat, to discuss Africa’s place in the new global investment order and to champion Africa as the next frontier for sustainable and responsible capital.
The summit, organised by the Norwegian Business Association Africa (NBAA) in partnership with Norfund, the Africa Finance Corporation, and the Norwegian Ministry of Foreign Affairs, brought together Nordic investors, known for patient capital – as is our Group, Heirs Holdings – and a deep commitment to environmental, social, and governance (ESG) principles. These values resonate deeply with our philosophy at Heirs Holdings: Africapitalism – doing well and doing good.
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Africapitalism: A Call to Action
Africapitalism is rooted in one simple truth: no one but us will develop Africa.
It is a call to the African private sector and friends of Africa to invest in critical sectors, that will transform our economies and societies. It rejects the “entitlement” mentality that has too often shaped our past. It demands that we reinvest the wealth created on the continent in the continent, ensuring our resources add value in Africa.
Profit and purpose are not mutually exclusive. At Heirs Holdings, we live this philosophy. Our investments in energy, financial services, healthcare, hospitality, and insurance are catalytic. Take energy. Over 60% of Africans lack access to electricity. Without power, there can be no industrialisation, no education, no functioning hospitals, no competitive economies.
Through our power investments, we are helping to change that, with over 2,000 megawatts installed electricity generating capacity and distributing electricity to millions of homes and businesses. Yes, we make profits. But more importantly, we power lives, support jobs, and enable prosperity. That is Africapitalism in practice.
Unlocking Capital for Africa
There is no shortage of global capital, but Africa still struggles to attract its fair share. Why? Governance. Investors seek an environment that is transparent, predictable, and fair. When we fix governance, improve ease of doing business, and create level playing fields, capital will flow. Countries that have embraced these principles are already seeing progress.
Africa’s growth also depends on mobilising domestic capital. Across the continent, we have grown pension funds and significant savings pools, but these resources are often invested in low-yield instruments, that do little to create jobs or build infrastructure. We must change that. Let us channel African capital into African opportunities, into energy, agriculture, manufacturing, and technology, where it can transform lives and build resilience.
Partnerships for an Equitable Energy Transition
Africa’s energy story must be told differently. We contribute less than 4% of global carbon emissions, yet over 600 million Africans live without electricity. As the world rightly races toward net zero, we must ensure an equitable energy transition, one that balances sustainability, with inclusivity. We need investments that expand access to power and unlock the potential of our people, even as we transition responsibly to cleaner sources.
This is where Nordic investors with their long-term perspective and commitment to ESG can play a defining role. By partnering with Africa’s private sector, they can build the infrastructure, industries, and systems that create shared prosperity for generations, while harnessing significant returns. As I always say, there is no part of the world that offers the returns African can.
A Bright Future
Transformation is never easy. As someone who has led business turnarounds, I know the early stages are the toughest, uncertain, turbulent, but necessary. Africa’s governments must communicate clearly, implement reform courageously, and ensure that growth benefits everyone. The same principles that drive business transformation must guide national transformation.
The future I see is an Africa that powers itself, feeds itself, and funds its own development.
