NABA Pushes for Africa Infrastructure Acceleration

40 speakers and more than 400 African and Norwegian leaders, including 30 ambassadors from Norway and Africa on Thursday discussed how to accelerate African infrastructure through Norwegian-African work, trade and growth at the Norwegian-African Business Summit in Oslo.

H.E. John Dramani Mahama, President of the Republic of Ghana, Mr. Børge Brende, Norway’s Minister of Foreign Affairs, and Dr. Fatih Birol, Chief Economist, International Energy Agency (IEA) were among the distinguished guests who participated in the forum hosted by the Norwegian-African Business Association (NABA).

Børge Brende, Norway’s Minister of Foreign Affairs, announced that Norway will contribute NOK 300 million to Green Africa Power, a new fund to stimulate private sector investment in renewable energy in sub Sahara Africa. 

He said energy is a key to development and the private sector has a key role to play. 

“With this commitment, we join the UK Government in financing renewable energy generation, reducing carbon emissions and improving the supply of clean energy to millions of people in Africa.” Børge Brende said. 

The Norwegian-African Business Summit have increased understanding of the African continent, and the need to accelerate investments, partnerships, and growth in infrastructure in Africa. 

Eivind Fjeldstad, Managing Director of NABA, said infrastructure is what economies need to flourish, for that reason NABA will open an office in Nairobi, Kenya to facilitate this infrastructure acceleration.

He said "This cements our commitment to Africa and the East African market where we will continue to open opportunities in oil and gas, aquaculture, forestry and wood processing.”

"Today is an opportunity to invest in Africa. The risks are not as high as perceived" said James Mworia, CEO, Centum Investments. 

He said "Investment in infrastructure, and especially power, is critical to enhancing the productive potential of Africa. At the same time, it is an opportunity to create numerous other investment opportunities and sustainably improve human welfare."

The President of the Republic of Ghana, H.E. John Dramani Mahama delivered the keynote address on the Summit’s theme “Mapping the African Infrastructure Landscape.” 

He showcased Ghana’s success story and the need for the international business community to support and encourage that development.

He said the government sought to generate 200 MW of power every year to meet the 12 per cent demand with the ultimate of generating more for the West African pool.

He said although infrastructure remained a big challenge to development, it provided opportunities for investors to take advantage of to invest.

President Mahama said the resort to the IMF for assistance was because the country depended so much on gold and cocoa exports and anytime there was a slum in prices on the international market, it affected countries such as Ghana.

He said the success of the Euro bonds sales and the Ghana Cocoa Board’s syndication of international financing showed that there was high confidence of the international investor community in Ghana.

The Norwegian-African Business Association (NABA) is the only Norwegian-African chamber of commerce.

It seeks to promote business opportunities on the African continent and serves as a bridge between Norwegian and African business communities. 

NABA