Lagos, Nigeria — Ventures Platform’s 2024 Africa Prosperity Summit on November 15 gathered over 150 investors, fund managers, and ecosystem players from across Africa and beyond.
The theme, “Funding the Next Billion: Africa’s VC Investment Landscape in a Post-ZIRP Era”, emphasized the need for global and local investors to reconsider opportunities in Africa amidst rising global interest rates.
The Current Landscape: A Call to Action
Kola Aina, Founding Partner of Ventures Platform, opened the Summit with a bold message. He pointed out the sharp decline in global venture capital (VC) funding — a 70% drop since the post-COVID peak.
Africa’s decline was also significant at 67%, despite the continent needing 10x more capital to address infrastructure gaps and boost consumption.
“By 2050, the 1 billion Africans born will face a future of chronic non-consumption unless we act now,” Aina warned.
Investing in Africa’s Growth
The Summit brought together thought leaders, including Efosa Ojomo from the Clayton Christensen Institute and Charlie Robertson of FIM Partners, who highlighted Africa’s potential as the next investment frontier.
Ojomo stressed how venture capital can de-risk economies, especially in sectors where infrastructure is lacking. Meanwhile, Robertson underscored the continent’s path to prosperity, citing advances in policy and technology that are enabling Africa to leapfrog traditional industrialization barriers.
Keynote Highlights: A Vision for Africa’s Future
Ojomo’s keynote focused on the transformative power of venture capital in shaping Africa’s future. “VC doesn’t just fund, it builds ecosystems,” he explained, urging attendees to commit to fostering sustainable economic growth on the continent.
We are positioning Africa’s startup and VC industry at the forefront of global economic discussions
Dotun Olowoporoku, Managing Partner at Ventures Platform
Robertson, in his analysis, detailed how key factors like education, electricity, and fertility rates are critical to Africa’s economic trajectory. He stressed that nations such as Nigeria, Ethiopia, and Egypt are setting the stage for growth with progressive policies and industrialization strategies.
Tackling Climate Change: VC’s Role in Sustainability
In a significant development, Ventures Platform launched its inaugural ClimateTech White Paper, exploring how venture capital and startups can tackle climate change.
The paper highlighted the urgent need for coordinated action in Africa’s tech sector and introduced a new framework for integrating climate response into venture investment strategies.
Real-World Success Stories
In an engaging session, Haresh Aswani, Managing Director of Tolaram Group, shared how the company has successfully turned non-consuming populations into active consumers.
His insights emphasized the importance of understanding local markets and investing in long-term strategies to unlock consumption potential.
Closing Thoughts: A Vision for Africa’s Future
Dotun Olowoporoku, Managing Partner at Ventures Platform, closed the Summit by reflecting on the momentum generated.
“This year’s Summit has ignited a movement for long-term strategic support and growth,” he said. “We are positioning Africa’s startup and VC industry at the forefront of global economic discussions.”
