He made this statement at the second edition of W.O.M.A.N by Alitheia, a high-level forum for Women in Manufacturing, Agribusiness, and Nutrition and key stakeholders, hosted by Alitheia Capital, a pioneer in gender-lens impact investing private equity firm, in collaboration with Manufacturing Africa, a UK government programme focused on attracting Foreign Direct Investment into the manufacturing sector, at his residence in Lagos.

Since its inaugural fund launch in 2009, it has grown to manage over $250 million (approximately £186 million) in assets spread across various funds including co-managing the largest gender-lens fund in Sub Saharan Africa.

Themed “Scaling Sustainable Manufacturing & Energy Transition for Women-led SMEs in Africa,” this year’s edition brought together a dynamic mix of industry leaders, women entrepreneurs, investors, policymakers, and energy solution providers to explore the pivotal role of women-led businesses in Africa’s sustainable industrial transformation.

The discussions addressed the acute pressures SMEs face amid surging fuel prices and electricity tariffs – conditions that have made sustainable energy adoption both an environmental and economic imperative.

Insights from Alitheia’s own portfolio reveals that adopting renewable energy can cut operational costs by as much as 60%, underscoring the financial viability of clean energy for scaling women-led businesses.

Participants examined practical pathways for women entrepreneurs to access clean energy solutions, scale sustainable manufacturing practices, and contribute meaningfully to Africa’s green economy.

In his remarks, the British Deputy High Commissioner in Lagos, Mr. Jonny Baxter stated:

“We are proud to collaborate with Alitheia Capital on W.O.M.A.N. (Women in Manufacturing, Agribusiness, and Nutrition) to drive Africa’s green industrial future. We recognise the indispensable role of women in this transition and are committed to expanding access to capital and capability to ensure sustainable growth. This event reflects our shared vision for inclusive and transformative development, and we are committed to supporting this      journey through targeted investments and strategic private partnerships.”

Also speaking, Tokunboh Ishmael, co-founder and managing partner at Alitheia Capital, said:

“We are no longer just talking about sustainability as a nice-to-have. It’s an economic imperative, especially for women entrepreneurs at the heart of Nigeria’s industrial transformation and through W.O.M.A.N by Alitheia, we’re not only spotlighting solutions—we’re scaling them. In our own portfolio, we’ve seen up to a 60% reduction in energy costs among businesses that have adopted clean energy. This is proof that green transition is not only possible but profitable.”

The event also featured keynote addresses and panel discussions with industry leaders including Yemisi Iranloye (CEO, Psaltry), Affiong Williams (CEO, ReelFruit), Temilola Adepetun (Managing Director, SKLD), James Fabola (CFO, Arnergy Solar), Bukola Badmos (Executive Director & CFO, Starsight Energy), and Sarah Ogbewey, (Head, Strategic Partnerships, Renewable Energy & Mobility, Sterling Bank).

Alitheia Capital also launched Nzinga, its SME capacity-building platform designed to equip entrepreneurs with tools for scaling their businesses sustainably.

In parallel, Manufacturing Africa unveiled its Green Business Building (GBB) accelerator, which will drive the growth of green businesses through strategic support on core business problems, leading to the development of an ecosystem for green manufacturing and green jobs in Nigeria.

The day closed with an ESG knowledge session, exhibitions from green energy and manufacturing solution providers, and a resounding call to action: expand access to capital, strengthen ecosystems, and enable policy that supports inclusive green industrialization.

The event, which saw the participation of 611 attendees, aimed at setting the tone for the industry in 2024 by retrospectively analyzing 2023 and providing valuable insights into the trends and forecasts that will shape the coming year.

The opening address by Mr. Ade Bajomo, president of the association, highlighted the resilience of the global FinTech landscape in 2023.

He said despite a 48% decrease in global FinTech investment, the spirit of innovation and digital inclusion persevered.

He expressed optimism for 2024, foreseeing advancements in AI, machine learning, and deeper integration with Web3.

Moderated by Yemi Keri, CEO of Heckerbella, the event featured speakers from diverse sectors, including payment, insurance, banking, fintech, and technology. Each speaker provided a unique perspective on the challenges and opportunities faced by the fintech ecosystem.

The first speaker Chinwe Uzoho, regional managing director, Network International, discussed the impact of digital transformation post-COVID, emphasizing intelligent automation, collaboration, and the need for industry players to embrace technology and innovation in 2024.

Olayinka Oni, ED/COO, Sterling Financial Holdings Company, addressed challenges faced in 2023, including uncertainties during elections and the impact of COVID.

He emphasized the importance of digital transformation, financial inclusion, and collaboration between banks and FinTech’s in 2024.

Tomi Badejo, head strategic projects at NowNow, explored the economic challenges of 2023, the impact on the fintech ecosystem, and expectations for 2024. His focus was on open banking, generative AI, customer-centric solutions, and the importance of real financial inclusion.

Oti Iletanhem, Investment Principal at Alitheia, speaking from an investment perspective, analyzed the reasons behind investor pullback in 2023 and predicted an evolving investment landscape in 2024.

He highlighted the importance of fintechs aligning with financial inclusion, compliance, and regulatory aspects to attract investments.

Dr. Funmi Babington-Ashaye, MD/CEO of Risk Analyst Insurance, anticipated a surge in mergers and acquisitions in the insurtech sector in 2024.

She emphasized the role of AI in improving fraud detection and the importance of partnerships and ecosystem collaboration.

Ousseynou Beye, Senior Solutions Architect, Amazon, stressed the significance of understanding which type of AI solution would be useful for business challenges, cautioning that generative AI is not a one-size-fits-all solution.

The Fintech Outlook 2024 event concluded with Dr. Jameelah Sharrieff-Ayedun, Chairman, Connect Committee of FintechNGR & MD/CEO, CreditRegistry giving closing remarks, encouraging participation in the initiatives of Fintech Association of Nigeria, and Dr. Babatunde Obrimah, COO, FintechNGR announcing upcoming events, including the Nigeria Fintech Week scheduled for October 8th – 10th at the Landmark Event Center in Lagos Nigeria.

What you should know:

• FintechNGR is the premier national fintech association in Africa, dedicated to accelerating fintech growth, connecting stakeholders, and advocating for the adoption of regulatory supports and reforms.
• With a diverse membership base spanning various sector. FintechNGR aims to foster an innovation-driven environment and make Nigeria one of the world’s leading markets for fintech innovation and investment.