• Nigeria’s Minister of Industry, Trade and Investment and Dangote Industries CEO call for localised production and patient capital to unlock Africa’s economic potential.
• AVCA announces Danladi Verheijen (Verod) and Ann Wyman (AfricInvest) as new Chair and Vice Chair of the Board of Directors.
• Dar es Salaam announced as location for the 22nd Annual AVCA Conference in 2026.

The African Private Capital Association (AVCA) concluded its 21st Annual Private Capital Conference in Lagos, convening global investors, fund managers, policymakers and business leaders to explore investment opportunities and address Africa’s economic transformation challenges under the theme ‘Bold Moves: Powering 10x in Africa’.

The two-day event, held during AVCA Week in Lagos from 28 April to 2 May, featured keynote addresses from Dr Jumoke Oduwole, Nigeria’s minister of Industry, Trade and Investment, and Aliko Dangote, founder and CEO of Dangote Industries, with both emphasising the critical importance of localised production and patient capital in unlocking Africa’s economic potential.

Dr Jumoke Oduwole, highlighted Nigeria’s commitment to transforming policy into performance, noting: “We are proud to be hosting the private capital ecosystem—bringing Africa and the world to Lagos, the commercial heartbeat of the continent—for a bold conversation about investment and economic opportunities that define the future. Nigeria is moving, and we want the world to move with us.”

The Minister described a comprehensive plan to boost private sector growth, impact Nigeria’s capital markets, diversify exit strategies, and enable more strategic acquisitions.

She outlined the economy as a platform for local and regional businesses to scale and remarked: “We are offering a platform of a US$3.4 trillion economy.”

The keynote address was followed by a fireside chat between Aliko Dangote GCON, Founder and CEO of Dangote Industries and Genevieve Sangudi, Partner at Alterra Capital Partners and Vice Chair of AVCA.

Reflecting on his entrepreneurial spirit and investment philosophy, Dangote remarked:

“Produce locally, for local needs. We’ve focused on manufacturing and backward integration to reduce import dependence and create prosperity. Building African industries from within provides jobs and lays the foundation for economic resilience.”

Addressing the investors in the room directly, Dangote added:

“If we want to build lasting prosperity in Africa, we must look inward, attract African capital, invest in our youth, talent, industries, and design systems that scale locally.”

The summit proceeded with a headline session entitled Titans of Industry: Bold Moves, featuring Okey Enelamah, Chairman, African Capital Alliance and Alison Klein, Managing Director, Akmazo.

Reflecting on the evolution of private equity in Nigeria and his experience building one of Nigeria’s largest PE firms, Okey said,

“Our approach from the onset was to pave an enabling environment by educating local pension funds to build market infrastructure and secure returns through successful investments. The private sector also has a critical role in shaping businesses and partnering with governments to deliver measurable impact.”

Interactive debates convened philanthropic foundations, development banks, and global and pan-African asset managers, including Mastercard Foundation, DEG, European Bank for Reconstruction and Development (EBRD), Ninety One, and Africa50.

Speakers aligned on the need for global and local pension funds to play a more meaningful role in private equity investments, outlining infrastructure as a strategic force to put employee savings to work.

A recurring theme throughout the conference was the growing importance of African institutional investors in driving the continent’s private capital ecosystem.

Dave Uduanu, managing director and CEO of Access ARM Pensions, revealed plans to deploy US$500 million in private capital over the next five years, stating:

“We are looking to pool resources with other pension funds to create pan-African investment vehicles. This approach would not only mobilise more African capital but would help us invest beyond Nigeria across the continent. We particularly like power, where there is a massive gap in Africa, and we’re not worried about currency—you can make money in any currency if the fundamentals are right.”

The conference broke new ground by spotlighting investment challenges and opportunities in Africa’s creative industries.

Mo Abudu, founder and CEO of EbonyLife Group, highlighted both barriers and potential:

“Financial institutions often lack expertise and understanding of creative sectors. The industry has been seen as informal, but it’s becoming more structured now with workable models. The challenge is that international players come with blueprint models rather than adapting to local markets. We have the skills here—we’re working on an OTT model that’s specifically Nigerian, affordable for locals while maintaining quality content.”

During a panel entitled, Bold Solutions to Close Africa’s Infrastructure Deficit, Papa Demba Diallo, Managing Director and Head of Project Development, Africa50, underscored the demonstration effect of delivering “replicable, bankable and scalable investment opportunities.”

Chinua Azubike, chief executive officer, InfraCredit, suggested that investor-led solutions combining public, private, and blended finance are instrumental to crowding capital for critical high-impact energy, transport, and digital infrastructure projects.

The association announced the appointment of Danladi Michael Verheijen, Co-Founder and CEO, Verod and Ann Wyman, Senior Partner, AfricInvest, as Chair and Vice Chair of AVCA’s Board of Directors, effective immediately.

Abi Mustapha-Maduakor, CEO, AVCA, welcomed the appointments, saying:

“I am delighted to welcome Danladi Verheijen and Ann Wyman as AVCA’s Board Chair and Vice Chair. Their deep industry knowledge and leadership experience will be instrumental as we drive forward a progressive agenda for private capital in 2025 and beyond. I would also like to extend my sincere thanks to Paul Botha and Genevieve Sangudi, the outgoing Board Chair and Vice Chair for their steadfast guidance and commitment over the past four years, which have left an undeniable mark on AVCA’s development.”

The conference concluded with the announcement that Dar es Salaam, Tanzania will host the 22nd Annual AVCA Conference in 2026.

After 10 years, Africa’s largest private capital gathering will return to the region’s largest economy, Nigeria.

This follows the successful AVCA Conference and VC summit held in Johannesburg last week, which attracted 700+ delegates from more than 60 countries.

More than 300 delegates attended the 3rd Annual VC Summit where panellists took stock of the global decline of VC funding and explored a range of solutions to catalyse growth.

Speakers marked the influence of rapidly emerging technologies shaping African innovation and driving the digital economy, creating new skills and increasing efficiency, such as artificial intelligence, blockchain and quantum computing.

Speaking on the panel, ‘The DeepTech Potential in African Tech’, Andre Jr. Ayotte, Partner, Modus Capital, highlighted how founders can apply technology to build companies solving problems at scale.

Despite progress in tech-enabled sectors, Nick Allen, Managing Partner, Savant, noted that gaps in Africa’s tertiary education system have led to a lack of skilled graduates with sufficient engineering knowledge.

He added that in comparison to more developed markets such as Europe and the US, there is a lack of investors who understand how to finance deep tech in Africa.

Speaking during the panel, ‘Seasons Change: Lessons Learned in Winter and the Path to Spring’, panellists took stock of the global decline of funding within the VC ecosystem.

Seasoned investor, Khaled Ben Jilani, Senior Partner, AfricInvest, raised the importance of active strategies to make businesses less capital intensive in order to anticipate new risks and navigate a lack of liquidity in the market.

Steve Beck, Co-Founder and Managing Partner, Novastar Ventures, expressed that private equity firms and development finance institutions (DFIs) with dedicated VC teams had stepped in to partially fill the funding gaps, particularly in the early stages. 

Other panel highlights included ‘Catwalks, Canvases, & Choruses: Sector Spotlight on the Creative Industry’, ‘Debt Dynamics: Unlocking Liquidity with Venture Debt in Africa’,‘Green Ventures: VC for Climate’, ‘Founders First: Building a Platform for Success in African’ and ‘The Real Deal” – Venture Capital in the Real Economy’.

The VC summit saw participation from Africa-focussed venture capital funds, DFIs and global investors including AfricInvest, African Renaissance Partners, Aves Lair, Altree Capital, Breega, Enza Capital, European Investment Bank (EIB), Flat6Labs, LoftyInc Capital, Lightship Anchor Fund, Octerra Capital,  Proparco, Savant, Sango Capital, Sawari Ventures, Standard Bank, TL Com Capital, USAID Prosper Africa, Ventures Platform, 500 Global, and more. 

Looking ahead, Nigeria’s position at the forefront of venture capital and private equity investment in Africa, backed up by a tech-savvy population and the recent rise in local investment funds and angel investors, sets the scene for a dynamic summit in 2025.  

Abi Mustapha-Maduakor, Chief Executive Officer, AVCA, said: 

“Nigeria has emerged over the last decade as an investment hotspot in Africa. The country’s entrepreneurial spirit and well-established pools of local capital gave rise to some of Africa’s earliest unicorns, particularly in the payments sector. As we wrap up the conference in Johannesburg, we look forward to our next event in a city that has played an equally catalytic role in Africa’s investment landscape”.