• 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.

In a first for Africa today sees the launch of the Pan-African Fund Managers’ Association (PAFMA), a new trade association bringing together fund managers from across the continent with backing from some of the industry’s most powerful players.

The five founding members of PAFMA are the Pension Fund Operators Association of Nigeria (PENOP); the Fund Managers Association (FMA) in Kenya; the Botswana Investment Professionals Society (BIPS);the Ghana Securities Industry Association (GSIA) and the Investment Management Association of Uganda (IMAU). 

These national associations, which between them account for assets under management (AUM) of over US$70 billion, have established PAFMA in collaboration with FSD Africa, a specialist development agency working to build and strengthen financial markets across Sub-Saharan Africa

The launch of PAFMA, at an event in Nairobi on 4th September during the Africa Climate Summit 2023 where the founding members will sign an MoU, comes as the industry faces many challenges.

These include historically low savings rates – which as of 2021 stood at just 24% of GDP in Sub-Saharan Africa – along with a scarcity of viable investment opportunities and the escalating environmental risks confronting the continent.

Recognising the prevalent dominance of government securities among the current investible assets managed by fund managers on the continent, PAFMA’s primary objective is to foster the adoption of alternative investments.

This includes a particular focus on green finance, a pivotal driver for bolstering various sectors of the economy. By championing these alternative investment avenues, PAFMA seeks to not only stimulate job creation but also enhance income generation.

Among its activities, PAFMA aims to spearhead localised research efforts and initiatives to enhance knowledge sharing and capacity building enabling fund managers to evaluate and make investments in regions and countries where they did not previously have a presence.

Serving as a proactive advocate, PAFMA will also offer policy insights and champion the interests of its members in both regional and international arenas as well as facilitating regular gatherings of fund managers from across Africa.

Commenting on the launch, Oguche Agudah, CEO, PENOP Nigeria, said:

“I’ve always believed that the solutions to Africa’s challenges lie within us. We need to come together, commit to collaborate, and speak with one voice. The managers of capital on the continent have a unique opportunity to individually and collectively determine to a large extent the trajectory of the continent. Working together, we can achieve so much more. The time is now.”

Patrick Kariuki, Chairman, FMA and Managing Director, Gen Africa Managers Ltd, said:

“The Fund Managers Association is very excited to partner with other like-minded Pan-African Fund Manager Associations. Our industry and its future growth depend on vibrant collaboration amongst fund managers across Africa. With PAFMA, fund managers will be able to evaluate and make investments in regions and countries where we did not have sufficient local context. The Fund Managers Association is honoured to be invited to this exciting and very important initiative.”

Mark Napier, CEO, FSD Africa, said:

“We are excited about the establishment of the Pan-African Fund Managers’ Association which comes at a timely juncture. This association will be integral for African Fund Management organisations to ensure that they share industry knowledge, manage risks with a continental and international view and drive needed investment in critical sectors such as climate mitigation and adaptation. This African-led initiative is a powerful demonstration of our shared vision to transform Africa’s financial and investments sector landscape.”