It was a fitting homecoming for Africa’s startup sector. Ten years after ABAN was born to unite early-stage investors across the continent, the movement returned to where Africa’s entrepreneurs thrive the hardest, Lagos.

The 2025 ABAN Annual Congress, themed “Accelerating Local Capital Participation,” gathered hundreds of founders, investors, policymakers, and ecosystem enablers to tackle the question of “Who really funds Africa’s future?”

Representing Governor Babajide Sanwo-Olu, Mrs Folashade Ambrose-Medebem, Lagos State commissioner for Commerce, Cooperatives, Trade and Investment, described the city, with 23 million people and more than 2,000 active startups, as a living, breathing symbol of African ambition. 

“Lagos stands as the commercial heartbeat of Africa and a city of boundless enterprise, boundless resilience and boundless innovation,” she said, welcoming the continent’s top angel investors.

She also noted the city contributes over 30% to Nigeria’s GDP and houses 65% of its industrial activity, but its actual power lies in what it’s building, a model megacity driven by innovation, not just infrastructure.

Through reforms, Lagos has simplified business registration, created startup funds, and is now developing the Lagos State Medical Innovation Industrial Zone, Ikorodu Industrial Hub, and a new International Convention Centre.

“Beyond the numbers, Lagos State is a story of determination, creativity, and possibility,” Ambrose-Medebem said. “It is where ideas become industries and where vision meets execution.”

Osinbajo: Believe Before You Build

Prof. Yemi Osinbajo, speaking on the heart of Africa’s funding dilemma, said, “Without local belief and resilience, there is no local validation. Unless there is local belief and resilience, why should anyone invest in us?”

He challenged investors to become “the capital that understands the context, stays through the storm, mentors, guides, and builds companies designed to last in Africa or after that.”

“When we invest locally, we are not just funding startups, we are funding our own future.”

A Reality Check for Africa’s Angels

That future, however, still faces major gaps, as Khaled Ismail, chairman of HIMAngels, pointed out in his session on The State of Angel Investing in Africa.

He revealed that Africa now counts around 6,000 angel investors, up from barely a hundred a decade ago. Yet, only 10% of them are actively investing.

“Imagine all of those 6,000 were investing. Imagine how big the ecosystem would have grown,” he said.

The continent’s average angel investment ticket sits at $3,500 per year, compared to $15,000 in India, a country with the same population but five times more investors. That gap, Ismail argued, has ripple effects across the entire ecosystem.

“That’s 20 times more angel capital being poured into India’s ecosystem compared to Africa’s,” he said. “And it’s no surprise that they have more unicorns and exits, their base is simply bigger.”

But beyond the numbers, Ismail reminded us what true angel investing really means.

“It’s not just about making money. It’s about giving back, mentoring, sharing experience. If you don’t get involved, it will never happen,” he said. “Just putting your money and sleeping on it will not get you there.”

He called for better alignment between angels, founders, and venture capitalists, and for new clauses that let angels exit early when venture funding arrives, freeing up funds for fresh investments.

“If angels don’t exit, they won’t invest again,” he warned. “And if they don’t invest again, the pipeline breaks.”

Ten Years On: A Movement Grows

Commendably, ABAN also celebrated those who are building that pipeline. Adedotun Sulaiman was named Angel Investor of the Year, while Core Angels MEA received Angel Network of the Year.

For an ecosystem once dependent on foreign backing, the progress is concrete, but the work is far from over. Africa’s next decade of growth will depend on building confidence, capital, and collaboration at home.

In Osinbajo’s words, “Let’s first be believers.”

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The exhibition is organized by Design Week Lagos, in partnership with Ecobank Nigeria and the Ministry of Arts, Culture, Tourism, and the Creative Economy.

During his visit to the exhibition on Saturday, Prof. Osinbajo expressed his admiration for the innovative products and designs on display. He stressed that, with the right support, these young innovators possess the potential to take the nation to new heights.

He also acknowledged Ecobank for its significant role in advancing Nigeria’s design and creative industries and urged for more public-private collaborations to foster further growth in the sector.

“It’s truly inspiring to see these remarkable products and designs created by young entrepreneurs. You can see the vision, potential, ideas, and passion they’ve poured into these projects. This exhibition bridges talent with commerce, and it’s essential that we encourage them. I commend Ecobank and the organizers for supporting these youths and this industry,” he remarked.

Similarly, Gbajabiamila expressed his gratitude to Ecobank for its support of the initiative.

The former Vice President and the Chief of Staff, along with their wives, were given a guided tour of the exhibition by Titi Ogufere, Founder of Design Week Lagos; Bolaji Lawal, managing director/regional executive, Ecobank Nigeria; and other exhibition organizers and partners.

The 2025 edition of the exhibition showcases Nigeria’s top talents in furniture, product, and industrial design. Under the theme “Building a Made-in-Nigeria Brand,” the exhibition celebrates Nigerian designers’ creativity, innovation, and craftsmanship, while also focusing on industrialization and the export potential of locally made products.

The exhibition features the Manufacturer and Designer’s Pavilion, highlighting collaborations between manufacturers and designers, as well as the Designer’s Pavilion, where 50 individual designers present fresh concepts across various disciplines, including furniture, toys, automotive, and industrial design, reflecting Nigeria’s diverse creative landscape.

The exhibition ran through February 25 till March 2, 2025.

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He stated this on Monday at this year’s Nigeria Digital Economy Summit (NDES) with the theme “Web 3.0, Blockchain & DeFi: Impact on Africa’s Digital Economy.”

He observed that with the right approach and policy, as well as the country’s human capital and potential, “we can actually become world leaders in digital technology in all its various ramifications.”

Delving into the different levels of progress recorded since the advent of the use of the Web on a large and global scale since Web 1 in 1989, Prof. Osinbajo who was the Special Guest of Honour and Keynote Speaker at the event, highlighted the future of technology, digital economy and what it means globally but especially for Nigeria.

“A whole new world is unfolding before our very eyes, unlike Web 1 and 2 where we were relatively disadvantaged,” he said.

He continued, “in 1989 we didn’t have mobile phones so we could not take advantage of the reach and depth that mobile telecoms gave digital innovation and financial inclusion. We are now better positioned to be significant players in Web 3. 

The VP further noted that “we have already shown that we have the talent, creativity and acumen to build and grow major tech companies. At the last count, we have 6 unicorns and many more on the way. But we must spend time on the development of digital skills.”

Urging for more synergy between Government (public) and the private sector in driving the digital economy revolution in the country, the Vice President added that both sectors must find ways to ensure “policy is way ahead for development.”

According to him, “we must think through and develop appropriate policies and regulations that promote, rather than inhibit, innovation and commerce. We can be world leaders in the Web 3 revolution. The only limit is our vision,” he said.

Using examples such as the technology-driven Growth platform by the Bank of Industry, and the implementation of the Government Enterprise Empowerment Programme (GEEP), one of the schemes under the Federal Government’s Social Investment Programmes (SIPs), the Vice President observed that the technology platform deployed in the implementation of the microcredit schemes such as TraderMoni and MarketMoni was built by Eyowo, a local Nigerian tech company.

Then the Vice President spoke about digitisation in the public sector.

“Web 3 will also mean that the digitisation of government’s services will come with more options, government agencies can then be smarter, faster and more efficient in delivering their services. 

“But I think most importantly, digitising government processes and services is a sleeping commercial giant. The whole range of government services will provide several opportunities for innovation,” Prof. Osinbajo observed.

Prof. Osinbajo also noted the category of licences created and made available to some FinTech companies by the Central Bank of Nigeria (CBN) in the past few years as a significant example of how government policy can drive innovation and economic growth.

This category of banking licences accessible to fintech companies are at a  far cheaper rate when compared to the cost of actual traditional banking licenses by the CBN, the VP disclosed.

He also emphasized that there must be an adequate regulatory framework to ensure ripple effects across the digital economy value chain.

“From a policy perspective here in Nigeria, we may need to again expand the range of banking licenses available to enable more players in the financial mediation value chain. 

“We must also set clear rules to enable crypto markets and trading in other digital assets.  Identity in the Web 3 age is a key development. It means the user owns his or her own identity and personal data,” he said.

Highlighting the Web 3 revolution, Prof. Osinbajo added that “we are in the early days of Web 3.0. Its defining components, as we can already see, are blockchain technology, smart contracts, DEFIs (Decentralized Financing), tokens, both fungible and non-fungible tokens (NFTs); and the whole range of token economics; unlike Web 2.0 where data is mostly centrally stored. Web3.0 data will be interconnected in a decentralised way and will also be machine-readable.”

Continuing, he said: “decentralised protocols as you know are at the heart of blockchain, cryptocurrency technology and the whole range of DeFis. So, these systems will be effectively integrated and interoperable and automated through smart contracts. 

“That data will be machine readable is very significant, which is why Web3 is sometimes described as the Semantic web. This means that users and machines using AI and Machine Learning will be able to creatively interact with data.  

“Now these developments mean a whole lot. First is the increasing sovereignty of the user, the user will have more control over personal data. DeFi will mean cheaper and faster financial transactions, as the middle institutions will be retired. So, this means more room for FinTechs, and not just for banking services but insurance and consumer finance.

“Even central banks will have to rethink their roles since blockchain will challenge the centralization of monetary authority with its clear imperfections. Who knows, we might actually be in the last days of the central banking system as we know it.”

The Vice President then commended the organisers and their partners, noting that the annual summit was a testimony to the joint commitment of the government and the private sector to the rapid and value-driven development of Nigeria.

“The outcomes of past summits have contributed positively to an improved-policy environment and better governance in the areas of innovation and investment over the years. Amongst other things, the NDES has over the years, helped to foster better understanding between the public and private sector on the realities and opportunities in Nigeria’s present day,” he said.

Aside from the VP, the event also featured remarks from the Convener of the Summit and founder/CEO of the Foresight Group, Mr. Lanre Osinbona; a representative of Bank of Industry (BOI), Mr Seun Tubi, as well as Silicon Valley investor, Director, Plug & Play, Abu Dhabi & Middle East, Babak Ahmadzadeh.

In his remarks, Osibona, who was previously Senior Special Assistant for Information and Communications Technology in the Buhari Administration noted that collaboration was key to implementing successful digital transformation strategies.

“The key to achieving real change lies in actualising the true potential of our youth and preparing them to think and act for a future better than their past. They can learn from previous mistakes and build a better world for themselves and their children. Let us all work together towards using technology to build a sustainable Nigeria for future generations to come,” he stated.

The Nigeria Digital Economy Summit (NDES) is a privately funded public-private partnership forum to support Nigeria’s digital transformation into a globally leading digital economy. 

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