The federal government of Nigeria, alongside Dangote Industries Limited, has called for a renewed focus on localized production and patient capital as essential drivers for unlocking Africa’s vast economic potential.
This call to action was underscored during the African Private Capital Association (AVCA) Week held in Lagos, a pivotal gathering of global investors, fund managers, policymakers, and business leaders. The event, themed “Bold Moves: Powering 10x in Africa,” explored investment opportunities and tackled the continent’s economic transformation challenges.
Keynote speeches from Dr. Jumoke Oduwole, Nigeria’s Minister of Industry, Trade, and Investment, and Aliko Dangote, Founder and CEO of Dangote Industries, highlighted the importance of fostering local industries and patiently investing in African growth.
Minister Oduwole emphasized Nigeria’s ongoing commitment to turning policy into tangible results, remarking, “We are proud to host the private capital ecosystem here in Lagos, the commercial heartbeat of Africa, to have bold conversations about the investment and economic opportunities that will shape the future. Nigeria is moving forward, and we invite the world to join us.”
She outlined a strategic plan to enhance private sector growth, impact Nigeria’s capital markets, diversify exit strategies, and encourage more strategic acquisitions. With Nigeria offering a $3.4 trillion economy, Oduwole described it as a platform for local and regional businesses to scale.
Dangote, a key figure in African business, directly addressed the gathered investors, stressing the need for Africa to look inward to build sustainable prosperity. “We must attract African capital, invest in our youth and talent, and create scalable systems that are rooted in local industries,” he said.
During the event, notable industry leaders, such as Okey Enelamah, Chairman of African Capital Alliance, and Alison Klein, Managing Director of Akmazo, reflected on the evolution of private equity in Nigeria.
A consistent theme throughout the conference was the growing influence of African institutional investors in shaping the continent’s private capital ecosystem. Dave Uduanu, Managing Director and CEO of Access ARM Pensions, revealed plans to deploy $500 million in private capital over the next five years. “We are looking to pool resources with other pension funds to create pan-African investment vehicles. This will mobilize more African capital and expand investment beyond Nigeria,” he said. He particularly noted the power sector as an area with massive investment opportunities and emphasized that currency concerns are secondary to strong fundamentals.
Papa Demba Diallo, Managing Director of Project Development at Africa50, highlighted the importance of creating investment opportunities that are scalable, bankable, and replicable across the continent. Chinua Azubike, CEO of InfraCredit, also stressed that combining public, private, and blended finance solutions is critical to mobilizing capital for key infrastructure projects in energy, transport, and digital sectors.
