AVCA (African Private Capital Association) and PEVCA (Private Equity and Venture Capital Association, Nigeria) have announced a landmark strategic merger aimed at enhancing Nigeria’s private capital ecosystem. The partnership seeks to unlock new investment opportunities and promote growth across both the sub-regional and continental levels.
The merger combines AVCA’s 20-year legacy in industry advocacy, research, and market intelligence with PEVCA’s extensive local networks and expertise. The combined force of both organizations aims to promote private sector growth and elevate Nigeria’s venture capital (VC) ecosystem, while attracting domestic capital into key sectors such as technology, infrastructure, and agriculture.
This merger also marks a pivotal moment as AVCA prepares for its 21st Annual Conference in Lagos from April 28 – May 2, 2025. The conference, themed “Bold Moves: Powering 10x in Africa”, returns to Nigeria for the first time in over a decade, highlighting the nation’s increasing role in Africa’s financial growth.
Nigeria’s Growing Private Capital Market
The new partnership comes at a time when Nigeria is solidifying its position as Africa’s most active venture capital market, accounting for 19% of the continent’s VC deals and hosting five unicorns. Between 2020-2024, Nigeria secured 66% of the regional deal volume and 52% of the deal value in West Africa, according to AVCA’s newly released Nigeria Factsheet.
The country’s pension fund assets, which now exceed ₦18 trillion ($20 billion), represent a significant pool of untapped domestic capital. By combining AVCA’s robust research and investor engagement with PEVCA’s strong local network, the merger is positioned to strengthen Nigeria’s private capital ecosystem and help scale investments in infrastructure, industrial development, and innovation.
Key Leadership and Strategic Goals
As part of the merger, Anna Evi-Parker, Executive Secretary of PEVCA, will join AVCA’s senior leadership team as Regional Head for West Africa, further strengthening the organization’s presence in the region.
Paul Botha, Chair of AVCA’s Board, commented:
“This merger is a pivotal step forward, combining AVCA’s established industry position with PEVCA’s crucial local insights to promote private capital interests across Nigeria and beyond. Together, we aim to advance Nigeria’s standing as a premier investment destination in Africa.”
Dr. Yemi Osindero, Managing Partner at Uhuru Investment Partners, expressed his optimism, stating:
“We are excited about the opportunities this strategic partnership brings, which will provide better value for investors, fund managers, and the wider industry. This merger strengthens the Nigerian private capital ecosystem at a critical juncture.”
Abi Mustapha-Maduakor, CEO of AVCA, also shared her thoughts:
“Nigeria is central to Africa’s investment future. This merger enables us to work closely with local actors to deepen engagement and drive targeted support. By combining AVCA’s research and convening power with PEVCA’s on-the-ground network, we are better equipped to catalyze the private capital needed to meet the region’s demands for sustainable, long-term growth.”
Looking Ahead
As the African private capital landscape continues to evolve, this merger represents a significant step towards fostering a more dynamic, collaborative, and innovative financial ecosystem across Nigeria and the broader West African market. With this partnership, AVCA and PEVCA aim to create a more inclusive and impactful investment environment, ensuring that Nigeria remains at the forefront of Africa’s financial growth.
