Where Innovation Meets Culture: Highlights from APS 2024

A Convergence for Africa's Prosperity

"As Africa charts its path to prosperity, the critical levers of education, electricity, and fertility rates will define its economic trajectory. Countries like Egypt, Ethiopia, and Nigeria are already making strides with central bank policies that have corrected currency misalignments, paving the way for current account improvements and reduced investment costs. The continent is poised to leapfrog traditional industrialization barriers. This is a pivotal moment for investors to recognize the continent's unique opportunities and actively shape its future prosperity.”

                                                                                                                                                        - Charlie Robertson, Macrostrategy Expert

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Building on the success and momentum of the inaugural Africa Prosperity Summit in 2023, we hosted the second edition from November 14th to 16th. Once again, we brought together Limited Partners, Family Offices, Funds of Funds, Investors, Portfolio Companies, and other key ecosystem players for three days of insightful conversations, strategic deliberations, engaging activities, and moments of relaxation.

True to our mission, we remain committed to fostering prosperity across African nations, catalyzing transformative opportunities through initiatives like this. Here is how we brought this commitment to the fore at the 2024 Africa Prosperity Summit.

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The Welcome Reception

On the evening of November 14th, 2024, the stage was set for an unforgettable start to the second edition of our flagship event—Africa Prosperity Summit. Attendees from across the globe, including Africa’s most promising innovators and influential investors, gathered at the Nordic Hotel in Lagos for a highly anticipated welcome reception. This informal gathering aimed to foster connections and camaraderie in a relaxed atmosphere, setting the tone for the intense conversations and collaborations to follow during the Summit.

Between 6:30 PM and 9:00 PM, the air was filled with the sounds of laughter, engaging dialogue, and the faint strains of soft music, all complemented by the delightful scents of fruity wines, refreshing cocktails, and a spread of exquisite canapés. Industry peers and friends reunited and new connections were forged, as the reception became a hub of rich conversations about the future of Africa’s innovation landscape.

The evening officially began with a heartfelt welcome address from Kola Aina, Founding Partner, and Dr. Dotun Olowoporoku, Managing Partner at Ventures Platform. Both expressed gratitude to the attendees for their dedication and belief in the Summit’s vision, emphasizing the importance of collective action in shaping Africa’s future. As the evening drew to a close, guests retired to their accommodations with a shared sense of anticipation for the transformative discussions that awaited.

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The Summit

As global interest rates rise, Africa stands out as a prime investment destination due to its rapidly growing population and entrepreneurial spirit. By 2100, over 80% of the world’s population will reside in Africa and Asia, presenting a unique opportunity for investors to fund innovations that can convert non-consumers into consumers, especially in less mature markets. The goal is to envision a future where Africa's markets are not just emerging, but leading, fostering inclusive growth and shared prosperity.

This birthed our theme for the Summit “Funding the Next Billion: Africa’s VC Investment Landscape in a Post-ZIRP Era,” which ushered in conversations that tackled investing challenges and opportunities in Africa and emphasized the need for informed investment strategies. It also explored the historical context of economic development and its relevance to Africa today, and redefined risk assessment in the post-ZIRP era.

To make this happen, on the 15th of November, we convened over 160 attendees from all walks of the globe, representing developmental finance institutions, family offices, fund of funds, VC funds, PE funds, corporates, and startups active on the continent. These attendees, spanning Africa and beyond, engaged in insightful keynotes, panel discussions, workshops, and 1-on-1 sessions. Notably, the event brought together 25 distinguished speakers - leaders from venture capital, public policy, and private enterprise, to share strategies, experiences, and actionable solutions for driving Africa’s prosperity.

Welcome Address: An overview of the African VC opportunity — Market-creating Innovations

Kicking off the Summit, Kola Aina, Founding Partner, Ventures Platform, delivered an eye-opening presentation that painted a vivid picture of Africa’s challenges and opportunities, with a presentation titled, “Funding the next billion and targeting non-consumption”.

“Africa’s massive population boom is happening at the same time global venture capital is on a decline,” he noted, emphasizing the paradox of unmet needs and untapped potential.

“Since the post-COVID peak of venture capital investments in 2021 -influenced by the ZIRP era - global venture capital flows have declined by 70%. The situation in Africa is no better - Africa has experienced a 67% decline in venture capital funding, despite its requirement of 10x more capital to address infrastructure gaps and non-consumption and be at par with Asia in terms of VC investments. As a result, Africans are simply unable to consume the goods and services that they need, talk less of want. If we do nothing about this today, by 2050, the 1 billion Africans that will be born - will end up being chronic non-consumers." Kola explained as he argued that market-creating innovations are the linchpin for unlocking Africa’s potential, driving accessibility and affordability, and creating high-quality jobs that elevate incomes across the continent. 

“At Ventures Platform, we believe that by investing in the right kinds of entrepreneurship and innovation, we can produce two powerful outcomes - high quality jobs that will drive up incomes across Africa, and scaling up affordability and accessibility to products/services for millions of people across Africa. The combination of these two powerful forces is an effective way of driving up consumption across Africa.”

His address set a powerful tone, urging attendees to leave the Summit inspired and ready to act.

Keynote Address: The Past Tells The Future: Placing Africa’s Economic Evolution in Context

Delivering the first keynote, Efosa Ojomo, Director of Global Prosperity at Clayton Christensen Institute, provided an insightful historical perspective. He drew compelling parallels between global economic transformations and Africa’s current trajectory, underscoring venture capital’s role as an accelerator for market creation.

“Venture capital is designed to de-risk an economy - or at least, a sector. Unlike other financial vehicles like private equity or bonds, VC takes on the highest risk. In Africa, where raising funds for critical infrastructure is particularly challenging, venture capital must go beyond funding to actively building entrepreneurial ecosystems in the early stages.”

He highlighted venture capital’s ability to de-risk economies, stabilize growth, and drive systemic change in regions facing infrastructure deficits and underdevelopment. In discussing the supreme importance of carefully and intelligently deploying venture capital in Africa, Efosa shared three insights. The first - he described venture capital as a risk absorber, stating that Venture capital bridges the gap between capital and entrepreneurs, creating value in uncertain economies. Secondly, he said venture capital is an economic stabilizer as high-growth investments derisk economies, paving the way for further capital inflows. Finally, he mentioned that collaboration with the governments is essential to create enabling environments for innovation. Read more here.

He concluded by challenging attendees to take responsibility for shaping Africa’s path to prosperity, leaving the room charged with a sense of purpose.

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The Summit’s panel discussions were designed to explore Africa’s investment landscape in greater depth, featuring diverse perspectives from leading voices across sectors.

The first panel session titled, “The Past Tells the Future: Placing Africa's Economic Evolution in Context,” featured leading figures in investment and public office including, Anwar Harris, Executive Head, Investments, Standard Bank Group; Eric Sippel, Founder, Sippel Farb Family Office;Khaled Ben Jilani, Senior Partner, AfricInvest; and Abdulhameed Abubakar, Special Adviser to the Minister of Finance & Coordinating Minister of the Economy (2023-2024), all joined by Efosa Ojomo, was borne out of the context of his keynote presentation. Together, the panellists expanded on Efosa’s vision and explored how innovation and entrepreneurship could address systemic issues like infrastructure deficits, setting a vision for Africa as a global leader.

The panelists also analyzed the patterns of economic growth in other nations and discussed Africa's potential trajectory based on these patterns, as well as highlighting the markers of success. Each made a case for Africa's future, all reaching a consensus that it is promising if it continues to invest in innovation and leverage its unique opportunities.

A second panel titled, “Risk and Rewards in Emerging Markets” came on right after the second keynote address. With a focus on venture capital, this panel explored what risk assessment looks like in this new economic context, how investors balance the high-risk, high-reward nature of startup investments in Africa. The panel included Chirantan Patnaik, Director of Venture Capital, British International Investment (BII), Aubrey Hruby, Co-Founder, Tofino Capital, Mayowa Kuyoro, Partner & Head, Africa Financial Services Group, McKinsey & Company, Ashley Lewis, Managing Partner, DPI VC, and the second keynote speaker at the summit, Charles Robertson, Head of Macro-strategy, FIM Partners.

The third panel titled, “Frontier Markets: Focusing on Markets Poised for Rapid Growth But Are Underinvested Today,” explored the untapped potential of emerging markets across Africa that are on the brink of significant growth but have yet to attract substantial investment. The discussion focused on identifying these high-potential markets, understanding the challenges and opportunities they present, and strategizing on how to channel investments effectively to catalyze economic development. Panelists also shared insights on the factors driving growth in these regions, the role of innovation and infrastructure, and the impact of increased investment on local economies. The session aimed to provide investors and policymakers with a roadmap for unlocking value in these markets. Panelists for this session included Lexi Novitske, General Partner, Norrsken22; Eloho Omame, Senior Partner, TLcom Capital; Hany El-Sonbaty, Managing Partner, Sawari Ventures; while Tomiwa Aladekomo, CEO, Big Cabal, moderated this session.

The panels provided rich insights and banters, allowing the brightest minds in venture capital - Funds of Funds, DFIs, Family Offices, Fund Managers, Corporates, and Startups, active on the African continent, all converge to facilitate powerful conversations and actions that will drive innovation and prosperity across the African continent.

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Keynote Address: Investing Through Uncertainty: Strategic Solutions for Navigating Macro Challenges

Charles Robertson, renowned economist and Head of Macro-strategy at FIM Partners, delivered the second keynote. He provided a comprehensive analysis of global macroeconomics and its impact on investment and industrialization. Engaging investors, fund of funds, startup founders, and policymakers, he explored the risks, challenges, and opportunities Africa faces in comparison to other regions.

He said, “As Africa charts its path to prosperity, the critical levers of education, electricity, and fertility rates will define its economic trajectory. Countries like Egypt, Ethiopia, and Nigeria are already making strides with central bank policies that have corrected currency misalignments paving the way for current account improvements and reduced investment costs. With fertility rates beginning to decline and the potential for service-led growth through affordable solar power and advanced connectivity, Africa is poised to leapfrog traditional industrialization barriers. This is a pivotal moment for investors to recognize the continent's unique opportunities and actively shape its future prosperity.”

Robertson concluded his presentation by advocating for continued investment in Africa.

Landmark Launch: Ventures Platform’s Climate Tech White Paper (Innovating for a Sustainable Future: Leveraging Venture Capital and Startup Innovation to Combat Climate Change in Africa)

A highlight of the Summit was the launch of our inaugural ClimateTech White Paper titled "Innovating for a Sustainable Future: Harnessing Venture Capital and Startup Entrepreneurship to Combat Climate Change in Africa". The landmark paper which was launched by three key drivers - Urgency, Climate disparity, and Opportunities for VCs and Startups, examines the roles of venture capitalists and startups in climate change mitigation and adaptation, and explores how the agility and innovation of startups, combined with the strategic deployment of venture capital, can catalyse the development and scaling of climate-smart solutions tailored to the specific needs and challenges of African communities and ecosystems.

The paper also provides a comprehensive guide for non-climate VCs and entrepreneurs, including the development of a proprietary framework for a coordinated climate response in the African tech sector.

Highlights to look forward to include: 

• Simplified Framework for African Venture Capital and Startup Ecosystem (framework application included)
• Venture Scale Economics for Startups
• Startup Case Studies
• Recommendations, and more….

This white paper emphasises a vital truth facing us all - climate action is everyone’s responsibility. Read the full paper here.

Side Panels: Navigating Partnerships between Japan and African Markets; & Gender Lens Investing

Following lunch, all summit attendees went into either of two pre-selected side panel sessions. One was titled “Navigating Partnerships between Japan and African Markets”. Facilitated by Satoshi Shinada (Verod-Kepple Africa), Nobuhiko Ichimiya (AAIC Nigeria), Takuma Terakubo (Uncover Fund), Hiro Mashita (SGgrow Pte. Ltd), Brian Odhiambo (Novastar Ventures), and Godwin Asuelimen (Mecho Autotech) in the Panoramic Room (First Floor), the workshop was designed to explore the growing excitement in Japan about Africa and provide insights into how Japanese organizations can successfully partner with/invest in African funds and startups. Tapping into their combined experience, these individuals shared insights that provided valuable perspectives on why Japan is increasingly interested in Africa’s growth potential and startup ecosystem, and how funds and startups can effectively collaborate with Japanese organizations.

The other session titled, “Gender Lens Investing: Explore the Benefits of Investing in Women-Led Businesses and Businesses that Serve Women,” was facilitated by Biola Alabi, General Partner, Acasia Ventures; Adesuwa Okunbo Rhodes, Aruwa Capital Management; Maria Rotilu, Managing Partner, Openseed VC, and Dolapo Morgan, Senior Associate, Ventures Platform. The side-panel focused on the importance and impact of gender lens investing within Africa’s venture capital landscape. Panelists also explored targeted investment strategies that prioritize gender equality, and the importance of GLI in driving returns for a fund and driving economic growth, innovation, and social development across the continent.

Both sessions sparked significant engagement, with the audience actively participating, posing questions, and sharing reactions.

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1:1 Matching

For the first time at Africa Prosperity Summit, we introduced an exclusive one-on-one matching session. The session which took place in the early hours of the summit, and continued during lunch break in the Deal Room (First Floor) paired founders with investors and corporate partners who have shown interest in meeting with them. 

This session made it possible for matched startups and investors to engage in meaningful discussions that could lead to investments, business partnerships or collaborations.

We’re excited to see the impactful connections that will unfold!

Fireside Chat: Lake vs Ocean Market Strategy 

The fireside chat which featured Marieme Diop, VC Regional Head (Africa), International Finance Corporation (IFC) was moderated by Managing Partner, Dr. Dotun Olowoporoku. It distilled the core part of our strategy which is diversifying investment in smaller but cohesive markets across Francophone countries in Africa.

During the chat, Dr. Dotun and Marieme explored the unique investment opportunities in Francophone West Africa and the concept of lake vs ocean markets. The discussion also provided insights into an investment strategy for venture capital returns in certain regions. 

The Lake and Ocean Strategy is  our unique framework for understanding Africa's different markets and targeting interconnected markets in Francophone Africa for the scale required in Venture Capital.

Q&A Session with Haresh Aswani: Betting on Africa

Our Founding Partner, Kola Aina engaged Mr. Haresh Aswani, Managing Director - Africa, Tolaram, in a dynamic and insightful discussion where Mr. Aswani shared his perspectives, experiences on the continent, and let us into why Tolaram is bullish on Africa.

The successful businessman and industrialist shared insights into how Tolaram has successfully transformed Africa’s non-consuming population into active consumers, detailing the group’s strategic approach to market dominance. He also discussed Tolaram’s optimistic vision for Africa’s future and the opportunities it holds.  Attendees had the unique opportunity to engage directly and were invited to share their questions via the APS interactive platform, from where Kola had our special guest provide answers.

The session ended with members of the audience leaving with more clarity about their role in Africa’s prosperity and the opportunities that abound when investment is prioritized on the continent. 

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The Closing Address

Bringing the summit to a successful close, Dotun Olowoporoku, Managing Partner, Ventures Platform and Co-Convener of Africa Prosperity, closed with an open invitation to stakeholders to reflect on the discussions and to initiate action that will catalyse prosperity on the continent. He asked that ahead of the 2025 summit, stakeholders not only leave conversations where they stopped but to leverage them as a springboard for Africa’s growth and charting the path for transformation. 

He remarked, “The conversations at this year's summit have ignited a movement dedicated to long-term strategic support and accelerated growth across the continent. By bringing together some of Africa’s visionaries and change-makers, we are boldly reshaping the future of our economies and driving innovation that will unlock unprecedented opportunities for Africa. The Africa Prosperity Summit embodies our vision at Ventures Platform to position Africa’s start-up and Venture Capital industry at the forefront of global economic discussions. I am confident that key stakeholders are now empowered not only to adapt to the changing economic landscape but to unlock new markets and unprecedented opportunities for growth.”

The Africa Prosperity Summit 2024 was a resounding success, fostering collaborations and sparking new ideas to drive innovation and prosperity across Africa. By uniting visionaries, policymakers, and investors, Ventures Platform reaffirmed its commitment to shaping a brighter future for the continent.

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The Networking Cocktail

After a day filled with thought-provoking conversations and transformative insights, the Summit concluded with a lively networking cocktail session. The foyer was beautifully transformed into an elegant space for relaxation and connection, where guests unwound over expertly crafted drinks and delectable small bites. The atmosphere buzzed with animated discussions, shared laughter, and new friendships, all set to the soothing sounds of a live quartet.

As the evening unfolded, it became clear that the Summit had not only sparked ideas but also strengthened bonds among attendees. In the same spirit of camaraderie and optimism with which it began, the Africa Prosperity Summit ended on a high note, leaving participants inspired and eager to shape the continent’s next chapter.

As the evening unfolded, it became clear that the Summit had not only sparked ideas but also strengthened bonds among attendees. In the same spirit of camaraderie and optimism with which it began, the Africa Prosperity Summit ended on a high note, leaving participants inspired and eager to shape the continent’s next chapter.

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The Ecosystem & Cultural Tour

To conclude APS 2024, we treated our guests to our renowned Ecosystem and Cultural Tour - a thoughtfully curated experience offering an exclusive look into Nigeria’s vibrant innovation ecosystem and its rich cultural heritage. The tour provided attendees with first-hand insights into leading startups while showcasing Nigeria’s creative brilliance through visits to stunning cultural spaces that celebrate visionary artistry.

The journey began at the Radisson Blu Anchorage in Victoria Island, where we joined our friends at TLP Advisory to mark their 10th anniversary and unveil their landmark report, “A Decade of the Nigerian Venture Ecosystem: Numbers, Insights & Stories.” Together with our APS guests who extended their stay for the tour, we explored a decade’s worth of data, key insights, and compelling narratives that have shaped Nigeria’s venture capital landscape.

Our second stop took us to Victor Ehikhamenor’s Angels and Muse Studio, a multi-modal creativehub designed by the award-winning architect and designer Tosin Oshinowo, known for curating the Sharjah Architecture Triennial. Here, guests embarked on an immersive tour of Victor’s inspiring studio, exploring his exceptional artworks and artifacts while he shared the historical context and personal inspirations behind his creations.

From there, the tour split into two groups for an up-close look at trailblazing startups. One group visited Moniepoint, Africa’s latest Unicorn and a global payments and banking platform. At Moniepoint, guests gained insights into financial innovation, highlights from their 2024 Informal Economy Report, and their remarkable growth journey as they continue to power the dreams of over 2 million businesses and customers. The second group headed to OmniRetail, a unified consumer goods distribution platform transforming traditional trade through digitization and stellar products. Recently recognized by the Financial Times as Africa’s fastest-growing company in 2024, OmniRetail offered a behind-the-scenes look into its impact and innovations driving growth across the FMCG sector.

The tour concluded with a networking lunch at the serene Un Arena resort, which included an exploration of the newly launched Odema Contemporary Art Gallery - a vibrant space celebrating Nigeria’s artistic brilliance.

The feedback has been overwhelmingly positive, with LinkedIn posts and other social media shoutouts from our guests affirming the tour’s success. Many expressed their eagerness to return for APS 2025, making this event a true highlight of the African innovation calendar!

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