Photo caption: Dave Uduanu
Global and African investors have announced plans to deploy $500m in local capital to scale investments in power, infrastructure, and industrialisation projects across the continent.
This was disclosed by the Managing Director and Chief Executive Officer of Access ARM Pensions, Dave Uduanu, at the 21st Annual Conference of the African Private Capital Association, in Lagos recently.
“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 also help us invest beyond Nigeria.
“We particularly like power, where there is a massive gap, and we’re not worried about currency—you can make money in any currency if the fundamentals are right,” Uduanu said.
In her keynote address, Nigeria’s Minister of Industry, Trade and Investment, Jumoke Oduwole, urged investors to support local production and long-term capital strategies to help African economies scale.
“Nigeria is offering a platform of a $3.4tn economy,” she said, adding that the government is focused on transforming policy into performance.
Oduwole described efforts to diversify exit strategies in the capital market, improve acquisition frameworks, and strengthen private sector growth as part of Nigeria’s economic transformation agenda.
Also speaking at the event, the Founder of Dangote Industries, Aliko Dangote, stressed the need to prioritise domestic manufacturing and reduce reliance on imports.
“Produce locally, for local needs. We’ve focused on backward integration to create prosperity. If we want to build lasting prosperity in Africa, we must attract African capital and invest in our youth, talent, and industries,” he said.
He called on investors to be patient with African markets and build systems that scale from within the continent.
The Chief Executive Officer of EbonyLife Group, Mo Abudu, highlighted the creative sector’s potential, stating that with the right investment model adapted to local realities, the industry could drive job creation and economic value.
“Financial institutions are beginning to understand our sector better. We’re building an OTT platform that’s uniquely Nigerian,” she said.
During the conference, AVCA also announced the appointment of Danladi Verheijen, CEO of Verod Capital, as the new Chair of its Board of Directors, and Ann Wyman of AfricInvest as Vice Chair.
The PUNCH reported that the African Private Capital Association has called for increased capital deployment into Nigeria’s economy.
