The African Private Capital Association (AVCA) has called for more local capital to drive homegrown solutions for industrialisation.
That was the conclusion at the just concluded its 21st Annual Private Capital Conference in Lagos, where global investors, fund managers, policymakers and business leaders to explore investment opportunities addressed Africa’s economic transformation challenges under the theme ‘Bold Moves: Powering 10x in Africa’.
The two-day event, held during AVCA Week in Lagos featured keynote addresses from Nigeria’s Minister of Industry, Trade and Investment, Jumoke Oduwole, and Aliko Dangote, Founder and CEO of Dangote Industries, with both emphasising the critical importance of localised production and patient capital in unlocking Africa’s economic potential.
Oduwole highlighted Nigeria’s commitment to transforming policy into performance, noting: “We are proud to be hosting the private capital ecosystem—bringing Africa and the world to Lagos, the commercial heartbeat of the continent—for a bold conversation about investment and economic opportunities that define the future. Nigeria is moving, and we want the world to move with us.
The Minister described a comprehensive plan to boost private sector growth, impact Nigeria’s capital markets, diversify exit strategies, and enable more strategic acquisitions. She outlined the economy as a platform for local and regional businesses to scale and remarked: “We are offering a platform of a $3.4 trillion economy.”
The keynote address was followed by a fireside chat between Dangote and Genevieve Sangudi, Partner at Alterra Capital Partners and Vice Chair of AVCA. Reflecting on his entrepreneurial spirit and investment philosophy, Dangote remarked: “Produce locally, for local needs. We’ve focused on manufacturing and backward integration to reduce import dependence and create prosperity. Building African industries from within provides jobs and lays the foundation for economic resilience.”
The summit proceeded with a headline session entitled Titans of Industry: Bold Moves, featuring Okey Enelamah, Chairman, African Capital Alliance and Alison Klein, Managing Director, Akmazo. Reflecting on the evolution of private equity in Nigeria and his experience building one of Nigeria’s largest PE firms, Okey said, “Our approach from the onset was to pave an enabling environment by educating local pension funds to build market infrastructure and secure returns through successful investments. The private sector also has a critical role in shaping businesses and partnering with governments to deliver measurable impact.”
Interactive debates convened philanthropic foundations, development banks, and global and pan-African asset managers, including Mastercard Foundation, DEG, European Bank for Reconstruction and Development (EBRD), Ninety One, and Africa50. Speakers aligned on the need for global and local pension funds to play a more meaningful role in private equity investments, outlining infrastructure as a strategic force to put employee savings to work.
A recurring theme throughout the conference was the growing importance of African institutional investors in driving the continent’s private capital ecosystem.
Dave Uduanu, Managing Director and CEO of Access ARM Pensions, revealed plans to deploy US$500 million in private capital over the next five years, stating: “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 would help us invest beyond Nigeria across the continent. We particularly like power, where there is a massive gap in Africa, and we’re not worried about currency—you can make money in any currency if the fundamentals are right.”
