Stakeholders Calls For More Finance For Africa At Summit

The African Private Capital Association has seeked more funding to support what they refer to as Africa’s new era of growth.

This was disclosed at the 20th Annual Conference & VC Summit in Johannesburg, a gathering of institutional investors, fund managers, policymakers, local and international investors, and entrepreneurs who came together to drive the growth of Africa over the next two decades.

The AVCA conference theme was ‘Embracing change and shaping the next era of Africa’s prosperity’.

While speaking, the Chairman and co-founder of Phembani Group, Phuthuma Nhleko, requested private investors to back innovative businesses to drive prosperity at scale.

Speaking more on the region’s competitive edge, he explained the imperative for policymakers, business leaders, and investors to harness the fourth industrial revolution, powered by artificial intelligence and the digital economy.

According to him, “The size of the population generates 50 per cent of Gross Domestic Product. By 2050, we will have 2.5 billion Africans constituting over a quarter of humanity, with over 40 per cent of youth below the age of 18. By this time, Nigeria’s population is expected to be bigger than the US.”

The Chief Executive Officer of AVCA, Abi Mustapha-Maduakor, said despite a challenging macroeconomic environment in recent years, “Africa’s private capital industry has remained resilient and will continue to rise”.

He said, “Characterised by periods of globalisation, innovation and the disruption required, the opening panel, ‘20/20 Vision: Reflections on the Last 20 years’, charted the industry’s evolution over the last two decades."

The founder/CEO of Kuramo Capital Management, Wale Adeosun, also commented on the benefits of bringing institutional investors from the U.S. into Africa.