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Tag: Africa

  • ‘Only 6% economic losses from natural disasters are insured in Africa’

    ‘Only 6% economic losses from natural disasters are insured in Africa’

    Findings by Munich Re, an international reinsurance organisation, revealed that a huge gap exists between economic losses from natural disasters and insured losses in Africa, estimating that only six per cent of economic losses are insured. Besides, African government are mostly unlikely to have funds available to cover for under insurance in the continent as they are forced to divert funding from elsewhere, undermining the long-term improvement of their countries.

    Speaking at the recently concluded African Insurance Organisation (AIO) and General Assembly Conference in Namibia, the Chief Executive Officer of Munich Re, Africa, Nico Conradie, in his paper presentation on natural catastrophes: “Rethinking catastrophe modelling and the insurance protection gap,” blamed African governments of inadequately responding to disaster relief. He therefore urged government institutions, Non-Governmental Organisation (NGOs), insurers, private sector, humanitarian agencies and the public to close the insurance protection gap.

    He reiterated the effect of global warming, noting that globally, the world has warmed by 1.2°C as compared to pre-industrial times. According to him, from latest science from Intergovernmental Panel on Climate Change(IPCC) showed that man-made contribution to temperature increase is higher than >50 per cent.

    Speaking on common regional changes, he said: “Mean temperatures and hot extremes have emerged above natural variability, relative to 1850 to 1900, in all land regions in Africa. The rate of surface temperature increase has generally been more rapid in Africa than the global average, with human-induced climate change being the dominant driver.

    Steering at the portfolio level that any insurer should incorporate in his portfolio management, Conradie stated that insurers should map every risk underwritten against the natural perils it is exposed to, price adequate margin for every single risk for such natural peril; understand the accumulation for an event in the portfolio; and steer the portfolio accordingly through risk selection, scenario budgeting and reinsurance buying

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    “Earthquake and flash flood are indicative at high level but tools are available to map risks at granular level for earthquake, volcano, tsunami, tropical cyclone, extratropical storm, hail, tornado, lightning, river flood, flash flood, storm surge and wildfire.

    He further listed the challenges and solutions to overcome in order to close the insurance protection gap.

    “Government typically is the backup solution when disaster strikes, who then needs to divert funding from other priorities in response. Ex-post financing which is relief by appealing for grants after an event is typically too late for adequate disaster response.

    “Protection gaps not well enough understood; lack of modelling of natural catastrophe risk and impact. Indemnity based insurance products are slow to pay out as it is complex for affected people and entities to quantify losses. There is also the issue of affordability and availability of insurance. Protracted payouts to households, companies, government agencies impede fast rebuilding. The various components of the solutions outline here need to be joined up”.

    On the solution to the problems listed, he said: “Pre-arranged finance response, where rapid liquidity can reduce the overall cost of disaster should be aligned with risk mitigation measures and disaster recovery plans. Modelling capabilities are developing at modelling specialists, brokers, consultants, insurers and reinsurers and they must be linked to the need.

    “There should be trigger based pay-outs because ther are faster and efficient to pay out monies. Experience has been gathered on their implementation. Pooling and spreading of risk plus defining the right level of retention makes it more cost-effective for risk-transfer.

    “There should be subsidy through local and foreign government. Besides parametric insurance there are also catastrophe bonds, natural disaster risk funds, credit guarantees, contingent credit, forecast-based finance. Efficient and transparent disbursement channels need to be established ahead of disasters, considering all channels that include insurers, NGOs, government institutions, private sector, and humanitarian agencies. Similarly, Initiatives like the Global Shield against Climate Risks, initiated by the G7 and the V20, intend to achieve alignment of all of the above into comprehensive solutions”, he added.

  • Future One Africa Network boss Usman loses sister

    Future One Africa Network boss Usman loses sister

    The founder of Future One Africa Network, Idris Etanami Usman has lost his elder sister, Hadiza Usman

    In a statement in Abuja, Usman reflected on the cherished relationship he held with his beloved elder sister, Hadiza, and the indescribable pain brought about by her absence.

     He reminisced about the profound impact she had on his life, emphasizing the irreplaceable void left by her passing.

    “This devastating loss has left me completely shattered,”  “My sister, Hadiza, sudden departure has left an indelible void in my heart.”

    The unexpected passing of Hadiza has reverberated as a profound shock throughout the entire family, leaving them enveloped in grief and grappling with the overwhelming sense of loss. Usman acknowledged the immeasurable impact of Hadiza’s presence within the family, emphasizing the void her absence has created.

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    As the news of this tragic loss continues to resonate within the close-knit community of Future One Africa Network, the organisation stands in solemn solidarity with Usman and his family during this difficult period. 

    In the wake of this heartbreaking event, Usman has shared that the love and encouragement received from colleagues, friends, and well-wishers have served as a source of solace during this trying time. He conveyed his sincere gratitude for the outpouring of support, emphasizing the immeasurable value of compassion and understanding in the face of grief.

    He called for privacy and reflection as he and his family seek solace in their memories of Hadiza. 

    He requested for understanding as they collectively process and come to terms with their loss.

  • Artificial Intelligence: Wither Africa’s Indigenous Intelligence?

    Artificial Intelligence: Wither Africa’s Indigenous Intelligence?

    Sir: Despite the incontrovertible significance of artificial intelligence (AI) in the scheme of affairs all around the globe, one is made to wonder if the ideology of subjugation is not the reality of Africa in the AI equation.

    AI is good. And of course this is not open to debate or contest. But where does Africa come in, in the scheme? Peradventure there are some of us who are sound enough to demystify the coding and the codes; the scheme also makes provision for hijacking them. It has never been for or about Africa. Like the mirrors shown to our great grandfathers that made them negotiate our future, gave out our oracles, sculptures and artefacts, and sold us into slavery, it is now a phase of intellectual sabotage. Before Africa ever understands the gimmicks and think of making anything of the situation, we have negotiated much more than our gain.

    While AI is already producing robots and cars that control themselves for its designers, the major place of Africa at the moment will be to count the first set of Africans to buy the car. Of course to be bought by these giants in Africa mainly at the expense of the treasuries of the different countries. No country awaits the release of a new brand of iPhone like Nigeria. I am not sure the citizens of the producing countries use the phones as much as my compatriots do. I do not mean to posit that these technological affordances come at no gain for Africa and Africans. But it is a truth that you cannot be a developmental consideration for people to whom you make a market.

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    The producers move to the next stage before the mystery is unravelled and before the boundaries of use are understood. He who pays the piper calls the tune. I was saddened to read at least five AI-generated academic proposals from some students who would later confess they had no single sentence in the whole document. I have reviewed and edited scholarly works that revealed unpardonable use of AI to generate contents for academic writing. We had thought plagiarism involving the use of expressions from other people’s works was a challenge until we got to this age of generating a complete abstract for conference participation from AI. And we will say it makes life easy. Why stress if AI will help? Let it do the thinking and writing for you. So now let us ask: what is ours to take from AI if not mental colonisation and intellectual degradation?

    Even in academia, from Scopus to the rest, Africa must seek validation for what is good. As we are rounding off with our onshore-offshore debate, we now have to ask again if that journal is Scopus-indexed. Isn’t it worrisome that we still, as Africans, cannot be the judge for what we find good in our discussion of knowledge? What do we expect when the scoresheet for our productivity has to be produced by those who need us to be consistently under them?

    It is my submission that what will liberate Africa will not come from anywhere else but Africa. Every good thing we are offered will be to the extent that we remain a market for the ingenuity of these value-producing continents. One cannot exactly think of what is in China that is missing on most African soils except the readiness to tap into our indigenous intelligence. The RHS Cultural Framework (2005) explains indigenous intelligence as the wise and conscientious embodiment of exemplary knowledge and the use of this knowledge in a good, beneficial and meaningful way. The document states further that within whatever worldview one is operating, intelligence has to do with more than the acquisition of knowledge and the mental manipulation of thoughts and ideas;

    Intelligence has to do with activating knowledge into something useable within a system that is charged with meaning.

    The Yoruba Ifa corpus has computational values that can manifest the Africa-specific AI which will be geared towards the sincere development of the Nigeria. The Ifa corpus is one of many such forms of indigenous intelligence that can be leveraged for genuine development in Africa.

     If we cannot do it now, at least we can put it in writing as literature for those who will be sufficiently provoked to rise to the call of African liberation.

    •Ganiu Bamgbose,Lagos State University, Ojo.

  • Nestlé reiterates commitment to food safety in Africa

    Nestlé reiterates commitment to food safety in Africa

    World Health Organisation (WHO) has said about 98 per cent of food safety burden comes from underdeveloped nations, with Africa reporting deaths and hospital admissons related to food safety issues.

    To address these challenges, a holistic approach is required, involving multiple stakeholders starting with food and beverages companies.

    Nestlé, committed to ensuring safety of its products in Central and West Africa, works with farmers to ensure sustainable and safe agricultural practice. It audits suppliers to ensure compliance with food safety standards.

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    “At Nestlé, safety and quality are paramount. Every product must meet thehighest standards of safety from farm to table. By working with farmers and suppliers, rigorous testing, and improving processes, we are committed to providing consumers with safe, nutritious, and high-quality food”, Mauricio Alarcón, chief executive officer, said.

    ‘‘Once raw materials reach the company’s manufacturing facilities, they undergo strict quality checks. Advanced technologies are utilised to detect and eliminate contaminants.

    ‘‘The company invests in training, fostering a culture of food safety and vigilance. By maintaining transparency through clear labelling and communication, the company empowers customers to make informed decisions and choices.

    Nestlé invests in research. Through advancements and collaboration with industry experts, it responds to threats and ensure product safety.

    “By adopting food safety practice and vigilance, we ensure the food we consume is safe and healthy… he said.

  • FULL LIST: Top 10 universities in Africa

    FULL LIST: Top 10 universities in Africa

    Quacquarelli Symonds, a global higher education network, has unveiled its World University Rankings for 2025, spotlighting over 1,500 universities spanning 105 higher education systems.

    The United States takes the lead with 197 institutions securing spots in the rankings, trailed by the United Kingdom with 90 and mainland China with 71.

    In Africa, the University of Cape Town emerges as the top performer, securing a global ranking of 171.

    Representing Nigeria, the University of Ibadan and the University of Lagos stand out, securing rankings between 1100 and 1200 in the global standings.

    Here’s the list of the Top 10 universities in Africa:

    1. University of Cape Town, Cape Town, South Africa (ranked #171)

    2. University of Witwatersrand, Johannesburg, South Africa (ranked #267)

    3. Stellenbosch University, Stellenbosch, South Africa (ranked #296)

    4. University of Johannesburg, Johannesburg, South Africa (ranked #312)

    5. Cairo University, Giza, Egypt (ranked #350)

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    6. University of Pretoria, Pretoria, South Africa (ranked #354)

    7. The American University in Cairo, Cairo, Egypt (ranked #410)

    8. University of Kwazulu-Natal, Pinetown, South Africa (ranked #587)

    9. Ain Shams University in Cairo (ASU, Cairo) Cairo, Egypt (ranked #592)

    10. Addis Ababa University, Addis Ababa, Ethiopia (ranked #771–780)

  • Methodists seek selfless leaders for Africa

    Methodists seek selfless leaders for Africa

    Methodist Church has called for quality and selfless leadership to enable Africans live better and prosperous lives.

    General Secretary of World Methodist Council, Dr. Ivan Abraham, spoke during this year’s Africa Methodist Council Heads of Conference summit and Women’s Movement Leadership summit in Lagos.

    Speaking on the theme: Leadership in a Volatile, Uncertain and Ambiguous (VULCA) World, he said Africa needs quality leadership to carry citizens along and protect the vulnerable.

    He said Africa needs to rise together, adding no one must be left behind. According to him, the test for any policy is to ascertain to what extent it protects the vulnerable.

    The general secretary noted without good leadership, poverty will continue to be a challenge in Africa.

    Abraham called for entrenchment of strong institutions to project good governance.

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    “Abraham said now is the time for a new generation of leaders to build a prosperous Africa and peaceful world.

    “We cannot create an Africa of hope, prosperity devoid of conflict and challenges without visionary leadership”, he said.

    Chief Host/Prelate of Methodist Church of Nigeria, Dr. Oliver Aba, said the church is voice of the voiceless, hence the conference gathered people to look at political, socio-economic, and religious challenges that affect Africa.

    He said coming together provides opportunity for people to speak with one voice to build the continent and the church.

  • Africa will never fail

    Africa will never fail

    • By Toyin Falola

    This day marks a significant moment for the future, which is not just a wishful aspiration; it is reality, which has begun now and will lead us to the future of our promise. The culture of resilience is central to our vast heritage; in our journey, our cultural diversity is unmatched anywhere else in the world. In our diversity, apparent in our landscape, languages, traditions, and customs, we have existed and continue to breathe them in a harmonious circle. Our resilience is prevalent in the preservation of culture, traditions, and customs in diverse and different regions of the continent. Despite obstacles of the slave trade, colonialism, apartheid, and prevalent neo-colonialism, we have prevailed.

    Our endurance in the face of encountering countless obstacles, as noted above, has not deterred us from triumph up till this moment. This is obvious as we have navigated the slave trade, the colonial era, and the struggle for independence and freedom; our resilience stands tall. Amidst past obstacles and challenges, Africa has stood the test of the aftereffects of the past eras and is currently dealing with the realities of economic challenges, but with you, we will triumph. I must say to you, as graduating students, it is incumbent upon you to tap into our rich history of resilience, unity, and culture to establish stable connections and collaborations beyond borders and promote a sense of unified effort amidst global presence. Therefore, you must combine the wisdom of history to guide the advancement of tomorrow and to foster a prosperous and harmonious Africa; in this regard, your resilience is important.

    By recognizing and embracing the various dimensions of our journey towards stable economic progress, it is important to embrace our economic prowess. Africa has witnessed a significant surge in economic growth and development, marked by the culmination of urbanization, investments, and the emerging tech industry; we must not relent. While Africa is often linked to economic challenges, our economic transformations are beyond mere numbers and statistics, embedded in the ability to create new possibilities, positively shaping the society, and to move beyond the conventional economic challenges that have been linked to the continent. One of the crucial changes is the innovative ideas in the tech sector, especially in countries like South Africa, Kenya, and Nigeria; with impressive growth, African tech start-ups are gathering great investments, adding to the growth of the economy, without disregarding other important sectors such as mining, agriculture, entertainment, tourism, and manufacturing, which are also key drivers of economic growth in different African countries. Start-ups in Africa are not only creating jobs but also contributing to tax revenue and attracting foreign investment, signalling hope for the continent. The substantial increase in employment opportunities generated by funded start-ups underscores their beneficial influence on African economies.

    Presented with a multitude of prospects, you are motivated to contribute to the knowledge shifts and economic transformations. As individuals, you have all it takes to excel in various endeavours, such as academia, entrepreneurship, and agriculture, and to contribute to their advancements. Remember, education is not just about garnering technical skills; it encompasses a deeper comprehension of how to navigate different challenges and obstacles. You are responsible for cohesion and social development on the continent. The advancement of the continent in all ramifications is a priority, and the continent is in your hands. By recognizing your social responsibilities as individuals, you will contribute by making deliberate decisions, calling for inclusiveness, and participating in governance for a better and advanced society.

    Invariably, your education is key for both job creation and contributing to the ever-increasing workforce of the continent. Your innovative ideas and entrepreneurship endeavours are no small measure key to addressing the level of unemployment in the continent. Tackling these challenges requires strategic planning that integrates investments in education and skills; this is not the job of the government alone. Your participatory level in leadership is of importance, as effective and good leadership is a recipe for a stable present and future. We must not shy away from the reality that numerous African countries are facing, ranging from institutional failure and bad governance; this is evident in the political instability, corruption, injustice, and ineffective public administration that plague numerous African countries. This shows that good governance, when evasive, automatically leads to underdevelopment and instability.

    When you seek leadership positions, look inward and find the determination to improve the well-being of your compatriots. The wisdom of the past will encourage the important characteristics of great African leaders of the past. Look into Kwame Nkrumah and Patrice Lumumba as the personalities of African resiliency and self-determination, and to Nelson Mandela and Julius Nyerere. Remember Nelson Mandela and one of his famous attributed quotes: “Education is the most powerful weapon which you can use to change the world.” Other notables like Cheikh Anta Diop, Molefi Kete Asante, and Thabo Mbeki, among other great leaders of Africa, have shown dignified leadership and intellectual prowess in various endeavours. For many African nations, the struggle for a unified and prosperous community has been impeded by leadership crisis and political instability. Graduating students, once again, look inward and learn from the wisdom of history. To become the next generation of leaders, embracing the mantle of ethical leadership and contributing to good governance presents both a significant challenge and a remarkable opportunity.

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    I want to reiterate that the youths are not only the catalysts for change but the ‘cream’ of society. Africa boasts a huge population of youths, and this demographic trend offers both opportunities and challenges, which place the youth at the helm of the continent’s development. According to Statista, as of 2023, Africa boasted the world’s youngest population among continents, with approximately 40 per cent of its inhabitants aged 15 years and below, in contrast to the global average of 25 per cent. In all sectors, the youth population has the potential to improve and contribute to the growth of the continent. Again, despite the urge to do more, African youths are making significant innovations in sectors that provide good healthcare and financial services. You must continue to advocate for democracy, transparency, and social justice.

    I must point out that African youth are making notable strides in technology and entrepreneurship, with a burgeoning number of tech start-ups and innovations led by young minds addressing diverse challenges. These endeavours should be improved on to signify more than just commercial ventures. However, your influence must extend beyond the economic impact and be pivotal in propelling social and political change. Across various societies, you must continue to emerge as champions of democracy, transparency, and social justice, catalysing public discourse and prompting both societies and governments to reassess and reform established norms. As graduates, you are to become agents of change and trailblazers in your fields with a profound sense of responsibility. I urge you to harness your education, expertise, and creativity not solely for personal advancement but also for the betterment of your communities and the continent.

    Remember, the future of Africa depends on You! Be ready to be a driving force for progress and transformation. Embrace your boundless potential with courage and resolve. Together, let’s build an Africa that fosters innovation, cherishes its heritage, and champions justice and equality. As you step beyond the four walls of this institution, carry the conviction that you possess the ability to make a substantial difference. May this day be etched in your hearts, not just for its academic significance, but as a beacon of hope and catalyst for change. And with you, Africa will never fail!

  • Africa’s path to economic empowerment through industrialization

    Africa’s path to economic empowerment through industrialization

    Africa stands at a pivotal moment in its economic evolution, driven by an urgent need to industrialize and capitalize on its abundant resources for sustainable development. Political leaders across the continent are increasingly recognizing the importance of moving away from merely exporting raw materials and instead fostering robust local production. This strategic shift aims to ensure product accessibility for local populations while simultaneously generating jobs and strengthening local value chains.

    Leading this transformative movement is Arise IIP, a company that gained significant attention at the Africa CEO Forum in Kigali, Rwanda. Building on its recognition as the recipient of the African Champions award at the previous year’s forum in Ivory Coast, Arise IIP exemplifies Africa’s vast potential for economic transformation through industrialization.

    Arise IIP’s initiatives have profoundly impacted the economic landscape of several African nations. With the establishment of Gabon Special Economic zone (GSEZ), the company’s ventures in the wood industry have achieved remarkable growth, with wood processing reaching a record 3.7 million cubic meters. GSEZ also strategically harnesses abundant natural resources, boasting an impressive timber stock of 130 million m3 of Okoumé and 270 million m3 of other wood species. This strategic integration by Arise IIP, marrying cutting-edge technology with an unyielding commitment to precision and quality has not only captured local and international markets but has also been a catalyst for robust economic growth and job creation in these African countries.

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    In Benin, through the Glo-Djigbé Industrial Zone (GDIZ) and Togo through the Plateforme Industrielle d’Adétikope (PIA), Arise IIP has breathed new life into the cotton industry. Benin has recorded a production of 587,000 tons of material produced and as a result is now closely followed by Burkina Faso and Mali, the former leader that has dropped to third place. In Togo, PIA by ARISE positions itself as a driver of industrialization, focusing on transforming premium-quality cotton. The zone’s rapidly growing textile park offers infrastructure compliant with international standards, aiming to process over 70,000 tons of cotton annually in the long run while creating an anticipated 20,000 direct jobs and 80,000 indirect jobs.

    As Arise IIP expands its operations across the continent, its impact is felt in countries such as the Democratic Republic of Congo, the Republic of Congo, Chad, Rwanda, Ivory Coast, and Nigeria. By investing in industrial zones and fostering collaboration between local entrepreneurs and international investors, Arise IIP is laying the groundwork for sustainable economic growth and integration.
    Each project undertaken by Arise IIP underscores the untapped potential of Africa’s industrial sector and the transformative power of local production. By championing the “Made in Africa” narrative, the company not only creates jobs and wealth but also fosters a sense of pride and self-reliance among African nations.

    As Africa embraces its role as a global economic powerhouse, companies like Arise IIP serve as beacons of hope, guiding the continent towards a future of prosperity and self-sufficiency. Their vision, backed by tangible results and unwavering commitment, inspires confidence in Africa’s ability to chart its own course toward economic empowerment on the world stage.

  • First Ladies of Africa unite to combat cancer

    First Ladies of Africa unite to combat cancer

    …as Tinubu’s wife hosts 3rd regional seminar

    The First Ladies of Africa have joined forces to accelerate cancer prevention and treatment, with a focus on promoting early detection and treatment.

    This united effort was brought alive on Thursday, May 16, at the 3rd Regional Seminar on Cancer Awareness, hosted by the Nigerian First Lady, Oluremi Tinubu, in Abuja.

    The seminar, attended by First Ladies from member states of the Organization of Islamic Cooperation (OIC), aimed to share knowledge and mobilize resources to combat cancer, particularly breast and cervical cancer among women.

    In a statement issued by her spokesperson, Busola Kukoyi, First Lady Tinubu emphasized the need to reverse the grim statistics of cancer prevalence in Nigeria, which has seen 127,763 new cases and 79,542 deaths in the past year alone.

    Addressing the seminar, the First Lady said while President Bola Tinubu has fully taken up the diagnostic and treatment component of cancer care, she will lead the advocacy to promote innovative approaches to cancer prevention and early detection.

    She expressed her commitment to promoting innovative approaches to cancer prevention and early detection, with a focus on reducing late presentation and improving treatment outcomes.

    “My major interest is to reduce the prevalence of late presentation in order to improve treatment outcomes. Reports from various cancer registries in the country which have been corroborated by Globocan Data reports showed that there were 127,763 new cancer cases and 79,542 deaths within the year and also, the prevalent cases of cancer over a period of 5 years in the country, stood at 269,109.

    “Globocan shows that cervical cancer is the second commonest cancer among women in Nigeria. Fortunately, it is preventable and curable when detected early. This has led to my stand in championing preventive measures and early detection approach to all preventable and curable cancers in Nigeria”, she said.

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    In his remarks, the Speaker House of Representatives, Tajudeen Abbas, emphasized the need to enact a National Cancer Act.

    He said with the First Ladies taking the lead in the advocacy, he is assured that the outcome would be more positive.

    Worried by the cumulative toll of Cancer on the continent, First Lady of Turkey, Emine Erdogan, urged Africans to promote good dietary systems and leverage their rich medicinal resources.

    Presenting situation reports on cancer management in their various countries, First Ladies from OIC African member states, including Sierra Leone, The Gambia and the Islamic Republic of Mauritania, emphasized the need to forge alliances and raise awareness on the deadly disease.

    After the Seminar which had the technical session on Wednesday, there was the Abuja Declaration which had resolutions including Improved funding, heightened advocacy, and improved collaboration between member states, which was read by the First Lady of Nigeria Senator Oluremi Tinubu and the other First Ladies appended their signature.

  • ‘Evangelising investment in Africa my passion’

    ‘Evangelising investment in Africa my passion’

    Lawyer/investment expert Oluwadamilola Thompson is the founder, Diligence Africa.co, an investment advisory firm that provides risk intelligence solutions to investors in Africa. The venture capital investor and entrepreneur boasts over 14 years of experience investing, building, and executing strategies for Venture Capital (VC) funds and tech companies across global markets. Oluwadamilola, more popularly called Dami by friends and business associates, has invested in and supported the investments of over 30 tech companies. She shares her story, particularly her prioritisation of women empowerment with DANIEL ESSIET.

    With a demographic dividend that has become a significant draw card for investors seeking long-term growth opportunities, Africa is undoubtedly, a global investors’ bride. By 2050, for instance, the continent will house one-quarter of the world’s population. And with over 60 per cent below the age of 25, this presents a massive consumer market and a strategic talent pool. Also, the continent is currently experiencing rapid urbanization, driving demand for innovative solutions across various sectors, including Financial Technology (fintech), e-commerce, healthcare, Artificial Intelligence (AI), logistics, etc.
    While some less discerning investors appear not convinced about Africa, investment professional and founder, Diligence Africa.co, an investment advisory firm that provides risk intelligence solutions to investors investing in Africa, Oluwadamilola Thompson, is an unrepentant believer in the huge but largely untapped potential in the continent. She, therefore, stops at nothing in evangelizing investment in Africa, which she strongly believes is a viable investment destination with mouth-watering Return on Investment (RoI). Her optimism and faith in Africa as the next investment frontier is unshakable.
    “Africa is the next frontier, and it is still largely untapped,” Oluwadamilola, more popularly called Dami by close friends and business associates, declared. According to Dami, who boasts over 14 years of experience investing, building, and executing strategies for Venture Capital (VC) funds and tech companies across global markets, “Our challenges create opportunities for innovation and superior technology, and we just need all the right pieces – technology, talent, regulations, and infrastructure to fall in place to harness the ‘diamonds’ in our continent.”
    A venture capital investor, entrepreneur, and operator, Dami predicted that “Many countries will be at our (Africa’s) doorstep seeking to do business with us when this happens. I still believe this will happen.” While reiterating that Africa is ripe with potential for investment opportunities, and there are several overlooked sectors that could offer promising returns, Dami said: “I think many sectors have been explored but I believe there is a massive gap in the amount of funding that goes into sectors such as power and renewable energy, agriculture, supply chain, and infrastructure development.”
    She said the renewable energy sector, for instance, holds immense potential, given the continent’s abundant natural resources and the growing demand for sustainable energy solutions. Steady and uninterrupted power supply, she emphasized, is still a dream in many African countries, and it remains a critical portion of economic growth of every country, yet the sector is grossly underfunded. Same for agriculture, which she said is a critical food security and economic development sector that presents opportunities for investment in agritech, supply chain management, logistics, and storage facilities.
    With virtually all the economic sectors brimming with opportunities most of which are largely untapped, Dami’s passion to help drive investments in Africa is hardly surprising. “As an African investment professional with over 14 years of experience, I am passionate about evangelizing investment in Africa because of the region’s immense potential. Africa represents a viable and attractive investment destination in today’s macroeconomic climate,” she told The Nation.
    According to her, several countries are already actively seeking to attract investment into Africa, with nations such as Nigeria, Kenya, South Africa, Egypt, and Rwanda implementing business-friendly policies, establishing specialized economic zones, and introducing incentives to lure investors. “These countries recognize the imperative of fostering an enabling environment for entrepreneurship and innovation to thrive,” Dami stated.
    A Lawyer by training, Dami stormed the African investment landscape armed with requisite experience which she has since brought to bear on the highly competitive private finance industry. It all began when she became an investment executive executing multiple transactions spanning equity financing and other areas. After falling in love with the process of investing, Dami began to focus on investments across sectors, including technology, financial services, consumer, health care and logistics etc.
    Dami’s story: “I started out my career at a boutique law firm providing corporate and commercial advisory services to entrepreneurs and their businesses and advising investors on venture capital transactions. After working with two prestigious law firms, I moved to the venture capital industry in its early days in 2016 to become General Counsel & Vice President and the first employee at one of Africa’s first venture capital firms, EchoVC Partners. At EchoVC Partners, I invested in and supported the investments of over 30 technology companies.”
    Her support of the investment of over 30 technology companies was from deal origination, analysis, diligence, negotiation, and transaction documentation across various industries into early-stage companies to late-stage companies on the African continent, the US, UK, Europe, and Latin America. after a successful career at EchoVC, Dami said she was appointed Vice-President and Global Head of Emerging Markets for TradeX, a Business –to-Business (B2B) Software-as-a-Service (SaaS) automotive technology company.
    At TradeX, Dami she led their expansion across emerging markets -Nigeria, Kenya, Mexico, Ghana, the Dominican Republic, and also Japan and the United Arab Emirates (UAE). It was after exiting TradeX that Dami founded Diligence Africa.co, an investment advisory firm that provides risk intelligence solutions to investors in African and Africa-focused opportunities.
    The company also provides start-up advisory services to founders building for or expanding to the African continent. She is also Managing Partner and co-founder at Yellowwood Capital, an early-stage VC firm investing in underrepresented founders.
    Dami is also Chief Operating Officer (COO) and co-founder of Grupa.io, a tech start-up that matches technical talent in big tech companies to start-ups to solve the global technical talent gap; Executive Director and co-founder of Ventures Dialogue, a not-for-profit organisation promoting African entrepreneurship through education and training, with special focus on women entrepreneurs.
    The acclaimed investment gurus is one of the founding members of Rising Tide Africa, an angel investment network of over 100 women bridging the gender gap and enabling female financial and economic inclusion through investments and mentorship across Sub-Saharan Africa in African and Africa-focused technology companies.
    Indeed, in all she does, Dami has always prioritized women empowerment in Africa. She justified her focus in this regard thus: “Empowering women in Africa is the norm in all my organisations. Specifically, at Diligence Africa, not only is 90 per cent of our organisation women-led, we actively promote women economic empowerment through targeted investment strategies, capacity-building programmes, and partnerships with organisations advocating for this.”
    She said Diligence Africa is working with limited partners, institutional investors, fund managers, Development Finance Institutions (DFIs), accelerators, incubators, angel investment networks, and hubs to support and invest in women fund managers. She is also working with fund managers to invest in women entrepreneurs and to provide training and capacity-building programmes to them.
    “In addition, we also work directly with women entrepreneurs to identify the problems and challenges with their businesses and provide them with the necessary resources, training, and access required to build scalable and sustainable businesses. By investing in women-led enterprises and supporting initiatives that address barriers to women’s participation in the economy, we are unlocking the untapped potential of this segment and driving sustainable development from the smallest nuclei,” Dami added.
    Dami, while pointing out that Africa has the highest number of women entrepreneurs, stated that there needs to be more programmes to support them because “When you create value for one woman, value is made for an entire family, causing ripple effects in communities all over the nation.” She said women entrepreneurs need access to additional funding and technical assistance to support and sustain their growth, including increased funding for women fund managers investing in women-led businesses in Africa.
    Be it by supporting and investing in women-led businesses in Africa or leveraging the VC and private equity industry to spur Africa’s economic growth in areas and sectors historically ignored by bigger funders, Dami hinged unlocking Africa’s full potential on addressing the several hurdles that are impeding growth. “Improving infrastructure, fostering a conducive regulatory environment, and enhancing access to finance are crucial to unlocking massive economic growth,” she said.

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    Additionally, she said greater regional integration, facilitation of intra-African trade, and practical and result-driven collaboration among stakeholders across the ecosystem are needed. “Investors, allocators, and entrepreneurs can contribute to tackling bold problems and fostering sustainable growth in Africa through strategic partnerships, capacity building, and promoting responsible investing practices.
    By leveraging local expertise, embracing innovative solutions, and adopting a long-term perspective, we can drive positive change and create shared value, improving the lives of the underserved population,” she added.
    According to Dami, Africa has such a great talent pool and innovative technologies that can be harnessed to foster growth and insights into opportunities on the continent. She also said the role of Africans in the diaspora is such a critical aspect of the growth of the continent, not just in terms of remittances but also for knowledge transfer in various sectors.
    While expressing her belief that investors, allocators, and entrepreneurs can play critical roles in fostering innovation and sustainable growth in Africa, she said by funding ventures that focus on sustainable solutions, investors can help drive positive change while also generating financial returns.
    Dami also said mentorship, cross-sector collaboration, supporting ecosystem development initiatives, adopting innovative financing models, and promoting sustainable business practices are important. “Entrepreneurs must be encouraged to think boldly, tackle complex challenges through innovative models and technologies, and use business and regulatory incentives.
    “Entrepreneurs must also be taught to embrace governance, and sustainable practices, and leverage disruptive technologies to promote local research and development. These learnings must also start from secondary schools to the universities and colleges of education and across tech hubs to create solutions tailored to African markets.
    “Investing in local talent development programs to equip young Africans with future-oriented skills and encouraging cross-border collaborations to leverage regional strengths are also crucial. Furthermore, engaging policymakers to forge favorable regulatory environments can further enhance innovation and entrepreneurship,” she stated.