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Africa’s venture capital firms (VCs) are increasingly taking the lead in funding rounds, marking a shift to greater local involvement in the continent’s rapidly expanding startup ecosystem.

In October 2024, Moniepoint achieved unicorn status after closing a $110 million Series C from Lagos-based Verod Capital, which joined Google’s Africa Investment Fund and Lightrock as investors.

In recent months, notable deals have highlighted how homegrown investors are backing innovation across fintech, clean energy, e-commerce, and human resource (HR) technology. These transactions underscore how African or Nigerian VCs are moving beyond seed bets to play a more decisive role in scaling startups.

‘While global investors often wait for signals before backing African startups, the real catalyst is local venture capital firms. Local VCs must take the first step, which is not just with mentorship or training, but with actual capital, to show that African startups are viable. Once that confidence is built, global funds will follow,’ said Frank Samuel, investment associate at Sahara Impact Ventures.

He cited the advantage local investors bring, which is their deep understanding of the context, noting that they know the networks, the government touchpoints, and the partnerships that can unlock growth opportunities for startups.

‘Unlike international funds, which add value when startups scale globally, local VCs are the ones that can navigate ministries, state institutions, and technical financing to support innovation on the ground. That’s why the next big funding wave in Nigeria and across Africa will be led by local venture capitalists,’ Samuel stated.

Abiodun Lawal, principal at Heave Ventures said, ‘While foreign investors come with cash and little oversight, local investors have the opportunity to ‘go beyond cash.’

‘Local investors can leverage their strengths such as domain and context awareness, nuances, introductions, policy influencing, and lobbying,’ Lawal said.

He noted that these ‘beyond cash’ activities improve returns as investments are de-risked. ‘The fine balance however is that investors should not get in the way of the entrepreneurs.

‘We believe Africa is not Silicon Valley. Our terrain is called the Tropical Savannah,’ Lawal stated.

Zone, a payment infrastructure startup, closed an $8.5 million seed round in March 2024, co-led by TLcom Capital, one of Africa’s most active early-stage funds. SunFi, a clean energy company, also secured $1 million in early 2025 with backing from Ventures Platform, Delta40, and Kaleo Ventures.

Accrue, a fintech platform, raised $1.58 million, led by Lattice Fund with contributions from other regional backers. The momentum has continued into mid-2025 as Solar energy provider, Arnergy, raised $18 million in a Series B round that included local participation, while construction e-commerce startup CutStruct and HR solutions company PaidHR each secured $2 million seed rounds with Zedcrest Capital among the investors.

Local VCs such as Microtraction and newer players like Future Africa are offering important lessons on how domestic capital can lead, shape, and sustain startup ecosystems.

Microtraction has built its reputation by investing early – often in pre-seed or seed round startups. It has actively provided small but meaningful checks to founders who are just getting started.

A recent example is Microtraction’s Community Fund (first close $15 million), which aims to write first cheques of $100,000 for about 7 percent equity in early-stage African tech companies, with options for follow-ups.

Future Africa describes itself as a ‘founding investor’ with check sizes in the $100,000-500,000 range. They build a community of founders, investors, advisors, corporates, and government partners to support portfolio companies from early on.

The network effect helps founders access more than just capital, but also advisory services, partnerships, institutional support, and so on.

Local VCs often invest in startups solving problems specific to Nigeria or Africa, ranging from fintech, edtech, healthtech, or logistics, rather than only chasing global tech export stories. For Microtraction, its portfolio spans fintech, health tech, SaaS, edtech, crypto, gaming, and mobility across Nigeria, Ghana, Kenya, and Rwanda.

Challenges

The challenges faced by local VCs are lingering structural and market challenges, which include limited pools of domestic institutional capital such as pension funds.

Sovereign wealth funds in Nigeria often have mandates, risk appetites, or regulatory constraints that make early-stage tech investments difficult.

Beyond capital, scaling companies needs legal, HR, compliance, operations, international expansion, and many local VCs are still building those support systems.

Local VCs also face competition from foreign VCs with deeper pockets, global networks, and the ability to write larger cheques.

By writing larger checks and co-leading rounds with global players, homegrown investors are positioning themselves as key drivers of the next wave of African innovation funding.

As Nigeria’s tech ecosystem expands rapidly, local venture capital (VC) firms are increasingly stepping up as key drivers of innovation, capital deployment, and sustainable growth.

Jensen Huang, Nvidia CEO, has warned that the United Kingdom (UK) and other major economies face a crippling shortage of skilled tradespeople like electricians and plumbers.

The deficit, according to him, could be best met by encouraging more workers from overseas.

The technology chief underscored the urgent need for a massive increase in the blue-collar workforce to keep pace with the accelerating global boom in data centre construction.

This fast-growing sector, essential for powering the artificial intelligence (AI) revolution, requires a vast physical infrastructure, and Huang insists the required skills are not on track to be filled domestically. ‘If you’re an electrician, you’re a plumber, a carpenter we’re going to need hundreds of thousands of them to build all of these factories,’ Huang stated.

He projected an explosive demand in the sector, claiming, ‘The skilled craft segment of every economy is going to see a boom. You’ve going to have to be doubling and doubling and doubling every single year.’

The call for overseas labour

Huang’s comments echo the anxieties of other leading business figures who have highlighted immigration policies and a lack of interest among young people as creating a perfect storm for construction and manufacturing.

Earlier this year, Larry Fink, BlackRock CEO, voiced his concerns to the White House, specifically pointing to the negative impact of immigrant labour deportations on the ability to build essential AI data centres in the United States (US). ‘We just don’t have enough,’ Fink lamented, noting the shortfall in skilled workers like electricians needed for the construction drive.

This view was recently backed by Jim Farley, Ford CEO, who cited a gap between political ambitions to ‘reshore’ manufacturing and the reality of the domestic workforce.

According to Farley, the US is already short by over half a million construction workers and 600,000 factory staff, demonstrating that ‘there’s nothing to backfill the ambition’ of large-scale, national projects. The demand for these workers is not speculative. Industry analysts project that global capital expenditure on data centres will soar to $7 trillion by 2030.

Each large-scale data centre can demand up to 1,500 construction staff during its initial build, with many roles offering six-figure salaries without the requirement of a university degree.

Huang’s stance signals a shift, suggesting the most lucrative opportunities now lie in the physical side of technology rather than the software. When asked what he would study if he were a young man today, the Nvidia CEO confessed he would now choose disciplines rooted in the physical sciences.

With AI threatening a swath of traditional white-collar, entry-level roles, it is obvious that the future workforce needs to be ready to get its hands dirty, and a major influx of domestic and foreign talent is required to power the next industrial revolution.

The Lagos State government has announced a two-day traffic diversion to facilitate the smooth hosting of the Electric Powerboat Racing Championship E1 Series event.

The championship, which is Africa’s first electric powerboat race set to take place on Lagos Inland Waterways of Victoria Island Lagoon, will begin on Friday, October 3, and end on Sunday, October 5, 2025.

For this reason, there will be a total road closure at First Lekki Junction inward Ozumba Mbadiwe Street, Victoria Island.

A statement from the state’s Ministry of Transportation enjoins motorists on this route to use alternative routes, which have been marked out for that purpose.

Motorists from Ajah heading to Lekki will make a U-turn at Lekki First Junction by the Pedestrian Bridge to link Yesufu Abiodun to Maroko Police Station to access City of David to Ligali Ayorinde to connect Ajose Adeogun straight to Eko Hotel Roundabout to Ahmadu Bello Way to Independence Bridge and McEwen/Onikan to continue their journeys.

Alternatively, motorists from Ajah inward CMS can go through Abraham Adesanya to link Ogombo Road to access Okun Ajah Road to connect Coastal Road to Ahmadu Bello Way to Independence Bridge and McEwen/Onikan to continue their journeys.

Additionally, motorists from Lekki and its environs, going to Ikoyi/Mainland could go through Admiralty Way to access Lekki Link Bridge to Alexander Road/Bourdillon Way to connect Gerrard Road and Osborne Road to continue their journeys.

Alternatively, motorists from Lekki and its environs going to CMS can connect Yesufu Abiodun to link Oniru Road to access Aboyade Cole Road to Ligali Ayorinde Street to Eko Hotel Roundabout and Ahmadu Bello Way to continue their journeys.

In the same vein, motorists on the other side (from CMS/Independence Bridge and Ozumba Mbadiwe inward Lekki-Epe Expressway) will have a thoroughfare to Ajah and its environs.

Oluwaseun Osiyemi, the state’s commissioner for transportation, assured motorists of adequate parking made available for the event at Fidelity Bank, Access Bank, and Law School Premises, Victoria Island.

He also urged all participants to cooperate with officials of the Lagos State Traffic Management Authority (LASTMA), who will be strategically deployed along all event routes to ensure smooth traffic flow.

The commissioner assured further that during the period of the 2-day road diversion, the coastal road will be open to traffic.

He advised motorists to be patient as the diversion is part of the traffic management plans for the E1 Boat Race event to take place on the waterways at Victoria Island, Lagos.

Governor Abba Kabiru Yusuf of Kano State has described the action of the state’s commissioner of police, pulling out of the March Pass ceremony marking Nigeria’s 65th Independence Day, as an indiscretion and an affront to national unity.

Addressing crowds that gathered to mark the country’s 65th Independence anniversary, Sani Abacha Stadium venue of the ceremony, Abba accused the state commissioner, Ibrahim Adamu Bako, of deliberately withdrawing officers from the celebration, a move he said has embarrassed the state.

‘As you can see, on this historic and independent anniversary of Nigeria, he decided to pull out of the parade along with his own personnel.

‘This is for reasons pertinent to him and pertinent to his people. Let me say that Kano State’s Chief Security Officer, on behalf of the government, are not happy with this attitude of the Commissioner of Police.’, Governor Abba said. The governor’s remarks, made at the climax of the ceremony, underscored the fragile relationship between state officials and federal security institutions in Nigeria, where police commissioners report to the federal government rather than to governors, even though governors are constitutionally designated as their states’ ‘chief security officers.’ Abba accused the police of partisanship and warned that their absence risked undermining public trust in law enforcement.

‘Security agencies, in Kano in particular, shouldn’t be involving themselves in partisan politics, which will do no good to all of us in Kano State and in Nigeria, of course,’ he said. ‘I would like to seize this opportunity as a Nigerian, as a Kano citizen, and as the Chief Security Officer of Kano State, to condemn the unethical and partisan attitude of the current Commissioner of Police.

‘Today, every Nigerian is happy to celebrate the independence of this country,’ he said. ‘The good people of Kano are peace-loving people. They have been looking for this day, when we all gather here, to celebrate the independence of our country’, the Governor further stated.

He further described the commissioner’s last-minute decision to withdraw as politically motivated. ‘When our rights are written today in court, yet the Commissioner of Police decided to withdraw at the last minute,’ Mr Yusuf said. ‘This is unethical. This is disloyalty to the Federal Republic of Nigeria.’

In concluding his address, Governor Abba commended other security agencies for attending. He emphasised his displeasure that the police, a central figure in such ceremonies, had absented themselves.

Saliu Mustapha, Senator representing Kwara Central Senatorial District has called for collective efforts by all and sundry to tackle insecurity in the State.

Mustapha in a statement signed and released to journalists in Ilorin, expressed deep disturbance by the recent security challenges in parts of Kwara South and Kwara North Senatorial Districts.

According to him, for decades, Kwara proudly enjoyed an enviable reputation as one of the most peaceful State in the Federation but sadly, the recent wave of banditry and kidnapping is capable of eroding that record, ‘thereby unfortunately drawing our dear State into the wider national security concerns.

‘I extend my heartfelt sympathy to fellow Kwarans and families who have fallen victim to this senseless carnage, especially those who have paid the ultimate price. I send my deepest condolences to the families of the vigilantes, forestry guards, and others who lost their lives during the recent attacks in Oke-Ode, Ifelodun Local Government Area, as well as in Edu and Patigi LGAs of our State.

‘I must acknowledge the immense efforts of the Federal Government under the leadership of President Bola Ahmed Tinubu, GCFR; the Kwara State Government under His Excellency, Governor AbdulRahman Abdulrazaq, CON; and the gallantry of our security agencies who continue to put their lives on the line to protect us all.

‘This crisis is novel to Kwara, and this may partly explain why it has appeared intractable. I therefore urge the public to exercise understanding, patience and restraints while trusting in the capacity of both the Federal and State governments to overcome this menace.

‘More importantly, I call on all stakeholders across every spectrum political, traditional, communal, and religious to recognise this as a shared challenge requiring shared responsibility. If any part of Kwara is unsafe, then no part is truly safe.

‘I believe that we, the political class whether in government or opposition must rise above rhetoric and name-calling. This is a moment for unity, for collective action, and for prayers for divine intervention and for guidance for our leaders, whose decisions, in one way or another, affect us all as citizens.

‘We do not have another State apart from Kwara. Our future, our peace, and our prosperity depend on the choices we make today.

All hands must therefore be on deck to regain the peace and harmony Kwara State is known for.’

What began as crude phishing emails riddled with spelling mistakes has now evolved into a high-stakes battle against artificial intelligence-powered impersonations. From cloned voices to convincing video calls, cybercriminals are weaponizing AI to mimic reality so closely that even seasoned professionals struggle to tell the difference.

Cybersecurity expert, Okoli Ugochukwu, with over a decade of experience in security operations and incident response, has sounded the alarm: ‘Trust is no longer a starting point. It’s a reward that must be earned. In the AI era, we must verify first, then trust.’

According to him, traditional red flags like typos or suspicious email addresses have given way to sophisticated threats. Attackers now replicate a CEO’s writing style, voice, or even facial expressions in video calls to trick employees into releasing sensitive data or approving fraudulent wire transfers.

‘Imagine your CEO’s voice on the phone calmly asking you to authorize an urgent payment. Would you hesitate? That’s the new battlefield,’ Ugochukwu explained.

To combat this wave of AI-driven scams, he outlined five key defense strategies:

Multi-channel verification – Confirming requests across different mediums (e.g., email + phone call).

Contextual verification – Checking whether requests align with past behavior or tone. Zero-trust mindset – Treating every request as potentially malicious until verified.

AI-powered defenses – Using detection tools to flag anomalies in voice, video, or email.

Personal codes or safe words – Low-tech but effective human-only verification layers.

He emphasized that while the tools may be advanced, vigilance remains human-driven. ‘The landscape of trust has shifted. What can be faked in one channel is harder to fake across many. Habits of verification, not fear, will keep us resilient.’

With over 400 citations worldwide for his research on AI-driven cyber threats, Ugochukwu continues to push for a balance between human intuition and technology. His message is clear: as the line between truth and fabrication blurs, the key to digital safety is discipline.

Ugochukwu is a cybersecurity professional with 10+ years of experience in security operations, cloud security, and incident response. His research on AI and evolving AI-driven cyber threats has been cited over 400 times worldwide. He is committed to advancing cyber resilience through innovation, mentorship, and emerging technologies.

ýAs a way of encouraging start-ups floated by youths in the State, the Administration of Governor Abba Kabir Yusuf, has distributed the sum of N800 million to distributed to business owned by youths.

The special intervention programme flagged off on Tuesday, in Kano, is said to be designed at supporting young entrepreneurs to start and expand their businesses.

Governor Abba said that the disbursement of the money is with immediate effect, across the 44 Local Government Areas of the State.

Governor Abba gave the directive, while launching the programme that a total of 5,384 young men and women selected as beneficiaries of the programme are to received ?150,000, each.

He noted that the programme was initiated as part of the administration’s commitment to improving the lives of young people in the State.

ýGovernor Yusuf noted that the initiative was designed to help youths become active members of the business community and contribute to societal progress.

ýHe urged the beneficiaries to make the best use of the funds to grow their ventures and secure a better future.

ýHe also appealed to those who are still on the waiting list to remain patient, assuring them that the second tranche of the programme will be released soon.

ýThe governor reaffirmed that his administration would continue to prioritise policies and programmes that empower young people and create sustainable livelihoods across Kano State.

Sources told BusinessDay that the bulk of the beneficiaries of the programme were picked from among the hundred of youths that were rehabilited from being political Tmthugs across the State.

Kano, Nigeria ‘s most populated State has been experiencing escalation in youths restifuness in the recent times, due to what experts attributed to mounting unemployment among the youths in the state.

The disbursement of the money to the beneficiaries, who are mostly street boys, is expected to reduce the escalation in urban crimes, largely been driven by the unemployed youths

The Senator representing Lagos East Senatorial District, Mukhail Adetokunbo Abiru, has commended Nigerians for their resilience and steadfastness as the nation marks its 65th Independence Anniversary.

In his Independence Day message, Senator Abiru emphasized that Nigeria’s rich diversity must continue to serve as a source of unity and strength, rather than division. He urged citizens to reject divisive rhetoric, intolerance, and actions capable of undermining national cohesion, stressing that the country’s future rests on the collective resolve of its people to work together in peace and progress.

Abiru, who chairs both the Southern Senators’ Forum and the Senate Committee on Banking, Insurance and Other Financial Institutions, also called for increased support for the administration of President Bola Ahmed Tinubu. He noted that the President’s bold reforms are gradually yielding the desired outcomes.

The Senator’s statement reads: ‘Today, as we mark the 65th Independence Anniversary of our beloved nation, I join millions of compatriots in celebrating Nigeria’s resilience and enduring spirit. Despite the economic, social, and political hurdles before us, our dear nation remains a beacon of hope on the African continent. ‘Our diversity – with over 250 ethnic groups and more than 500 languages – is our greatest asset. Under the green-and-white flag, we must continue to strengthen our unity, guard against actions that deepen our national fault lines, and renew our collective commitment to nation-building.

‘I equally appeal to all Nigerians to continue to stand solidly with our esteemed leader, President Bola Ahmed Tinubu, GCFR, as he provides bold and focused leadership that is clearly redirecting our country toward enduring sustainable development and economic growth.

‘The administration’s major policies have already begun to yield positive results. The harmonization of the foreign exchange market, among other laudable reforms, has helped to curb spiraling inflation, boost investor confidence, and lay the groundwork for a stable economic environment where enterprises can thrive – ultimately leading to shared prosperity.

‘This is not the time to give up on Nigeria. It is precisely at moments like this that our unity, resilience, and patriotism matter most. With determination and a shared sense of purpose, I am confident that we will emerge as a stronger and more prosperous nation – not just for ourselves, but for generations to come.’

Every year on October 1st, Nigerians gather to wave the green-white-green, listen to speeches, and watch parades that commemorate our independence. Yet, as we mark another year of nationhood, one must ask: independence to what end? For too long, our celebration has been heavy on symbolism and light on substance. The true measure of independence is not how many years we have been free from colonial rule, but how free and equipped our people are to live meaningful, productive lives.

In theory, our enviable demographic treasure is our Independence Dividend, a vibrant youth bulge with the potential to power industries, build new enterprises, and reimagine our national identity. But in practice, the dividend is slipping through our fingers. Millions of young people leave school with certificates that employers do not trust, while industries complain about a shortage of skilled hands. This paradox, abundance of people, scarcity of talent, is our national contradiction. And unless we resolve it, Independence Day will remain more performance than progress.

Our notion of independence certainly needs to evolve. True independence in the 21st century is not about flags, anthems, or military displays. It is about whether citizens are equipped to compete in a world driven by ideas, technology, and innovation. China, South Korea, India, etc., did not become global players by leaning on resources alone; they built people. They made national strategies out of education, training, and research. That is what gave them independence in the truest sense: freedom from dependence on foreign expertise, freedom from poverty traps, and freedom to innovate their own futures.

For us here in Nigeria, this means measuring our progress by hard numbers: How many children entered school and graduated with usable skills this year? How many young people gained employable training, not just certificates? How many new jobs were created in industries of future tech, green energy, and advanced manufacturing? How many women were empowered with access to education, leadership opportunities, and finance? Until we can answer these questions with pride, our independence remains incomplete.

So, what would it take to truly invest in people as a national strategy? It requires a framework we can consider under three pillars: education for relevance, skills for the future, and growth opportunities.

Our education system remains too theoretical, too distant from the reality in the labour market. This requires bold reforms: modernising our curricula to include digital literacy, critical thinking, and problem-solving; investing in teacher training; and bridging urban-rural gaps through technology-enabled learning.

Beyond formal education, our technical colleges and vocational centres should be revitalised as engines of skill creation. Every region has a comparative advantage waiting to be harnessed, but this requires deliberate investment in training hubs that blend academia with industry needs.

Talent without opportunity breeds frustration. So, we must build ecosystems where young people can apply their skills. This means investing in entrepreneurship support, expanding access to credit, incentivising businesses that train and retain local talent, and creating public-private partnerships that generate jobs. Government budgets must also reflect this shift: for every naira we spend on roads and bridges, an equal commitment should be made to people’s infrastructure, training, mentorship, and innovation hubs.

This framework cannot remain in theory. We should codify it in policy and practice. Nigeria needs state-backed innovation hubs that decentralise opportunity from Lagos and Abuja into Aba, Kano, Calabar, Eket, Jos, Makurdi and others. And we need accountability: every Independence Day, the President’s speech should not only recount history but also present a Human Capital Scorecard showing what progress has been made in education, jobs, and skills development.

The opportunity cost of delay is staggering. Nigeria is projected to reach 400 million by 2050. If we fail to harness this youth bulge, we will not just miss economic growth, we will incubate instability. Idle hands are not only GDP left on the table; they are fertile ground for crime, unrest, and migration crises. But if we seize the moment, Nigeria could become one of the most dynamic workforces in the world, supplying talent to Africa and beyond.

So, on this Independence Day, let us move beyond nostalgia. Let us make October 1st a checkpoint for our most important national asset: our people. Imagine if, every year, Nigerians looked forward not just to speeches but to concrete numbers on how many new schools were built, how many youths were trained, how many jobs were created, and how many women advanced into leadership. That is how nations measure independence in the modern age, not by how long they have been free, but by how well their people can thrive.

Nigeria has never lacked potential. What we have lacked is the discipline to transform our people. It is not too late. If we begin today, then in a decade, Independence Day will not just be a memory of 1960. It will be a celebration of a Nigeria that truly invested in its people and, in doing so, secured its future.

Because flags fade, speeches are forgotten, and parades disperse. But the independence that comes from human capital, the independence of mind, skill, and opportunity, lasts for generations.

That is the independence dividend Nigeria must pursue.

President Bola Tinubu has said the Nigerian economy is recovering faster than expected due to the reforms his administration embarked on more than two years ago, adding that ‘yesterday’s pains are giving way to relief.’

‘I am pleased to report that we have finally turned the corner. The worst is over, I say. Our economy is recovering fast, and the reforms we started over two years ago are delivering tangible results,’ Tinubu said in a televised Independence Day broadcast Wednesday.

Tinubu, who took over from late President Muhammadu Buhari some two years ago, said he inherited a near-collapsed economy, a situation that warranted his resolve to take on bold market reforms to put the country on the path of growth.

The reforms, though unpopular, phased out fuel subsidies that crippled the country’s finances while benefiting ‘a tiny minority’ and unified the exchange rate in a bid to make it more market-driven and remove longstanding arbitrage. The consequences of the reforms were mixed. For Nigerians, it crushed spending power as inflation soared to a multi-year high and led to the worst cost-of-living crisis in a generation. Poverty rose quickly and dried up the middle-class economy.

On the other hand, Nigeria’s economy became more resilient with annual growth now at 4.23 per cent as of the second quarter of 2025, the quickest pace since 2021, while inflation has continued to cool for the fifth straight month this year, a development that has allowed the monetary authorities slashed key interest rates by half point to 27 percent in first since 2020. ‘Our administration has redirected the economy towards a more inclusive path, channeling money to fund education, healthcare, national security, agriculture, and critical economic infrastructure, such as roads, power, broadband, and social investment programmes. These initiatives will generally improve Nigerians’ quality of life.’

He noted that his administration has achieved 12 economic milestones, including achieving more than N20 trillion in non-oil revenues as of August. That’s more than the total figure for last year at N21.7 trillion.

Tinubu said Nigeria’s debt service-to-revenue ratio has reduced to less than 50 per cent from 97 per cent, adding that with external reserves at more than $42 billion, the naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024.

According to the president, Nigeria’s tax-to-GDP ratio has risen to 13.5 per cent from less than 10 per cent, with the ratio expected to increase further when the new tax law takes effect in January.

‘Nigeria has recorded a trade surplus for five consecutive quarters. We are now selling more to the world than we are buying, a fundamental shift that strengthens our currency and creates jobs at home,’ the president said.

‘Nigeria’s trade surplus increased by 44.3% in Q2 2025 to N7.46 trillion ($4.74 billion), the largest in about three years. Goods manufactured in Nigeria and exported jumped by 173%. Non-oil exports, as a component of our export trade, now represent 48 per cent, compared to oil exports, which account for 52 per cent.’