LAGOS/Nigeria: Innovators and business leaders from Africa have presented investment bids totaling $49 million to potential investors during the recently concluded Africa Social Impact Summit (ASSIS) held in Lagos.
The event, co-convened by the Sterling One Foundation and the United Nations in Nigeria, aimed to bolster sustainable development initiatives across the continent.
In a statement released to the press on Tuesday in Lagos, Mrs. Olapeju Ibekwe, CEO of Sterling One Foundation, highlighted the significance of the Summit, which brought together key players from government, diplomacy, civil society, and the private sector. Ibekwe emphasized that the event was more than just a platform for discussions; it was a meaningful engagement that could ignite substantial positive impact in Africa.
The theme of the summit, “Global Vision, Local Action: Repositioning the African Development Ecosystem for Sustainable Outcomes,” set the stage for discussions on key development challenges facing the continent. The event featured a deal room showcasing pitches from 18 businesses that were shortlisted from over 500 applications across Africa.
The finalists, hailing from South Africa, Kenya, and Nigeria, represented diverse sectors including health, waste recycling, agriculture, and education. Collectively, they sought a combined investment of approximately $49.6 million to enhance expansion and production capabilities.
While the potential investors are conducting due diligence to evaluate the candidates’ propositions, Ibekwe expressed hope for fruitful partnerships and innovations to emerge from the summit.
According to Ibekwe, the urgency of action in Africa was a central theme. She noted that despite the continent’s potential, persistent challenges such as poverty, hunger, climate crises, and inequality remained significant obstacles. The summit aimed to galvanize action to expedite progress toward achieving the Sustainable Development Goals (SDGs).
The Summit garnered attention and participation from a wide range of leaders and experts. Former President of Malawi, Joyce Banda, along with representatives from various governments, diplomatic missions, non-profit organizations, and the private sector, shared insights and strategies aimed at propelling sustainability efforts across different sectors.
The Summit also featured discussions on bridging partnerships between the private sector and academia, particularly to reshape educational curricula and foster entrepreneurship. As part of ongoing efforts, the International Finance Corporation (IFC) has already established entrepreneurship departments in universities across Nigeria.
The event drew support from organizations such as The Coca-Cola Company, Microsoft, MTN Foundation, Sterling Bank, and the African Venture Philanthropy Alliance, among others. With over 1,500 physical attendees and more than 60 leading experts, the ASSIS provided a platform for robust discussions on critical sectors of the African economy.
In conclusion, Amina J. Mohammed, Deputy Secretary-General of the United Nations, highlighted Africa as a dynamic business opportunity with vast arable land and a burgeoning youth population. The Summit’s discussions paved the way for identifying strategies to bolster impact investment, spur economic transformation, and drive equitable development on the continent.
