Technology
Ventures Platform Advocates Increased Funding for Africa Amid Global Slump
By Adedapo Adesanya
Ventures Platform, an early-stage venture capital fund investing in innovative startups across Africa, has called for increased investment in Africa amidst global economic shifts.
This was the crux of the second edition of its Africa Prosperity Summit held on Friday, November 15 2024, in Lagos, Nigeria.
The invitation-only event themed Funding the Next Billion: Africa’s VC Investment Landscape in a Post-ZIRP Era brought together over 150 Pan-African and global investors, venture fund managers, family offices, development finance institutions (DFIs), fund of funds, Limited Partners and key ecosystem players actively investing in Africa.
The event served as a call to action for global and local investors, entrepreneurs, policymakers, and thought leaders to reassess opportunities in emerging markets amidst rising global interest rates and economic shifts. Africa, with its dynamic entrepreneurial spirit and growing youth demographic, presents significant investment potential.
However, realising this potential requires a deep understanding of local contexts and a commitment to fund innovations, which the 2024 Africa Prosperity Summit sought to address.
Speaking at the summit, Mr Kola Aina, Founding Partner, Ventures Platform emphasized that Africa’s massive population boom is happening at the same time global venture capital is on a decline.
He references that since the post-COVID peak of venture capital investments in 2021 -influenced by the Zero Interest Rate Policy (ZIRP) era – global venture capital flows have declined by 70 per cent.
“The situation in Africa is no better – Africa has experienced a 67 per cent decline in venture capital funding, despite its requirement of 10x more capital to address infrastructure gaps and non-consumption and be at par with Asia in terms of VC investments.
“Africans are simply unable to consume the goods and services that they need, talk less of want. If we do nothing about this today, by 2050, the 1 billion Africans that will be born – will end up being chronic non-consumers,” he argued.
“At Ventures Platform, we believe that by investing in the right kinds of entrepreneurship and innovation, we can produce two powerful outcomes – high-quality jobs that will drive up incomes across Africa, and scaling up affordability and accessibility to products/services for millions of people across Africa. The combination of these two powerful forces is an effective way of driving up consumption across Africa.”
Also speaking at the event, Mr Efosa Ojomo, the Director of Global Prosperity at the Clayton Christensen Institute highlighted Africa’s potential as the modern investment frontier, drawing parallels to historical transformations in global economies.
He emphasised how venture capital can accelerate market creation on the continent, stating, “Venture capital is designed to de-risk an economy – or at least, a sector. Unlike other financial vehicles like private equity or bonds, VC takes on the highest risk.
“In Africa, where raising funds for critical infrastructure is particularly challenging, venture capital must go beyond funding to actively build entrepreneurial ecosystems in the early stages.”
In the second keynote by Mr Charlie Robertson, Head of Macro-strategy at FIM Partners, provided a comprehensive analysis of global macroeconomics and its impact on investment and industrialization.
Engaging investors, fund of funds, startup founders, and policymakers, he explored the risks, challenges, and opportunities Africa faces in comparison to other regions.
“As Africa charts its path to prosperity, the critical levers of education, electricity, and fertility rates will define its economic trajectory. Countries like Egypt, Ethiopia, and Nigeria are already making strides with central bank policies that have corrected currency misalignments, paving the way for current account improvements and reduced investment costs.
“With fertility rates beginning to decline and the potential for service-led growth through affordable solar power and advanced connectivity, Africa is poised to leapfrog traditional industrialization barriers. This is a pivotal moment for investors to recognize the continent’s unique opportunities and actively shape its future prosperity.”
This year’s edition also witnessed Ventures Platform launching its inaugural ClimateTech White Paper titled “Innovating for a Sustainable Future: Harnessing Venture Capital and Startup Entrepreneurship to Combat Climate Change in Africa”.
The landmark paper which was launched by three key drivers – Urgency, Climate disparity, and Opportunities for VCs and Startups, examines the roles of venture capitalists and startups in climate change mitigation and adaptation. It also provides a comprehensive guide for non-climate VCs and entrepreneurs, including the development of a proprietary framework for a coordinated climate response in the African tech sector.
Technology
LINX Launches 12-month No-Charge Promo in Ghana
By Modupe Gbadeyanka
To develop the country’s internet ecosystem and build a dedicated connectivity community, the London Internet Exchange (LINX) has launched a 12-month no-charge promotion for all services at its new Ghana Internet Exchange Point, LINX Accra.
LINX Accra went live at the end of 2025, providing a regional interconnection point and a platform for networks to meet and exchange traffic, available from PAIX, Onix and the new Digital Realty data centre launched at the end of last year.
As part of its growth drive, LINX Accra aims to attract major global internet carriers and content delivery networks to keep more traffic local to Ghana, building relationships between local networks and encouraging early adoptions through promotion.
A key aspect is growing the local networking and peering community to reduce Ghana’s reliance on international routing, improve latency, and cut costs for networks and end users across the country.
“Ghana’s connectivity ecosystem is growing fast, and our goal, through the promotion, is to remove early barriers and encourage local ISPs to join and exchange traffic from the start.
“We’ve seen in other African markets that once the local community grows, global networks follow, so this is an important step for building community engagement and driving the localisation of internet traffic in Ghana and West Africa,” the Head of Existing Business for LINX, Inga Turner, said.
Ghana is one of West Africa’s fastest-growing digital markets, with over 70 per cent of the country’s 25 million people accessing the internet, and Accra is connected to six submarine cables to provide international connectivity to the country.
The market is also attracting significant data centre investment with new facilities opening every few months.
LINX has had a successful growth in Kenya, building on a similar promotion for LINX Mombasa and LINX Nairobi, which helped establish and expand the connectivity ecosystem, attracting major global networks and content providers to keep traffic local.
Technology
FG to Establish National Cybersecurity Council to Tackle Digital Threats
By Adedapo Adesanya
The federal government has announced plans to establish a national cybersecurity coordination council to strengthen Nigeria’s response to rising digital threats.
In a statement, the Federal Ministry of Communications, Innovation and Digital Economy said the council will serve as a multi-stakeholder platform to improve coordination, intelligence sharing, and collaboration between public and private institutions.
The initiative, championed by the Minister of Communications, Mr Bosun Tijani, aims to enhance Nigeria’s ability to respond to increasingly sophisticated cyber incidents affecting both private companies and public systems.
“The proposed council is envisioned as a non-statutory, multi-stakeholder coordination platform, designed to convene key actors and strengthen partnerships that support efficient coordination, trusted information sharing, and sustained cooperation among institutions responsible for advancing Nigeria’s cybersecurity posture,” the ministry said.
The council will bring together chief information security officers, cybersecurity experts, technology firms, law enforcement agencies, and relevant government institutions.
It will also provide advisory support to the federal government on strategies and frameworks needed to improve national cyber resilience.
“The approach reflects the government’s recognition that modern cyber threats demand collective defence models, trusted threat intelligence sharing, and multi-stakeholder coordination,” the ministry added.
The move follows recent cyber incidents that disrupted operations and highlighted the “increasingly coordinated and sophisticated nature of cyber threats,” signalling the urgent need for stronger national cybersecurity frameworks.
This development comes amid the rising frequency and complexity of cybercrimes, which have made cybersecurity a vital tool that countries must focus on.
Special policies around data breaches, ransomware attacks, and third-party liabilities have come to the fore. While cybersecurity has been historically underutilised in Nigeria, its critical role in mitigating the financial fallout of cybercrimes and threats has taken a new dimension with the adoption of Artificial Intelligence (AI).
Countries are leveraging AI tools to enhance threat detection, automate incident response, and analyse patterns to identify risks early. These AI-driven solutions enable quick and effective responses, improving resilience by detecting anomalies, predicting potential attacks, and mitigating threats before they escalate.
Technology
Airtel Subscriber Base Crosses 650 million, Now World’s Second-Largest Telco
By Modupe Gbadeyanka
Bharti Airtel has crossed 650 million mobile subscribers worldwide to emerge as the world’s second-largest telecommunications firm.
The Indian company has operations in several countries, including Nigeria, where it has continued to scale infrastructure at a pace unmatched in its recent history.
Over the past three years, the telco has increased its national site count from just above 13,000 to nearly 17,200 sites, including more than 1,560 added in the last 12 months.
This expansion deepens capacity in high-demand corridors and extends high-speed coverage to previously underserved regions.
The latest industry data from the Nigerian Communications Commission (NCC) underscores the significance of this growth. As of December 2025, Nigeria recorded 145,141 base stations across 2G, 3G, 4G and 5G layers.
Of this national infrastructure, Airtel accounts for 46,918 base-station layers, reflecting its substantial contribution to the country’s radio access network and its push to absorb rising data consumption.
Nearly 99 per cent of Airtel Nigeria’s sites are now 4G-enabled, positioning the operator as one of the few with a near-ubiquitous high-speed broadband footprint. Thousands of sites have been upgraded for capacity in the past year alone, enabling improved speeds and more stable performance during peak usage.
That expansion underpins Nigeria’s rising internet adoption. According to the latest regulator figures, Nigeria’s internet penetration recently climbed above 50 per cent, with Airtel recording among the largest monthly increases in new internet subscribers, driven by network upgrades across states and rural corridors.
Strategic Connectivity and Redundancy
Airtel is also tackling a critical infrastructure challenge for the Nigerian digital economy: reliance on a single international internet gateway. The company is advancing plans for its second submarine cable internet breakout point at Kwa Ibo in Akwa Ibom State, early in the 2Africa cable system rollout, to provide faster and more resilient national connectivity across regions. This significant investment aligns with global best practices in network diversity and redundancy, ensuring a more stable digital experience for consumers and enterprises alike.
Digital Finance at Scale: SmartCash
Airtel’s digital finance arm, SmartCash, has gained traction in Nigeria’s competitive mobile money ecosystem, now serving over 3 million active users. The platform is supported by an expansive agent network and digital services that lower barriers for everyday financial transactions and savings.
Outstanding Human Touch: Retail Reach
Across Nigeria, Airtel’s retail distribution network stands as one of the sector’s most extensive, with approximately 4,000 exclusive outlets bringing services, support, and products closer to customers in small towns, communities, and high-traffic urban hubs. That footprint drives both access and engagement in a market where localised presence remains a competitive differentiator.
As Nigeria’s digital economy continues to evolve, Airtel is committed to sustained innovation — from expanded fibre backbones and advanced mobile broadband to future-ready services that include satellite-enabled solutions and enterprise-grade digital platforms. These efforts help ensure that connectivity, commerce, and creativity thrive across Nigeria and beyond.
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