Feature/OPED
Where Will the Next $1bn of Growth Investment in Nigeria Go?

By Victor Basta
Nigeria’s success is Africa’s success. It’s the continent’s largest economy, home to 3 of Africa’s 5 ‘unicorns’ (start-ups valued at over $1bn) and has the continent’s largest number of tech-driven companies.
More recently, it has been nearly un-investable. $2.4bn of Nigerian start-up funding between January 2021 and the mid-last year has dried up; only two large rounds have happened since mid-2022 (TeamApt raising $50m and Yellow Card raising $40m). Economic uncertainty, rampant inflation, concerns about Nigeria’s managed exchange rate, and, more recently, political uncertainty have combined to force international growth capital to the sidelines, waiting for clarity on how Nigeria would provide a stable investment climate into which to invest significant capital.
A lot is at stake for Africa as a whole
For the continent’s $5bn of start-up funding to multiply, its crucial Nigeria attracts the biggest share of that capital. There are dozens of high-quality Nigerian tech-enabled companies now reaching the growth stage, where $30-100m of investment into each will make the difference between them scaling to continental leadership and those companies remaining local/regional players.
More broadly, for Africa to attract India’s $21bn of annual growth capital, many of these Nigerian growth companies will need to multiply in size, and many currently have less than 12-18 months of cash, making delays incredibly expensive for the companies and their current investors.
In our view, many macro factors in Nigeria will begin to moderate as 2023 wears on. While the country’s problems cannot be fixed overnight, it only takes an improvement in direction and steps that show clear intent for Nigeria to become investable again.
Meanwhile, the lack of widespread violence around the recent elections is a first signal that the country has a stable route forward. So, we can already begin to look forward to the next $1bn of capital fuelling the next stage of expansion for the country’s growth stage tech businesses.
Where will the next $1bn go?
Up to now, the majority has been invested in fintech. However, we see the financial ‘rails’ as nowhere near being fully built out, and there remains significant untapped opportunity across the country. Also, fintech sectors such as SME financing, social commerce financing and delivery and aggregation and financing of smallholder farmer output – all fintech sectors where money ‘touches’ the real economy – remain largely untapped.
Mobile money is yet to be rolled out, with key telcos such as MTN now positioning themselves to be serious competitors to incumbent banks. Finally, services that ride on core financial rails, such as insurance and higher-yielding savings, are barely deployed at any scale in the country. For a $500bn economy, there remains a huge opportunity in core fintech.
In addition to leaders such as Flutterwave, Paystack and Interswitch, we are seeing emerging growth companies such as Migo, Carbon, Nomba, and PiggyVest begin to scale to levels which naturally attract international investors who are not ‘required’ to invest in Africa but rather are looking for a minimum scale irrespective of geography.
Beyond fintech, we see key mobility sectors as large and growing, recipients of where the next $1bn will be deployed. Nigeria has a poor infrastructure, virtually no rail transport, and deliveries around the country often take longer than shipping goods thousands of miles abroad.
Companies like Max.ng are making huge strides in enabling new vehicles to be deployed in Nigeria and will also lead the way in eventual electric vehicle deployment. In addition, GIG, through its market-leading logistics and mobility arms, is demonstrating best practice in deploying technology to ensure social commerce deliveries and inter-city transport can occur far more efficiently, and far more profitably than traditional operators.
In long-haul transport, Kobo360 has graduated from a start-up to the largest technology-driven long-haul logistics company in the region. Finally, Autochek, founded by the team that built Cars45, has been expanding its vehicle marketplace and financing offerings across multiple markets, making the resale of vehicles in Nigeria tech-enabled for the first time.
Nigeria’s largest sector, largely untouched by technology to date, remains agriculture. We see prominent tech-enabled growth companies such as ThriveAgric and Releaf now achieve the scale necessary to attract supportive international capital. For example, Thrive, mainly financed through debt, has already built a loyal base of nearly half a million smallholder farmers who receive higher prices, and better services, than they could ever achieve selling their harvests to middlemen in the traditional way.
Another sector with huge potential is renewable energy, specifically solar. Already, Daystar has been acquired by Shell, and StarSight has announced a major expansion combining with South Africa-based SolarAfrica. There remain a host of players competing in both the residential market and the commercial market. Many of these players, including M-KOPA and d.Light, have also expanded to mobile phones and will expand further to solar appliances as they fill out their offerings. With the oil price seemingly set to remain high, the economic rationale for accelerating solar deployments in Nigeria is more compelling now than ever before.
Finally, we see major opportunities in building out the basic infrastructure required for a true Internet economy. In terms of data centres, Kasi aspires to build one of Africa’s most modern data centre operations in Lagos. Actis-backed Rack Centre already operates Nigeria’s second-largest data centre operation and aims to multiply revenues over the coming 2-3 years.
What do we expect to happen going forward?
Once the election uncertainty is behind us and the new administration takes office in the coming weeks, we expect Nigeria’s investability to improve steadily. By the second half of 2023, stronger growth companies with trimmed losses will begin to attract international capital.
As we swing into 2024, we expect international interest to become more broad-based and to steer increasingly towards non-fintech opportunities. We believe many of these non-financial growth companies will offer embedded finance in one way or another, even if they operate in logistics, mobility, education or health care.
Overall, we expect the second half of 2023 to already match Nigeria’s best six months in terms of attracting international capital and 2024 to potentially see a record inflow of funds, attracted by the more stable environment and the sheer quality of local growth companies still facing wide open market opportunities.
Victor Basta is the CEO of DAI Magister
Feature/OPED
Sunusi Bature: Time to Take the Podium

By Ahmad Dambazau
The National Assembly is a constitutional locomotive for any purposeful democratic government, it provides checks to the government of the day and a legal basis for the system in general .This basically accounts for the high respect usually accorded and, of course, the attendant high expectation placed on it. The legislative arm of government like any other is saddled with the responsibility enshrined in the constitution and among such major functions includes representation, oversight and law making in addition to many other numerous functions.
Be that as it may, it has been a genuine cause for worry for Nigerians that, despite our series of experimentation with democracy, our legislators have performed below expectation. Their handling of national issues has especially remained without constitutional decorum and political experience required of people of their exalted status. Part 2, Section 4 of the 1999 Constitution, as amended, vests the legislative powers of the federation on the National Assembly which comprises the Senate and House of Representatives.
Dawakin Tofa ,Tofa and Rimin Gado Federal constituency is one of the few constituencies in Nigeria represented by the same legislator for 18 years(2007-2005) despite poor representation .
As the federal constituency searches for the best man to represent them for this serious legislative task. One name keeping ringing bell is Hon Sunusi Bature Dawakin Tofa ,Media and Communication Expert and Director General of Media and Publicity to Kano State Governor.Sunusi has earlier served as the Chief Press Seceretary to the Governor in the early days of the administration .
Mallam Sunusi is a seasoned PR guru, development communication and stakeholder engagement expert with 21 years working experience in both international development, private sector and the Media in Nigeria.
He is a winner of the Cambridge education award on investigative journalism in 2008, Bature has worked at different capacities in various national, International and Bilateral organizations such as the British Foreign and Commonwealth Development Office (FCDO), the United State Agency for Internal Development (USAID), Bill and Melinda Gates Foundation, Save the Children International, Discovery Learning Alliance and the Rockefeller Foundation.
He held several positions which include General Manager Corporate Services at Dantata Foods and Allied Products Limited (DFAP), Director Stakeholder Engagement at YieldWise Project, Country Program Manager at Girl Rising (ENGAGE) Project funded by the US Government, State Project Coordinator for MNCH Campaign Project of the BMGF, Deputy Director Operations at Discovery Learning Alliance, State Program Officer, Policy Advocacy and Media Development, Communication and Knowledge Management Specialist among other positions.
Graduated with a Bachelor’s degree (B.A. Hons.) in Mass Communication from University of Maiduguri, Sanusi holds a National Diploma in Mass communication from Kaduna Polytechnic, a Higher National Diploma (HND) and a Postgraduate Diploma in Public Health Education and Promotion.He also bagged MSc. in Social Work with specialization in Community Development from Ladoke Akintola University of Technology, (LAUTECH) Ogbomosho, Oyo State and another master’s degree in Public Relations (MPR) from the prestigious Bayero University, Kano, Nigeria. He participated in the MSc program on Project Management at Robert Kennedy College, Zurich, Switzerland.Until his appointment, Sunusi Bature served as the Vice President, Nigeria operations for a UK based firm, Kingston Organic PLC.
Hon Dawakin Tofa has opened yet another vista of debate among electorates on the value of quality representation with vigour,expertise and experience of having a wider constituency responsibility and coverage .He has vindicated his mettle among his constituents that even as an appointee of the Governor his eloquent consistent and fearless voice always seeking the improvement of lives of his constituents accountability among representatives of the people.
He is truly a representative of the people though unelected going by the amount of work he was able to do for the overall benefit of his people. In fact, it is worth elucidating that this PR guru was able to touch the lives of the people in his stewardship in the private and public sectors. So far he has proved to be one of the few politicians that attracts government presence to his community. No matter what anyone would say, the amount of dividends of democracy that this community leader was able to bring to the door step of the people is unmatched.
Sunusi Bature’s development credentials and landmarks speaks volumes. The highlights of which were stellar achievements of re-positioning the educational sector in the more definitive ,radically ,progressive and futuristic manner , not to mention the capacity building, empowerment and educational scholarship for his people ,all shone brightly for both his admirers and detractors to access.
The Director General of Media and Publicity to the Governor of Kano State, Sunusi Bature Dawakin Tofa, has been honoured with the prestigious Most Outstanding Spokesperson Award by the Nigeria Institute of Public Relations (NIPR) in collaboration with the Federal Ministry of Information. Dawakin Tofa was selected for this esteemed award in recognition of his instrumental role in promoting not only the positive image of the Kano State Governor and his giant strides also for effectively showcasing the only NNPP ruling state in Nigeria.
In the award citation, Mallam Sunusi was hailed as an unwavering proponent of non-violent communication, renowned for his extensive network and adept delivery of practices with clarity in objectives, and strategic framing of engagements with his audience.His profound impact and effectiveness in perception and reputation management are highly commendable.
In whatever one indulges in there are always people to observe and give their verdict .It is a well- known fact that there is nothing stronger than the people’s verdict.it shows a collective desire which inevitably is the voice of reason. The momentum of Hon Sunusi Bature Dawakin Tofa legislative bid is gathering amongst all strata of the constituency is enough testimony that experienced count in the race for the parliamentary seat.
Dambazau wrote in from Kano
Feature/OPED
Nigeria’s Mining Reforms: Unlocking Investment and Growth

Over the past two years, Nigeria has implemented key policies and reforms to revitalize its mining industry, attract investment and strengthen the sector’s contribution to GDP.
Recent government-led initiatives have streamlined licensing processes, removed bottlenecks and simplified market entry for international investors, enhancing production across the country’s 44 solid mineral types.
As Africa’s premier mining investment event, African Mining Week (AMW) 2025 will convene Nigerian and African stakeholders with global investors and industry leaders to drive deal-making and accelerate sector growth.
Launch of Mineral Resources Decision Support System
In May 2024, the Nigerian Geological Survey Agency unveiled the Mineral Resources Decision Support System to provide global investors with easy access to geological and policy data.
The platform markets Nigeria’s vast mineral resources and critical infrastructure, assisting investors in making informed decisions about the country’s mining sector. By enhancing data transparency and accessibility, the system aims to streamline investment processes and boost investor confidence in Nigeria’s mining industry.
Restructuring of Ministry
To improve efficiency, Nigeria restructured the Ministry of Mines and Steel Development in August 2023, creating two separate entities. The Ministry of Solid Minerals Development focuses on upstream activities and investment facilitation, while the Ministry of Steel Development oversees the development of steel and metallic resources to drive industrial growth. This restructuring aims to enhance sector-specific governance, attract targeted investments and accelerate the country’s mineral and steel value chain development.
Approval of Nigerian Minerals & Mining Bill
Approved in April 2023 and currently under public review, the Nigerian Minerals & Mining Bill aims to introduce incentives for foreign investors while strengthening local content requirements. Once enacted, it will become the sector’s primary legal framework, enhancing transparency and investor confidence.
The bill is also expected to modernize regulatory oversight, ensuring sustainable resource management and aligning Nigeria’s mining sector with global best practices.
Implementation of Nigeria Mineral Value Chain Regulations
Implemented in July 2021, the Nigeria Mineral Value Chain Regulations mandates local processing of raw minerals such as gold and lithium, encouraging downstream investment.
Following this policy, China’s Avatar Energy Materials Company launched a 4,000-ton-per-annum lithium processing facility in Nasarawa State in May 2024, while Ming Xin Mineral Separation Nig Ltd. is developing a lithium processing plant in Kaduna State to support EV e battery production.
These investments mark a significant step toward positioning Nigeria as a key player in the global critical minerals supply chain. Against this backdrop, AMW 2025 will provide a platform for industry leaders to explore Nigeria’s evolving mining landscape and engage with global investors.
Feature/OPED
Natashagate: Suspension in the Eyes of Court Ruling

Abba Dukawa
Despite the position of the Court of Appeal in the case of the Speaker of Bauchi State House of Assembly Vs Hon Rifkatu Samson Danna (2017) 49 W.R.N that a lawmaker is a representative of his people whose membership of the House is guaranteed by the Constitution and not by any other person or persons, the Senate and its leadership have continued to use suspension as an instrument to oppress, intimidate and whip lawmakers into line.
Sadly, the National Assembly has continued to ignore the position of the courts on suspension of lawmakers as the Senate Committee on Ethics, Privileges and Public Petitions recommended a six-month suspension for the lawmaker representing Kogi Central Senatorial District, Senator Natasha Akpoti-Uduaghan, over her dispute with the Senate President, Senator Godswill Akpabio, following her alleged violation of the Senate’s rules.
A few hours after the committee submitted its report, the Senate quickly adopted the recommendations and slammed a six-month suspension on the lawmaker, depriving her senatorial zone representation in the Red Chamber, in violation of the Constitution, which guarantees that each of the 109 senatorial districts in the country shall be represented in the upper legislative chamber.
Her suspension for six months has raised legal issues as it is also in breach of various court judgments in the previous cases involving Senators Ali Ndume and Ovie Omo-Agege, as well as Dino Melaye and 10 other members of the House of Representatives, as well as Bauchi and Ondo states’ lawmakers.
When the Senate on March 30, 2017, suspended Senator Ndume for 90 legislative days for not “conducting due diligence” before filing a petition against the then Senate President, Dr Bukola Saraki, Justice Babatunde Quadri of the Federal High Court in Abuja nullified his suspension, declaring the action illegal, unlawful and unconstitutional. Delivering judgment in the suit marked FHC/ABJ/CS/551/2017, which Ndume filed, the judge said the suspension was in violation of Sections 68 and 69 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) and Article 13(1) of the African Charter on Human and Peoples’ Rights (Ratification and Enforcement) Act CAP A9 Laws of the Federation of Nigeria, 2004.
The judge consequently ordered the Senate to pay the plaintiff his outstanding salaries and allowances. Again, Justice Nnamdi Dimgba of the Federal High Court in Abuja nullified the suspension, saying that while the National Assembly has the power to discipline its erring members, a legislator could not be suspended for more than 14 days.
A recent scandal involving Senator Natasha Akpoti-Uduaghan and Senate President Godswill Akpabio has raised questions about the integrity of Nigeria’s National Assembly. The controversy began when Akpoti-Uduaghan accused Akpabio of sexual harassment during an interview with Arise Television, alleging that he made inappropriate advances towards her at his residence in Uyo, Akwa Ibom State, in December.
Between February 28 and March 5, several senators publicly defended Senate President Godswill Akpabio, dismissing Senator Natasha Akpoti-Uduaghan’s allegations of sexual harassment. Senator Neda Imasuen, Chairman of the Senate Committee on Ethics, Privileges, and Public Petitions, was among those who defended Akpabio.
Undeterred, Akpoti-Uduaghan formalized her accusations by submitting a petition to the Senate on March 5, urging her colleagues to investigate her claims. However, the Senate swiftly dismissed the petition, citing a rule that prohibits senators from submitting petitions signed by them. Chairman Imasuen declared the petition “dead on arrival,” referencing Order 40, Subsection 4 of the Senate Standing Orders. The next day, the Senate voted to suspend Akpoti-Uduaghan for six months, citing misconduct and actions that allegedly brought the institution into disrepute. Akpoti-Uduaghan has rejected the Senate’s decision, vowing to continue representing her constituents.
In a statement, she condemned the move, saying: “Against the culture of silence, intimidation, and victim-shaming, my unjust suspension invalidates the principles of natural justice, fairness, and equity.” Akpoti-Uduaghan emphasized that her suspension does not withdraw her legitimacy as a senator and that she will continue to serve her constituents and the country until 2027 and beyond.
Former Senate President Bukola Saraki has called for a transparent investigation into the matter, emphasizing the need to safeguard the Senate’s integrity. However, the Senate’s decision to suspend Akpoti-Uduaghan for six months without investigating her allegations has sparked widespread criticism.
The Nigerian Bar Association Women Forum (NBAWF) Chairperson, Barrister Huwaila Ibrahim, has urged Senate President Godswill Akpabio and Senator Natasha Akpoti-Uduaghan, Chairman of the Senate Committee on Diaspora, to undergo a transparent and open investigation into allegations of misconduct involving both parties.
According to Ibrahim, an investigation would allow Senator Akpabio to clear his name and Senator Akpoti-Uduaghan to substantiate her claims.
Additionally, Ambassador Zainab Mohammed, spokesperson for the Coalition of Women in Governance (CWIG), has called for Senator Akpoti-Uduaghan’s recall following her six-month suspension, citing concerns that the suspension constitutes an assault on democracy and a betrayal of collective values
After she dropped the bomb, a flurry of activities ensued. Senator Ireti Kingibe, a serving female senator, and two former female senators, Senator Abiodun Olujimi and Senator Florence Ita-Giwa, were invited to share their views. However, their submissions were met with widespread disappointment. While arguing for adherence to rules is valid, it’s essential to recognize that rules should be applied fairly and without bias, especially in institutions of great importance.
It was clear that Senator Natasha felt beleaguered, believing the Senate President had a score to settle with her. If this was the case, I expected the three senators to support a process that would allow Senator Natasha to shed light on her serious allegations of sexual harassment, beyond national television, and for the Senate President to defend himself transparently.
To people’s horror, none of the female senators stood up for another woman. Even if they thought Senator Natasha was misguided, she was still entitled to have her fears and concerns heard. It’s painful that they missed the opportunity to address the constant intimidation, gas-lighting, and belittling women in leadership positions face.
To women who have publicly opposed Senator Natasha, there is news for you: you’re not fighting the same battle as most male senators or men who have aired their views. You’re not on the same page; you’re not even reading the same book.
If this was just about Senator Natasha following rules and not disrupting the space for women in politics, the problem could be easily fixed. Familiarizing herself with Senate rules and proceedings would make her work more productive.
However, this is not what’s at play. What’s happening is a full-scale war on women in public life, with clear lines drawn. Women need to wake up! We need to battle powerful forces that want women to remain silent in the face of provocation and abuse.
People don’t have to like Senator Natasha Uduaghan, but she deserves respect, to be heard, and allowed justice. The silence of feminist organizations and women’s rights advocates is deafening. The controversy has ignited a national debate, with many Nigerians demanding a thorough investigation into the allegations and an end to the culture of silence and intimidation.
Abba Dukawa writes from Kano can be reached via abbahydukawa@gmail.com
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