By Adedapo Adesanya

Early-stage venture capital fund, Ventures Platform, which invests in innovative startups across Africa, has called for the establishment of an inclusive climate innovation fund to support underrepresented groups in climate entrepreneurship.

This is part of recommendations made in its recently published climate tech whitepaper entitled Innovating for a Sustainable Future: Leveraging Venture Capital and Startup Innovation to Combat Climate Change in Africa.

The white paper outlines key goals, strategies, challenges, and ecosystem support needed to enhance the impact of African climate tech startups, providing a comprehensive guide for non-climate VCs and entrepreneurs in the technology sector. It also proposes a framework for a coordinated climate response in the African tech sector.

Formally launched at the recently held Africa Prosperity Summit in Lagos, the paper explores how the agility and innovation of startups, combined with the strategic deployment of venture capital, can catalyse the development and scaling of climate-smart solutions tailored to the specific needs and challenges of African communities and ecosystems.

Furthermore, the paper offers insights to climate tech startups on how to secure and maintain venture capital support, while providing an in-depth analysis of how venture capital and startup ecosystems can act as powerful engines of progress in the face of environmental adversity.

Other recommendations made include the need to develop Africa-specific metrics for measuring the success and impact of climate-focused startups, considering both environmental and socio-economic factors.

Since launching in 2016, Ventures Platform has funded over 90 startups, with at least one in every region of the continent and across various sectors including climate tech. Many of its startups are category leaders in fintech, healthtech, and insurtech, including Moniepoint, Mdaas Global and Tanel Health.

While not primarily a climate fund, Ventures Platform understands the importance of sustainable investments for long-term prosperity and has factored this into its investment guidelines by prioritising businesses that implement sustainable practices, reduce environmental impact and drive long-term ecological benefits.

Drawing from its learnings as a key player in Africa’s tech ecosystem and from broader research, Ventures Platform has published this climatetech white paper to better equip non-climate Venture Capitalists (VCs) and startups with insights and tools to support Africa’s climate resilience through strategic investments and operational choices.

The fund also called for the facilitation of cross-border collaborations between different types of VCs through networking events, joint investment programmes, and knowledge-sharing platforms.

According to the United Nations, Africa contributes under 4 per cent of the global greenhouse gas emissions yet suffers disproportionately from climate change.

Ventures Platform, through the white paper, proposed a simplified framework focusing on adaptation, mitigation and enablers, to guide the African VC and startup ecosystem in addressing climate challenges.

It examined that adaptation strategies include developing climate-resilient infrastructure and agricultural practices. Mitigation efforts focus on reducing greenhouse gas emissions through renewable energy adoption and sustainable land use while ‘enablers’ encompass financing mechanisms, policy frameworks, educational programs, and technological innovations.

It also recommended the conduction of sector-specific climate opportunity assessments to identify and prioritise high-potential sectors for climate innovation in Africa.

Presenting the white paper at the Africa Prosperity Summit, Mr Dotun Olowoporoku, Managing Partner, Ventures Platform, shared, “African VCs often prioritise impact and livelihoods along with traditional metrics, but there is an urgent need to focus on climate-resilient business models”

Mr Olowoporoku also noted that climate change poses formidable threats with potential for severe impacts across multiple sectors, and noted that,”building climate-resilient business models can unlock business, societal and environmental sustainability.”

“As Venture Capitalists, we can drive change in Africa’s climate action by providing funds, encouraging innovation, and scaling climate-smart solutions. Startups like MAX, Rana Energy, and ThriveAgric, which were recognised in the 2024 TIME 100 Climate list, show how tech-driven solutions can address local issues and help global climate efforts.

“At Ventures Platform, we are deeply committed to investing in companies that are not only commercially successful but also actively contribute to solving some of society’s collective challenges”.

Commenting further on the landmark paper, Mr Dolapo Morgan, Senior Investment Associate at Ventures Platform, shared, “Africa is at the receiving end of the world’s climate disaster and it is important for us to turn this challenge into opportunities. It is time for entrepreneurs to focus on building climate-resilient business models for long-term sustainability while creating innovative climate solutions to tackle climate challenges.

“We are already beginning to see some startups and investors move in this direction and that is a good start. This white paper is a call for a coordinated African response towards scaling the opportunities that climate change presents to our technology sector, emphasizing the pivotal role non-climate funds can play in complementing and amplifying the efforts of climate-focused investments,”

By Adedapo Adesanya

President Bola Tinubu has directed the Federal Ministry of Justice and the National Assembly to work on concerns raised in the controversial tax reform bills.

This follows criticisms from statesmen, with the most vocal criticism coming from the northern region, who believe that the reforms will further affect the region.

President Tinubu has now mandated the Justice Ministry to look into the concerns raised and work with the leadership of the National Assembly to finetune the rough edges in the bills.

“It is pertinent to state that the government has nothing sinister to warrant the suggestion that the process is being rushed. In line with the established legislative procedure, the Federal General welcomes meaningful inputs that can address whatever grey areas there may be in the bill,” the Minister of Information and National Orientation, Mr Mohammed Idris, said in a statement.

“In this vein, President Tinubu has already directed the Federal Ministry of Justice and relevant officials who worked on the drafts to work closely with the National Assembly to ensure that all genuine concerns have been addressed before the bills are passed.”

The statement noted that President Tinubu is committed to accountability to the Nigerian people and described the debates generated by the bills as “welcomed, and commendable”.

“It is very inspiring to see Nigerians from all walks of life coming out to express their views and opinions on these matters of critical national importance,” he said. “This is the very essence and meaning of democracy”.

“In the spirit of democratic engagement, there should be no room for name-calling or the injection of unnecessary ethnic and regional slurs into this important national conversation,” the minister said.

Although some of the arguments against the bills are that they were targeted at impoverishing some states, especially in the north, the minister has dismissed the claim which he labelled as “fake news” and “ misinformation”.

“The fiscal reforms will not impoverish any state or region of the country, neither will they lead to the scrapping or weakening of any federal agencies,” he added.

When passed, the minister said, these bills are expected to “bring relief to tens of millions of hardworking Nigerians” and equally “empower and position our states and the 774 local governments for sustainable growth and development”.

“On top of this necessary foundation, the resources being conserved and realized from these reforms will be invested in critical infrastructure (healthcare, education, transportation, digital technology, etc) and in social investments that will benefit all Nigerians and ensure that no one is left behind,” the Information Minister’s statement read.

By Dipo Olowookere

The Dangote Sugar Refinery has been commended for its significant investment in the sugar Backward Integration Policy (BIP) of the federal government.

Business Post reports that so far, Dangote Sugar has committed over $700 million to the scheme aimed to stem the national annual sugar import of over $337 million to enable Nigeria to attain national sugar self-sufficiency which will, in turn, revolutionise the economy of the nation as other people-oriented infrastructures would come with the sugar projects being undertaken under the BIP.

Speaking during a visit to Dangote Group’s pavilion at the ongoing Kano International Trade Fair, Mr Silas Agara, the Director General of the National Directorate of Employment (NDE), said the sugar miller’s action would also create jobs for citizens.

“Dangote Sugar in Tunga in Awe Local Government of Nasarawa State is commendable for improving the Communities in Tunga. It has created job opportunities for the teaming youth and improved livelihoods,” the former Deputy Governor of Nasarawa State said.

While noting that the company’s commitment is critical for the development of the sugar industry in Nigeria, the NDE chief said, “Nasarawa is proud of Aliko Dangote (the chairman of Dangote Sugar). Tunga Sugar is a spinner for Nigeria’s economy.”

Mr Agara urged Mr Dangote to step up community advocacy, and more collaboration with stakeholders to drive greater positive change in the communities.

However, he noted that, “There isn’t any dissenting voice on Tunga sugar, and the communities have enjoyed growth and development through the company’s Corporate Social Responsibility (CSR) strategies.”

Recall that recently, members of Nasarawa State House of Assembly visited the Dangote Sugar Tunga BIP project which they described as a blessing to the state.

The Dangote’s Sugar Master Plan and the company’s commitment to the sugar projects in Tunga, Awe Local Government of Nasarawa, and that of Numan in Adamawa State have scaled up the drive towards realization of National Sugar objectives.

The aim is to produce 700,000 metric tonnes of refined sugar from locally grown sugarcane in the next four year, through BIP.

Nigeria is one of sub-Saharan Africa’s largest importers of sugar second only to South Africa, but the Dangote Sugar management assured that by the time the company fully completes its sugar projects in Nasarawa and Adamawa under the BIP, the nation would be saved of more than half of the forex expended on sugar imports annually.