Advisory Board Portrait : Abayomi Awobokun
Today with Abayomi Awobokun, Managing Partner, CE-IV
African youth represents a demographic dividend and a driving force for positive change, possessing the creativity, ingenuity, and determination to meet the challenges facing the continent
As Managing Partner at CE-IV, an investment fund supporting African founders of digital companies, what is your view of entrepreneurship in Africa and in particular the development of digital companies in 2024?
CE-IV is bullish on Africa entrepreneurship, the time for the continent has come in this regard, the winds favor us, our demography and diversity give us a strong posture and we are poised to make the most of it. Last year alone we came across hundreds of very good businesses founded recently by really resilient young Africans and some of these are already attracting interest from the big international majors. That’s really positive for the Continent. Africa’s entrepreneurial landscape has been steadily evolving, driven by a flourishing youth population, increasing internet penetration, and a growing appetite for innovation. Digital companies, in particular, are poised to play a pivotal role in this transformation, offering scalable solutions to pressing challenges across various sectors, from fintech and e-commerce to healthcare and education. In 2024, we anticipate seeing a further acceleration of this trend, with an influx of investment capital, a deepening pool of talent, and a more supportive ecosystem for startups to thrive. However, challenges such as access to finance, infrastructure deficits, and regulatory complexities remain pertinent, requiring collaborative efforts from both public and private stakeholders to address.
In your opinion, what are the key elements for promoting a sustainable digital transition in Africa, particularly in terms of skills, financing and regulation, and how is your organization contributing to these initiatives?
Promoting a sustainable digital transition in Africa hinges on several key elements: skills development, adequate financing mechanisms, and conducive regulatory frameworks. At CE-IV, we are actively contributing to these initiatives through various means. Firstly, we prioritize investments in startups that demonstrate a commitment to skill development and capacity building within their respective communities, fostering local talent pipelines and driving inclusive growth. Secondly, we provide tailored financial support to early-stage and growth-stage ventures, leveraging our network of LPs and expertise to facilitate access to capital. Lastly, we engage with policymakers and regulatory bodies to advocate for policies that foster innovation, ensure market competitiveness, and safeguard the interests of entrepreneurs. By addressing these critical components holistically, we believe we can unlock the full economic development across the continent.
Considering recent developments in Nigeria’s energy sector, such as the delivery of the first products from the refinery and the reduction of electricity subsidies, how do you think these developments could influence the ecosystem of digital startups and technology companies in Africa?
Recent developments in Nigeria’s energy sector, including the delivery of the first products from the refinery and the reduction of electricity subsidies, could have profound implications for the ecosystem of digital startups and technology companies in Africa. We are proud of the strides being made in the energy sector indeed the Dangote refinery project and all the men and women behind it should receive huge compliments for their efforts and the outcomes we all see. Improved energy infrastructure and reduced subsidies have the potential to lower operating costs for businesses, particularly in the tech sector, where reliable electricity is essential for operations. This will spur innovation and entrepreneurship, enabling startups to allocate resources more efficiently and scale their operations more effectively. Additionally, advancements in the energy sector could create secondary industries such as renewable energy and cleantech, presenting new opportunities for tech-enabled solutions that address environmental sustainability challenges. However, it’s crucial to ensure that these developments are accompanied by supportive policies and investments that foster a conducive business environment and promote equitable access to opportunities across the digital ecosystem.
As a member of the Advisory Board, my message to young decision-makers from the continent is one of empowerment, resilience, and collaboration. Africa’s youth represent a demographic dividend and a driving force for positive change, possessing the creativity, ingenuity, and determination to tackle the continent’s most pressing challenges. I urge young leaders to embrace innovation, leverage technology, and pursue their entrepreneurial aspirations with courage and conviction. At the same time, I encourage them to cultivate a spirit of collaboration, recognizing the power of partnerships and collective action in driving meaningful impact at scale. By harnessing their talents and working together towards common goals, Africa’s young decision-makers have the opportunity to shape a brighter future for themselves and generations to come.