Nigerians don’t just sip ruby-red cocktails — they tell stories with them. And in the country’s bustling party capitals, those stories are getting more exciting by the day, and night.



The sun has barely set over Nigeria&#8217;s commercial capital Lagos, but the rooftop bar in Victoria Island is already alive with laughter, the clinking of glasses, and the hypnotic hum of Afrobeats.



A mixologist with a flair for theatrics, twirls a bottle of palm wine midair, before pouring a smooth stream into a glass rimmed with hibiscus dust. This isn’t just a drink; this is Lagos in a sip.



Cocktail culture in Nigeria’s party capitals — Lagos, Abuja, and Port Harcourt—is undergoing a renaissance.



Beyond the classic mojitos and margaritas, bartenders and enthusiasts alike are infusing tradition, artistry, and innovation into their drinks.



From locally-inspired ingredients to experiential mixology, here are five cocktail trends taking over the scene:



Palm Wine Cocktails: A Nod To Tradition



No longer just a staple at village gatherings, palm wine has found its way into the high-end bars of Lagos and Abuja.



This naturally fermented drink is now the base for creative cocktails, often mixed with tropical fruits, honey, and even a splash of gin for an extra kick.



The ‘Palm Royale’, featuring palm wine, passion fruit, and prosecco, is a favorite among those looking for a taste of nostalgia with a modern twist.



Zobo-Infused Spirits: The Hibiscus Revolution



Zobo, a beloved Nigerian hibiscus drink, is no longer just for street vendors.



Mixologists are experimenting with zobo-infused rum, vodka, and even whiskey, creating deep, ruby-red cocktails with a tart and floral undertone.



The ‘Zobo Spritz,’ a mix of zobo-infused gin, tonic, and a dash of bitters, is fast becoming a go-to for sophisticated palates.



Smoke &amp; Fire: The Rise Of Spicy Cocktails



Nigerians love their spice, and now it’s making its way into their drinks.



Cocktails infused with scotch bonnet peppers, smoky suya spice, and even ginger-infused tequila are adding an adventurous edge to the nightlife.



The ‘Pepper Punch’ — a blend of mezcal, lime, and a scotch bonnet syrup — is not for the faint of heart but is a guaranteed conversation starter.



Sustainable &amp; Zero-Waste Mixology



With sustainability on the rise, Nigerian bartenders are making use of every part of their ingredients.



From repurposing pineapple skins for syrup to dehydrating fruit peels for garnishes, eco-conscious cocktails are becoming a movement.



One of the most creative is the ‘Eco Tonic’, a gin and tonic made with upcycled citrus scraps and locally sourced botanicals.



High-Tech Mixology: Molecular Cocktails



For those who love a bit of spectacle, molecular mixology is making waves in Nigeria’s upscale bars.



Imagine sipping on a ‘Cloud Martini’ with a floating citrus foam or watching a cocktail transform colors before your eyes.



Using techniques like liquid nitrogen and edible bubbles, bartenders are turning drinks into an experience that’s as Instagrammable as it is delicious.



As the party never stops, expect even more bold innovations in the glasses of the country’s trendsetters.

After party at Lagos design and fashion week 2013

Nigeria’s Party Capitals Raising The Bar With Top Five Cocktail Trends

This marks a shift from six rate hikes in 2024.



Nigeria&#8217;s central bank has opted to maintain its benchmark lending rate at 27.50%, as announced by Governor Olayemi Cardoso.



The bank made the decision at its 299th Monetary Policy Committee (MPC) meeting concluded today.



This development comes on the heels of the rebasing exercise by the west African nation statistics agency recently, revealing a significantly lower annual inflation rate of 24.48% last month from 34.80% in December last year.



The rate hikes in 2024 cumulatively totaled 875 basis points, aimed at reining in inflation.

Nigeria’s Dying ATMs Leave a Cash-Shaped Hole Filled by Agents

Nigeria Holds Benchmark Rate Steady At 27.50% Amid Lower Inflation

Africa’s next wave of innovation will likely emerge not from Lagos or Nairobi but from Kigali, Dakar, Or Tunis &#8211; offering global investors the chance to discover untapped potential in the continent’s diverse and rapidly-evolving markets.



LATE LAST YEAR, Penelope Terranova posted a call to action on LinkedIn. Her post wasn’t just another entry in the digital ether; it was a rallying cry to experts. She sought professionals skilled in accounting, legal, and business growth to help transform Africa’s overlooked startup ecosystems. The post, which listed 18 priority countries — excluding the continent’s ‘Big 4’ of Nigeria, Egypt, Kenya, and South Africa — sparked a reaction.



One comment from a Nigerian LinkedIn user encapsu- lated a common sentiment: “Coming to Africa and leaving out Africa’s most populous nation and biggest economy, which is Nigeria, is very strange.”



Terranova responded with a measured explanation. “The Big 4 capture over 80% of all investment on the con- tinent,” she wrote. “That is why they are not in our prior- ity of countries to invest in.”



Her reasoning was clear: Africa’s startup landscape is evolving, but much of the attention — and funding — re- mains concentrated in a handful of countries.



Initiatives are now on the rise with a mission to bridge that gap, focusing on regions often ignored by mainstream investors.



The Shit To Emerging Markets



This new approach reflects a broader trend. In 2024, startup funding across Africa dropped by 25%, down to $2.2 billion. How- ever, beneath the surface of this contraction, new markets were emerging as hotbeds of in- novation.



Ghana and Tanzania led the charge outside the Big 4, securing 26 deals each and raising $67 million and $53 million, respectively.



Senegal and the Ivory Coast, bolstered by regional trade integration and supportive policies, com- peted for leadership in Francophone West Africa.



In North Africa, the Tunisian Startup Act continued to bear fruit, making the country a leader in deep tech, spanning AI, biotech, and cloud computing, which shows promise for global adoption.



Emmanuel Adegboye, Head of Madica, a structured investment program for African pre-seed stage compa- nies, highlights the unique advantages of North African markets like Tunisia. “These regions have an abundance of technical talent, a low cost of living, and proximity to major markets,” Adegboye notes to FORBES AFRICA.



Morocco, with its robust research and development (R&amp;D) infrastructure and proximity to European mar- kets, remained a magnet for deal activity.



Meanwhile, in East Africa, Rwanda’s innovation- friendly policies and Uganda’s steady investment attraction turned them into rising stars. Terranova shares with FORBES AFRICA: “Sectorally, fintech remains the clear leader and is likely to remain so, even in untapped markets, as we see the rapid expansion of digital payments, lending platforms, and financial inclusion initiatives. However, other sectors such as agritech, healthtech and edtech are advancing quickly, addressing Africa’s pressing challenges of affordable and scalable solutions in those industries, with AI as a com- mon thread driving innovation across these sectors.’’



Untapped Potential In Underserved Regions



Terranova’s team at Digital Africa focuses on pre-seed and seed-stage startups, the most vulnerable phases in a company’s journey. Their model combines funding with robust support systems: mentorship, tools, and networking opportunities tailored to the unique challenges of operating in underserved markets. In 2024, their investment in media startup Makifaa reportedly marked the only re- corded startup deal in Togo.



The impact of this strategy is two-fold. It fosters localized growth, reducing dependency on the Big 4, while also presenting new opportunities for global investors.



“Several countries shine as bright spots for invest- ment,’’ Terranova explains. “Countries possess varying levels of the essential ‘ingredients’ for success, which can enhance or limit the chances of local startups to thrive – such as the quality of the infrastructure, the ease of doing business, the availability of capital, the market depth, or the level of education and availability of talent.’’



Catalyzing Inclusive Innovation



For Adegboye, the approach goes beyond financial invest- ment. “It requires building the ecosystem— strengthening local leaders, providing patient capital, and offering guid- ance on governance and scalability. This model ensures the long-term sustainability of startups, even in the most challenging markets.’’



Inclusivity is at the heart of Digital Africa’s mission. Gender diversity is a key metric; 50% of its portfolio consists of gender-diverse teams. The Talent 4 Startups initiative has trained tech professionals, bridging the talent gap for startups. “As a subsidiary of Proparco within the AFD Group and in collaboration with 60+ Startup Support Organizations across the continent, we amplify our reach, including co-investment opportunities, aligning with both financial sustainability and our mission to propel African startups,’’ Terranova explains. The future of African startups lies not in a few dominant markets but in the collective rise of many. Channeling resources to underserved regions, promoting inclusivity, and investing in early-stage ventures, initiatives are reshaping the narrative.

Business colleagues discussing project in office

In The Spotlight: Africa’s New Tech Centers Coming Into View

The cement producer is expanding in theEast African nation despite past security challenges.



Aliko Dangote, founder of Dangote Industries with the subsidiary Dangote Cement, recently announced a $400 million investment to revive a second production line at the Mugher cement plant in Ethiopia.



The expansion, projected to be completed within the next 30 months, is expected to double the nine-year-old plant’s capacity to 5 million metric tons annually.



The plant, which is one of the Dangote cement plants operational in 10 countries across the continent, was reportedly plagued by violence and political instability.



“Despite the ups and downs, we have successfully repaid all our loans and repatriated our profit,” Africa&#8217;s richest man reportedly confirmed.



He also revealed plans for a new greenfield cement grinding unit with a capacity of 3 million tons per annum.



In partnership with state-owned Ethiopian Investment Holdings, Dangote&#8217;s company will invest in the Omo Kuraz sugar factory.

30th Afreximbank Annual Import-Export Fair In Ghana

Sub-Saharan Africa’s Largest Cement Producer Bets Big On Ethiopia With Expansion Plans And New Greenfield Grinding Unit

The new credit rating agency is part of the African Union’s push for fairer credit ratings that better reflect the continent’s economic realities.



In June, Africa will officially launch its own credit rating agency, the Africa Credit Rating Agency (AfCRA).



“It is time for Africa to use the right scale, one that reflects its true weight,” Kenyan President William Ruto said today at the presidential breakfast dialogue on the establishment in Ethiopian capital Addis Ababa.



The event brought together other African leaders, including Algeria’s President Abdelmadjid Tebboune, Ethiopia’s Taye Atske Selassie, and Zambia’s Hakainde Hichilema.



Currently, African nations rely on global rating agencies that critics say undervalue their economies, leading to higher borrowing costs.



AfCRA aims to address this by providing transparent, development-focused assessments.



A one-notch rating improvement could unlock $15.5 billion in additional funding — funds that could reduce reliance on aid and boost infrastructure, Ruto reportedly noted in statement.



Global credit rating agencies play a crucial role in determining how much it costs countries to borrow money from international markets.



However, African leaders and economic experts have long criticized these agencies for issuing ratings that they argue fail to reflect the true economic potential of African nations.



Critics claim that structural biases and outdated risk assessments result in lower-than-warranted ratings, making borrowing more expensive for African countries.



A study by the United Nations Development Programme (UNDP) found that African nations pay an estimated $75 billion more in interest payments than they would if they were rated more fairly.



Lower credit ratings mean African countries often face higher borrowing costs, limiting their ability to fund infrastructure projects, social services, and economic development.

The New York Times Climate Forward Summit 2023

Africa To Launch Own Credit Rating Agency In June Amid Calls For Fairer Assessments

Drone delivery and logistics company Zipline&#8217;s expansion comes at a time when the Nigerian government is seeking to improve healthcare outcomes nationwide.



A drone logistics distribution center, operated by Zipline, is expected to serve health facilities and community delivery sites within a 38,000-square-kilometer area of Southern Nigeria’s Bayelsa.



The center, marked by a ceremony attended by Nigeria’s Minister of Health and Social Welfare, Professor Muhammad Ali Pate, and Bayelsa State Governor Douye Diri, increases Zipline’s coverage in the state since 2023, now reaching 73 out of the state’s 83 wards.



‘’From its current facilities in Cross River and Bayelsa, it can serve the bordering states of Akwa Ibom and Abia, and Delta and Rivers, respectively. By sharing flight capacity (which surpasses 300 autonomous flights per day per facility), the operating expense for the system is spread across more users, bringing it down for everyone,’’ Akin Oyediran, Zipline’s Partnerships Executive in Nigeria, explains to FORBES AFRICA.



Through a Memorandum of Understanding signed last year with Nigeria’s Federal Ministry of Health, Zipline operating in the country since 2022 will support the country’s broader health infrastructure, with projections to reduce zero-dose children by 50%, avert 1.7 million disease cases, and save hundreds of thousands of lives over the next several years.



‘’This infrastructure will represent the world&#8217;s largest autonomous logistics system and will help deliver health and economic impact in Nigeria akin to other major historical infrastructure upgrades. The project is expected to enable access to high-quality, reliable healthcare for more than 60% of the country&#8217;s non-urban population, and unlock a myriad of health and societal benefits,’’ says Oyediran.



In addition to its health initiatives, Zipline is exploring ways to extend its reach into Nigeria’s agriculture sector. Its success in Rwanda, where drones have been used to deliver livestock vaccines and artificial insemination products, has provided a model that Zipline hopes to replicate in Nigeria.



In 2022, Zipline partnered with the Government of Rwanda, which included the Rwanda Agriculture and Animal Resources Development Board (RAB), to up the delivery of both healthcare and animal care goods in the country.



That year alone, the Ministry of Agriculture reportedly delivered more than 500,000 doses of animal health vaccines and more than 8,000 units of swine semen to vets and farmers, using Zipline

Zipline Aircraft

Agriculture Is Next For Drone Logistics Company Expanding Healthcare Access In Southern Nigeria

Tems joins other members of the ownership group, including actor Issa Rae and footballer Juan Mata.



Two-time Grammy winner Temilade &#8216;Tems&#8217; Openiyi has joined the ownership group of San Diego FC as a club partner.



The Nigerian singer-songwriter made the announcement today on X (formerly Twitter), expressing her excitement: &#8220;Proud to support SDFC’s @right2dream initiative, empowering young talent on and off the field. Can’t wait for what’s ahead @mls!&#8221;



San Diego FC, also known as San Diego Wave FC, is a professional soccer team based in San Diego, California. The team competes in Major League Soccer (MLS).

The Fashion Awards 2024 Presented by Pandora –  Show

Two-Time Grammy Winner Tems Joins San Diego FC Ownership Group As Club Partner

Nigeria won the hosting right for the establishment of the Africa Energy Bank (AEB) Headquarters in July 2024, after it competed with Ghana, Algeria, South Africa, and Benin Republic.



The Africa Energy Bank (AEB) is set to launch in the first quarter of 2025, with an initial equity investment of $5 billion from member nations and shareholders.



Following the January 28 operationalization deadline, Nigerian Minister of State for Petroleum Resources Heineken Lokpobiri confirmed at a conference today that the bank will begin operations in the country&#8217;s capital Abuja.



&#8220;The building is ready, and we are only putting finishing touches to it, by the end of this quarter, this bank will take off,&#8221; Lokpobiri reportedly said.



The bank, a joint initiative between African Export-Import Bank (AfreximBank) and the African Petroleum Producers Organization (APPO), aims to support Africa&#8217;s energy transition goals and fund oil and gas projects across the continent.



According to Lokpobiri, the AEB is expected to reach an asset base of $120 billion within the next five years.

Investors Pile Into Longer-Dated Nigerian Bonds to Lock in Rates

New Energy Bank In Q1 2025, Targeting Asset Base Of $120 Billion Within The Next Five Years

Excavation works initiated in 2016 led to the creation of the world&#8217;s largest single-train petroleum facility, capable of refining 650,000 barrels of crude per day, in Nigeria&#8217;s commercial capital Lagos.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&#8220;We can go 100% in 30 days.&#8221; – Devakumar Edwin
</blockquote>



The Dangote Refinery, owned by Africa&#8217;s richest man, Aliko Dangote, is set to hit full capacity in 30 days, according to the refinery&#8217;s head.



Devakumar Edwin, Vice President of Dangote Industries Limited, responsible for the oil and gas business, reportedly confirmed the refinery was currently operating at 85% capacity and &#8220;we can go 100% in 30 days&#8221;.



This development comes on the heels of the refinery&#8217;s shipment of two cargoes of jet fuel to Saudi Aramco.



The Dangote Petroleum Refinery, described as Africa&#8217;s largest oil refinery, began production in January 2024.



At full capacity, the $20 billion facility aims to produce 327,000 barrels per day of gasoline, 244,000 barrels per day of gasoil/diesel, 56,000 barrels per day of jet fuel/kerosene, and 290,000 metric tons per year of liquefied petroleum gas (LPG).

Nigeria’s $21 Billion Dangote Mega Oil Refinery Opening

Africa’s Richest Man’s Oil Refinery Reaches 85% Capacity, Aims For Full Production In 30 Days

The actor and director is on an official four-day trip to Nigeria to support the creative arts and for his ongoing leadership scholarship for girls.



British-Nigerian actor David Oyelowo is in the West African nation, following a seven-year absence, and joined by his wife, Jessica for a two-day, girls-only creative arts summit.



The GEANCO Foundation-organized event, held between January 31 and February 1 at Brightland Academy in Enugu, Eastern Nigeria, brings together approximately 100 girls from around the country for workshops focused on screenwriting, acting, drawing, music, photography, digital art, and dance.



Oyelowo, who was born in the United Kingdom to Nigerian parents, expresses his excitement about being back in the country and his commitment to empowering girls, since 2016, through education via his leadership scholarship program, in partnership with GEANCO.



“It’s been a while since I’ve been back, but the pandemic was a big reason for that,” Oyelowo, who visited Eastern Nigeria for the first time, tells FORBES AFRICA.



“I’m so glad to be back and see the progress we’ve made – from three girls [in 2016] to 44 girls now.”



During their visit, the Oyelowos also visited one of GEANCO’s family health clinics and the Giannis Antetokounmpo-funded community center.



“It’s about access for a community to stand autonomously and grow,” Oyelowo says.



Afam Onyema, CEO of GEANCO, emphasizes the importance of sustainability and scalability.



“We’re not just cutting checks to schools; we’re building a presence in the girls’ lives, providing access to education, healthcare, and creative opportunities,” Onyema says.



Oyelowo touching on the summit experience, says: “Seeing them come out of their shells is the most rewarding part. What you find with some of our girls is that they’re very quiet. They make themselves smaller than they should, especially around men, because they are taking in data that they should make themselves small, that they’re not important. And we’re trying to instill in them that that is the opposite of the truth”.



“And as they begin to believe that, the beautiful surprise is seeing them find their voice, find their joy in experiencing photography, and dance, and AI, and digital art, and acting, and script writing, and all of the things that we are affording them the opportunity to do here.”



He continues that “it’s not about whether you’re going to become an actress or a writer or a photographer or a painter. It’s about giving you life skills that are going to give you choices on the basis of access”.



Oyelowo also elaborates on his continued dedication to the program.



“To have a scholarship named after me, to have the passion I have for girls’ education generally&#8230; I’m dedicated to this.”

ALT_1608

‘I’m dedicated to this’: David Oyelowo On Returning To Nigeria For Creative Arts Summit

Fraud tactics, according to a new report, have been accelerated by emerging technologies such as generative AI, deepfakes, and insider-assisted schemes.



Most fraud cases in Africa involved spoofing last year, according to the 2025 Digital Identity Fraud in Africa Report by Know Your Customer (KYC) provider, Smile ID.



In the context of identity verification and biometric authentication, spoofing refers to the act of presenting fake biometric data, such as a photo or video of someone’s face, fingerprints, or voice, to trick the system into accepting it as genuine.



The report, which analyzed over 110 million identity verification checks across the continent, reveals a sophisticated web of fraud tactics exploiting vulnerabilities in fintech platforms and digital ecosystems.



West Africa emerged as the hotspot for biometric fraud with the highest incidents of spoofing and face-match inconsistencies.



East Africa led in document fraud cases, with a combined rejection rate of 27%.



Central Africa, up by 3%, saw a slight increase in rejected identity verification attempts, with rates climbing to 22%. Meanwhile, Southern Africa experienced a sharp increase, with rejection rates soaring from 9% to 21%, pointing to a surge in fraud attempts linked to the phasing out of the green ID book, a formerly widely-used identity document.



The widespread adoption of biometric verification has strengthened fraud prevention, but also driven fraudsters to develop more sophisticated attack methods.



The report found that fraudulent activities peaked between 7PM and 3AM GMT, with a surge in attacks at 11PM GMT. This suggests that fraudsters are most active during nighttime hours.



“As fraud becomes more sophisticated, KYC solutions must evolve. Machine learning and predictive analytics enable real-time detection of unusual patterns, while automation and adaptability will define the future of KYC. By combining precision and speed, businesses can prevent fraud effectively while ensuring a smooth, secure experience for legitimate users,” Mark Straub, CEO of Smile ID, shares with FORBES AFRICA.



Straub also reiterates the importance of protecting people and integrations from threats of fraud.



“Implementing SOC2 and ISO 27001 security training, device management, and audits can help prevent fraud,” he advises.

hand typing on computer keyboard

Spoofing The Most Prevalent Form Of Fraud In Africa

In the country’s food delivery market where hunger for innovation meets hunger for food, three-year-old FoodCourt is serving up a recipe for success.



It was a sweltering afternoon in Nigeria’s commercial capital Lagos, and Henry Nneji stood outside a restaurant kitchen, sweat dripping down his brow. His startup had just lost its second location in a matter of months after moving from a shared kitchen experiment. Nneji’s dream of transforming Nigeria’s food delivery industry teetered on the edge. With the weight of his staff’s livelihoods on his shoulders, he had two choices — give up or find a way to thrive.



“We pretty much didn’t have any money to move into a new location, but somehow we were able to secure a third space,” 29-year-old Nneji tells FORBES AFRICA.



Nneji now sits at the helm of FoodCourt, formerly known as CoKitchen, a multi-brand virtual restaurant company joining just 4% of startups, globally, who make over $1 million annually.



His entrepreneurial spirit, however, was nurtured long before the early days of FoodCourt.



Growing up in a family of entrepreneurs, he had a front-row seat to the hustle and innovation required to navigate Nigeria’s volatile business landscape.



His mother Ngozi, a known quick service restaurant (QSR) franchise owner, once had to watch her thriving business close its doors due to the construction of a road that cut off customer access.



“There was no online presence at the time for businesses like hers,” Nneji recalls.



After receiving a degree at the University of Birmingham, Nneji returned to Nigeria brimming with ideas.



His first foray into tech was as a co-founder of Fashion Map, an online platform connecting fashion designers and consumers, in 2019. Though it grew to over 3,000 users, the market wasn’t ready for the solution, and he had to shut it down.



By 2020, the world was grappling with a pandemic, and he stumbled upon an article about Travis Kalanick, the former CEO of Uber, and a $400 million investment in CloudKitchens. The idea sparked a lightbulb moment.



Drawing from his mother’s experience, he understood the pain of the collapse of a brick-and-mortar operation. With food delivery apps gaining traction in Nigeria, Nneji saw an opportunity. But unlike traditional aggregators that only listed restaurants, he envisioned something different — a full-stack operation where FoodCourt controlled everything: the technology, the kitchen, and the delivery.



“I found it just really interesting because I felt like it was sort of a step in the right direction,” Nneji says. “We saw that there was a rise of food delivery aggregators, but it was still massively inefficient.”



With an initial investment of N10 million (approximately $19,000 at the time) from his entrepreneur father, Frank who founded Nigerian transportation company, ABC Transport, Nneji co-founded FoodCourt with Paul Iruene.



They launched in August 2021, operating out of an existing restaurant kitchen. The early days were chaotic — challenging locations, an unexpected relocation, and strained resources. Yet, each setback taught Nneji and his team invaluable lessons about the nuances of the Nigerian market.



Their breakthrough came when they secured their own second space and refined their model to a multi-brand kitchen operation with the understanding of local demand and the rolling out of tailored food concepts, from traditional staples to experimental cuisines.



Statista estimates the user penetration rate in the meal delivery market in Nigeria to be 16.2% this year, while the number of users is expected to reach 52 million by 2029.



The platform’s controlled production and delivery process gave them an edge over traditional aggregators and allowed them to reportedly grow revenue by 80% over the past 12 months, making over $4.3 million in annual recurring revenue (ARR).



The company which now operates with 16 food concepts, serving over 15,000 monthly active users and two locations in Lagos, is preparing to expand to Nigeria’s capital Abuja, other African markets and the United States.



“Our model gives us limitless flexibility. We can hyper-localize menus for any market,” Nneji says.



Despite the accolades and exponential growth, FoodCourt remains grounded, driven by a mantra centered on good food and exceptional service.



“We’ve had a lot of bad days, but I don’t remember a day that I felt like giving up or felt it was over…VC [venture capital] winter prompted us to be very, very prudent with just how we saw the landscape of things,’’ says Nneji.

Screenshot 2025-01-30 at 21.35.17

Recipe For Disruption: How A Virtual Restaurant Startup Is Taking A Bite Out Of Nigeria’s Food Delivery Market

As artificial intelligence reshapes the global economy, industry leaders warn that without urgent investment in AI research, cloud infrastructure, and tailored solutions, Africa’s potential will remain untapped.



A PricewaterhouseCoopers (PwC) report reveals that artificial intelligence (AI) could potentially add $15.7 trillion to the global economy by 2030, representing a 14% increase in GDP.



However, Africa, alongside Oceania and other Asian markets, is projected to capture only 5.6% of that growth—approximately $1.2 trillion—unless strategic steps are taken to bolster the continent’s AI capabilities.



Charles Emembolu, founder of TechQuest STEM Academy, warns that Africa’s current trajectory should serve as a wake-up call for policymakers and innovators.



“Africa contributes less than 1% of global AI research output,” he says to FORBES AFRICA. “To change this, we need more AI-focused research centers and increased funding for African-led AI innovations.”



He adds that investment in AI-ready cloud computing, local data centers, and comprehensive AI education is critical.



Emembolu also advocates for a pan-African AI strategy to ensure ethical AI deployment and greater support for local startups.



“We must own and manage our data and develop models relevant to our unique languages and socioeconomic contexts,” Emembolu says.



“If we act decisively, Africa can redefine global AI innovation from an African perspective—one that is equitable, responsible, and transformative.”



Zain Verjee, CEO of global communications advisory theZVG, points to a development: DeepSeek, the new Chinese AI startup that seemingly challenges the notion that only certain nations or tech giants can play in the AI space.



“What DeepSeek has shown us is that creating advanced AI with small, lean teams is possible,” Verjee says to FORBES AFRICA.



“This allows Africa to start building its own language models, ensuring our stories, data sets, and histories are part of the global AI ecosystem.”



She stresses that homegrown solutions should replace imported systems. “If we develop our own open-source repositories and frameworks tailored to African languages and industries, it will be game-changing,” she adds.



Verjee praises initiatives, like data science competition platform, Zindi Africa, for advocating solutions crafted by Africans for Africa’s unique challenges.



She calls on African leaders to drive investment ecosystems and talent development, reiterating the importance of a collaborative approach across borders.



“Africa’s AI story must be written by Africans for Africans,” Verjee says. “This goes beyond technology—it’s about sovereignty, dignity, and creating solutions for our people.”



She urges leaders to avoid operating in silos and instead build pan-African sandboxes where universities, startups, and policymakers collaborate to develop ethical AI frameworks.



The stakes are high, but so are the opportunities.



&nbsp;“If our leaders step up and our innovators lead, we can shift the paradigm and create a future where Africa is a leader in ethical, inclusive AI innovation,” concludes Verjee.

The Power of AI. Transforming Industries and Customer Service. A Look into the Future. Yellow AI icon processing texts and commands on smart phone. 3D render

Inclusive Innovation In AI Calls For A Collaborative Strategy

Africa’s next wave of innovation will likely emerge not from Lagos or Nairobi but from Kigali, Dakar, or Tunis — offering global investors the chance to discover untapped potential in the continent’s diverse and rapidly-evolving markets.



Late last year, Penelope Terranova posted a call to action on LinkedIn. Her post wasn’t just another entry in the digital ether; it was a rallying cry to experts. She sought professionals skilled in accounting, legal, and business growth to help transform Africa’s overlooked startup ecosystems. The post, which listed 18 priority countries — excluding the continent&#8217;s ‘Big 4’ of Nigeria, Egypt, Kenya, and South Africa — sparked a reaction.



One comment from a Nigerian LinkedIn user encapsulated a common sentiment: &#8220;Coming to Africa and leaving out Africa’s most populous nation and biggest economy, which is Nigeria, is very strange.&#8221;



Terranova responded with a measured explanation. &#8220;The Big 4 capture over 80% of all investment on the continent,&#8221; she wrote. &#8220;That is why they are not in our priority of countries to invest in.&#8221;



Her reasoning was clear: Africa’s startup landscape is evolving, but much of the attention — and funding — remains concentrated in a handful of countries.



Initiatives are now on the rise with a mission to bridge that gap, focusing on regions often ignored by mainstream investors.



The Shift To Emerging Markets



This new approach reflects a broader trend. In 2024, startup funding across Africa dropped by 25%, down to $2.2 billion. However, beneath the surface of this contraction, new markets were emerging as hotbeds of innovation.



Ghana and Tanzania led the charge outside the Big 4, securing 26 deals each and raising $67 million and $53 million, respectively.



Senegal and the Ivory Coast, bolstered by regional trade integration and supportive policies, competed for leadership in Francophone West Africa.



In North Africa, the Tunisian Startup Act continued to bear fruit, making the country a leader in deep tech, spanning AI, biotech, and cloud computing, which show promise for global adoption.



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 &#8220;These regions have an abundance of technical talent, a low cost of living, and proximity to major markets,&#8221;- Emmanuel Adegboye. 
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Emmanuel Adegboye, Head of Madica, a structured investment program for African pre-seed stage companies, highlights the unique advantages of North African markets like Tunisia. &#8220;These regions have an abundance of technical talent, a low cost of living, and proximity to major markets,&#8221; Adegboye notes to FORBES AFRICA.



Morocco, with its robust research and development (R&amp;D) infrastructure and proximity to European markets, remained a magnet for deal activity.



Meanwhile, in East Africa, Rwanda’s innovation-friendly policies and Uganda’s steady investment attraction turned them into rising stars.



Terranova shares with FORBES AFRICA: “Sectorally, fintech remains the clear leader and is likely to remain so, even in untapped markets, as we see the rapid expansion of digital payments, lending platforms, and financial inclusion initiatives. However, other sectors such as agritech, healthtech and edtech are advancing quickly, addressing Africa’s pressing challenges of affordable and scalable solutions in those industries, with AI as a common thread driving innovation across these sectors.’’



Untapped Potential In Underserved Regions



Terranova’s team at Digital Africa focuses on pre-seed and seed-stage startups, the most vulnerable phases in a company’s journey. Their model combines funding with robust support systems: mentorship, tools, and networking opportunities tailored to the unique challenges of operating in underserved markets. In 2024, their investment in media startup Makifaa reportedly marked the only recorded startup deal in Togo.



The impact of this strategy is two-fold. It fosters localized growth, reducing dependency on the Big 4, while also presenting new opportunities for global investors.



“Several countries shine as bright spots for investment,’’ Terranova tells FORBES AFRICA. “Countries possess varying levels of the essential ‘ingredients’ for success, which can enhance or limit the chances of local startups to thrive – such as the quality of the infrastructure, the ease of doing business, the availability of capital, the market depth, or the level of education and availability of talent.’’



Catalyzing Inclusive Innovation



For Adegboye, the approach goes beyond financial investment. “It requires building the ecosystem—strengthening local leaders, providing patient capital, and offering guidance on governance and scalability. This model ensures the long-term sustainability of startups, even in the most challenging markets.’’



Inclusivity is at the heart of Digital Africa’s mission. Gender diversity is a key metric; 50% of its portfolio consists of gender-diverse teams. The Talent4Startups initiative has trained tech professionals, bridging the talent gap for startups. “As a subsidiary of Proparco within the AFD Group and in collaboration with 60+ Startup Support Organizations across the continent, we amplify our reach, including co-investment opportunities, aligning with both financial sustainability and our mission to propel African startups,’’ Terranova explains.



The future of African startups lies not in a few dominant markets but in the collective rise of many. Channeling resources to underserved regions, promoting inclusivity, and investing in early-stage ventures, initiatives are reshaping the narrative.

Businessman working analysis business information.

The Rising Stars In Africa’s Evolving Startup Landscape

Sudan&#8217;s economy has faced significant challenges, including a severe cash shortage and soaring prices for commodities.



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“This resulted in the spread of large quantities of banknotes of unknown origin and not conforming to technical specifications in the SDG1,000 and SDG500 denominations, which has led to a clear increase in the level of cash liquidity and a negative impact on the stability of the general price level,” the Central Bank of Sudan says.
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Sudan is introducing new 500 ($0.20) and 1,000 ($0.50) Sudanese Pound banknotes, featuring advanced security specifications to combat counterfeiting and stabilize the exchange rate.



The value of the Sudanese Pound has plummeted by over 350% in recent months, leading to widespread protests.



To address these issues, the government launched a currency exchange initiative, allowing citizens to exchange old banknotes for new ones.



The deadline for this exchange was initially set for December 23 but has been extended twice, first to December 30 and then to January 6, 2025.



The currency exchange initiative aims to ease the liquidity crisis.



However, its implementation has been challenging, particularly in areas controlled by the Rapid Support Forces (RSF), which have prohibited the use of the new currency.

Oluwatomisin Amokeoja

FORBES AFRICA SOCIAL MEDIA