The stage is set for the first Venture Capital Advocacy Summit in Nigeria aimed at bringing all the critical elements that could facilitate the entrenchment of the Venture Capital culture in the country. The events will hold between June 28 and 30 at the Eko Hotel, Victoria Island Lagos.
The summit being organised by Alfe City Company Limited with the support of the senate committee on Trade and Investments and the House Committee on Commerce will feature the maiden introduction of the concept of venture capital and provide an opportunity for interaction with international experts and seasoned investors.
According to Mr Soji Adeleye, Chief Executive Officer, Alfe City Company Limited, The total collapse of the crude oil sector in recent months is a reminder if we need one that the over-reliance on that sector was short-sighted in the extreme. He noted that Investment in the people on the other hand is the only risk free investment as they will always be there hence organic growth of the people sector, the private sector provides an insurance for the future.
Venture Capitalism offers Nigeria and its universally acclaimed entrepreneurial people a new vehicle that could turn that creativity into economic power. He said the endorsement of the summit by the National Assembly was crucial as the entrenchment of the Venture Capital culture in Nigeria would require legislative underpinning to guarantee the safety of investment of investors.
Commenting on the summit, Senator Fatimat Raji Rasaki, Chairman Senate Committee on Trade and Investment said, “We share the principle and objectives behind this very laudable program and commend it to all stakeholders across the country” Similarly, the Chairman, House of Representatives Committee on Commerce, Rt Hon Sylvester Ogbaga said the committee considered the summit objectives as very laudable.
However according to the US National Venture Capital Association, 11 percent of private sector jobs in the USA come from Venture backed companies and venture backed revenue accounts for 21 percent of US $18 Trillion GDP in 2015.
Meanwhile, the summit is expected to mark the onset of an advocacy that promises to transform the entrepreneurial landscape of Nigeria forever, by bringing all stakeholders together to highlight how venture capital could be the missing link in Nigeria struggle to build a diverse and sustainable economy; Establish a Register for practicing and prospective venture capital operators in Nigeria; Create the machinery for an annual venture capital event as a vehicle for entrenching the culture of venture capitalism in Nigeria.
