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May 22.2025
2 Minutes Read

Raising ₦100 Billion: A Naira-Denominated Fund for Africa’s Data Future

Portrait of young man in suit, symbolic of African startups.

The Bold Vision Behind the ECO Fund

Samuel Efosa-Austin, a pioneering chief technology officer in Lagos, is embarking on an ambitious journey to raise ₦100 billion to address Africa’s pressing data infrastructure gap. Many in the venture capital ecosystem have hesitated to raise funds in local currency, yet Efosa-Austin believes that this approach not only minimizes the risks associated with foreign exchange fluctuations but also promotes true ownership and investment in Africa’s future.

Why Local Currency Matters

Traditionally, African startups have turned to dollar-denominated funding, exposing them to the challenges posed by currency devaluation. Efosa-Austin argues that investing in local currency allows startups to manage their costs more effectively, thus fostering a more sustainable ecosystem. This strategy ensures that technological solutions remain affordable and accessible, which is crucial for innovative sectors like fintech and AI.

Data Infrastructure as the Bedrock of Innovation

One of the most significant hurdles faced by African innovators is the lack of reliable and verified data infrastructure. Efosa-Austin acknowledges that without robust data systems, sectors such as health, agriculture, and fintech will continue to struggle. His goal is clear: to create a data ecosystem that not only stimulates innovation but also positions Africa as a global leader in digital transformation.

Investing in the Future: The Impact of the ECO Fund

Through the ECO Fund, Efosa-Austin aims to demonstrate that investing in Africa’s future can yield significant social and financial returns. "Impact and returns are not opposites," he explains, highlighting that the success of this venture can unlock new asset classes and redefine investment strategies on the continent.

The Call to Action for Investors

As Efosa-Austin embarks on this transformative mission, he invites investors to rethink their primary focus and consider the massive potential of local currency investments in data infrastructure. By taking this leap, investors can contribute to a sustainable future for Africa, promoting technological advancement that genuinely reflects the continent’s needs and capabilities.

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