On July 25th, the Sterling One Foundation, led by Olapeju Ibekwe, hosted partners and stakeholders in Lagos for the Africa Social Impact Summit (ASIS). The event focused on urgent discussions and strategies to drive sustainable impact in Africa under the theme: “Reimagining Progress: A New Blueprint for Sustainable Growth in Africa.” During a panel session titled “Envisioning Africa’s Growth Through the Lens of a Thriving Health Economy: Private Sector Perspectives,” experts gathered to explore and propose solutions for increasing investment in Africa’s health sector. Among the key experts was Dr. Olamide (Ola) Brown, a British-Nigerian medical doctor, healthcare entrepreneur, and Founder of Health Capital (HealthCap) Africa.
Challenging the perception that Africa is a risky investment environment, Dr. Ola stated, “I really do not agree with the idea that Africa is a high-risk continent or that Africa is bad for investment.”
She spoke on health-tech policy and the business case for investing in Africa, highlighting Nigeria’s and Africa’s significant potential on the global investment stage. She further noted that Nigeria has one of the fastest-growing populations in the world. By 2100, Nigeria’s population will surpass China’s, while Africa’s population will be ten times that of China.
Dr Ola further emphasized the importance of investing in Africa, pointing out that although not all historical population growth has led to economic development, they often do. She urged investors to view Africa as a viable investment destination, saying, “Africa is still the fastest-growing region in the world in terms of population, mobile phone access, urbanization, and internet access, and these factors are converging to make Africa an exciting place for investment globally.
Her co-panellists include Dr Funmi Adewara of MobiHealth; Dr Oyebanji Filani (Hon.), Commissioner of Health of Ekiti State; Odunayo Sanya, Executive Director of MTN Foundation; and Nadia Al-Banna, Senior Director of Product and Business Development of Allarta Life Sciences. Dr. Mories Atoki, CEO of ABC Health, moderated the panel.
HealthCap Africa is a venture fund focused on early-stage fintech and healthtech startups in Africa. Since its inception over a decade ago, the fund has invested in over 16 startups across 10 African countries. Its portfolio companies feature female founders and focus on healthcare and financial inclusion. These companies have created about 1,000 direct and 12,000 indirect jobs and have collectively raised nearly $100 million in follow-on capital, enabling them to serve approximately 2 million users and customers on the continent.
About ASIS
The Africa Social Impact Summit (ASIS) is a convening for inclusive development that provides an opportunity to develop market-led solutions to Africa’s social challenges. Co-convened by the Sterling One Foundation and United Nations Nigeria, the summit brings together key players across sectors to share knowledge, discuss evidence-based insights, and develop action plans for achieving the Sustainable Development Goals (SDGs).
In addition to fostering new frameworks for sustainable development, the summit provides a platform for impact investors to invest in African solutions addressing issues such as climate change, the circular economy, education, health, water, sanitation and hygiene (WASH), renewable energy, and agriculture.
