Nasir El-Rufai, the former Governor of Kaduna State, is making a significant shift from his political career to venture into the business world with an ambitious project. He announced the launch of a $100 million venture capital fund, a move that reflects his commitment to fostering innovation and entrepreneurship in Nigeria, particularly within the Kaduna tech ecosystem.
El-Rufai’s background is marked by a blend of political and professional achievements. He has been a key figure in Nigerian politics, particularly known for his role as the Governor of Kaduna State. His political career is complemented by experience in various sectors, equipping him with the skills and insights necessary for his new venture into the business world. Let’s take a look at what the venture entails.
Nasir El- Rufai initiative to begin operation January 2024
The fund, named “Afri-Venture Capital Company Ltd,” plans to start operations in Abuja by January 2024, with notable figures like Jimi Lawal, Hafiz Bayero, Eyo Ekpo, and Kabir Yabo as founding directors. The choice of Abuja as headquarters reflects a strategy to diversify funding beyond Lagos and stimulate startup funding in other regions like Kaduna.
The $100M VC fund set to support startups across sectors
The fund aims to support startups across various sectors, including agriculture, ICT, and the creative industry. El-Rufai personally commits $2 million to kickstart the fund, aiming to attract additional investors who trust his judgment and expertise.
His new venture marks a bold departure from politics, showcasing his willingness to take on new challenges and leverage his experience for economic development. The fund will not only finance new startups but also engage with established companies facing management challenges, intending to catalyze their growth.
How El-Rufai plans to support young innovators via mentorship
During his tenure as Kaduna’s governor, El-Rufai recognized the potential of young innovators in the state but noticed a lack of mentorship and financial support. His fund seeks to fill this gap by providing both capital and mentoring, helping young entrepreneurs navigate regulatory landscapes and industry challenges. The focus is on nurturing businesses, where the fund will take an equity position but not control the ventures.
El-Rufai’s ambitions go beyond Nigeria
While the initial focus is on Nigeria, El-Rufai and his team have broader ambitions for Africa. The fund aims to respond to the growing workforce and entrepreneurial potential in Africa, aligning with continental development goals. El-Rufai is seeking continental partnerships and investors, particularly those focused on climate-related investments.