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Are Venture Capitalists interested in African Development?

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February 9, 2022
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Home Business Editors Pick

Are Venture Capitalists interested in African Development?

Pelumi Apantaku by Pelumi Apantaku
February 9, 2022
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Two basic principles underline my observation and writing on this topic. Firstly, the African Union and most countries in Africa have no data protection policy. Secondly, the increasing rate of investment in various African businesses. The investment in various African start-ups must be a welcome idea as it contributes to and enriches the continent’s overall technology ecosystem. It stimulates the enthusiasm, innovation and widespread adoption of different technology solutions to numerous Teething African problems. 

However, as a criminologist interested in cybercrime, I have always been very critical of any technological free lunch. One fundamental understanding of this rapid technology evolution is the importance of data. It has become a powerful stimulant and viable commodity in the current digital economy. Every major brand is fighting and competing for any data they can collect.

“Data is the new oil.” (Clive Humby)

In this twenty-first century, the oil that powers every economy is data, similar to how crude oil powered the global economy in the eighteenth century. The more we get connectivity, the more information is generated, making it an untapped asset that is most valuable. Hence, any organisation that discovers how to extract data and exploits it will always remain profitable and competitive. 

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Considering strict regulation in different parts of the world, is it not logical that Africa becomes the bride of the technology investors with one of the weakest data protection laws? The big technology CEOs visit African countries and enjoy Goodwill. In hindsight, should Africans not be critical of the ulterior motives of this sudden love. One fundamental point is that these guys are businessmen and will be attracted to raw materials. 

Zuckerberg in African city of Zanzibar
Zuckerberg in Zanzibar (source: Ghana Talks Business)

For example, Gokada has left Nigeria. But what happens to the vast amount of data collected during the operations. Both the government and the people are not interested. It is evidence of the free reign these innovators have in various African countries. The lack of attention to this natural asset remains a significant disservice by the multiple stakeholders. 

Read Also : Nigerian-owned and US-based housing startup “Whose Your Landlord” secured $2.1M funding led by BlackOps Ventures

Most African technology start-ups are always influenced by foreigners. For example, the white privilege in the technology space is causing a major rift in Kenya. Also, a significant amount of other dominant Africans in this space are either schooled in the west or have substantial financial ties with various investors of foreign heritage. 

Jack Ma with Nigerian Vice President
Jack Ma with Nigerian Vice President (source: Naira Metrics)

On the other hand, African countries seem not to understand these investments’ increasing drive. With Presidents and other African leaders opening their arms to these individuals, the template of the slave trade might be replicated through technology investment before we know it. As a matter of fact, they do not need ships that ferried our forefathers. All they need is a couple of transatlantic cables in the name of global connectivity. 

Tags: DataGokadaKenyaNigeriaSecurityTechnologyVenturecapitalistZuckerberg
Pelumi Apantaku

Pelumi Apantaku

Dr Pelumi Apantaku is a criminologist with focus on cybercrime in developing countries. He lectures cybersecurity and other computing courses in British Universities. You can reach him on @Pelulomo_27 or pelumiapantaku@gmail.com

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