We are thrilled to announce we are launching in West Africa with our next Studio in Lagos, Nigeria.
Nigeria is a market of 230M people today. It will grow to 730M people strong by 2100, making it the 3rd largest market in the world. And there has never been a more exciting time to invest in energy, agriculture, and fintech in this important market.
Businesses and homes in every corner of Nigeria urgently need innovative energy and EV transportation solutions, as fuel costs went up 600% overnight. At the same time, global solar PV, EV, and energy storage costs are falling rapidly. New lithium batteries will last 10 to 15 years and many critical minerals needed in these supply chains come from Nigeria. Nigerians spend 50% of their income on food and Africa's broader food market will be $1T by 2030.
Nigeria has some of the most entrepreneurial, creative, and business-savvy Founders in the world building innovative ventures to seize these opportunities. Many Nigerian Founders have built fintech unicorns and we believe we can build the next climate unicorns.
The most important ingredient of a new venture is always the team. And we are thrilled to announce the newest members of the Delta40 Dream Team in West Africa.
Ada Osakwe is our Delta40 Board Chairwoman and brings decades of experience to this role - she has invested in funds, set up her own VC fund in Nigeria, and is an entrepreneur herself as the Founder and CEO of Nuli, an innovative farm-to-table ag venture in Africa. We could not ask for a better Board Chair as we expand across Africa.
Bankole Cardoso joined Delta40 as our Venture Studio Managing Director in Nigeria. Bankole has been building ventures in Nigeria for 10 years as the CEO of Easy Taxi Nigeria, CEO of Fenix Nigeria, CEO of ENGIE Energy Access Nigeria, and a VC investor with Equator and Factor[e] before joining. I had the honor of working with Bankole for many years at Fenix where he built a clean energy fintech business in Nigeria from an idea to 600,000 users and a profitable business with an exit to ENGIE.
Biola Alabi joined Delta40 as a Venture Partner to lead investments in West Africa. Biola brings invaluable insights and leadership to our team from 20 years as an early-stage investor and corporate business leader across Africa at MultiChoice, EcoNet, Acasia Ventures, Lagos Angel Network, and beyond.
Special thank you to Dr. Dotun Olowoporoku Olowoporoku & Kola for the insights at the Ventures Platform Fund Africa Prosperity Summit. Thank you Rotimi Thomas and the SunFi Team for a great Board meeting. And thank you to all of the other investors and entrepreneurs we learned from Abubakar Suleiman, Damilola Olokesusi Chinwe Udo-Davis Msc, SPHRi Michael Ogundare Seun Alley.
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