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For the first time in years, capital is finding its way back to investors in African ventures, according to a new report from Stears and Ventures Platform that tracked 181 verified VC-backed exits across the continent between 2011 and 2026. The report shows that Africa’s tech ecosystem is producing more exits than ever, but the improvement is driven as much by a 33% decline in funding as a 36% rise in exits. If you combine this with less participation from foreign investors and acquirers, the dominance of acquisitions (73%), and the concentration in four countries (81%), the result is a backlog of companies that raised large rounds and now need to provide liquidity in a market that cannot provide it. For fund managers who have to return money to their investors, the importance of planning for liquidity from the outset can not be overstated, a shift from it being currently treated as an eventual outcome of ecosystem maturity. International buyers made up 56% of disclosed exits in 2020. By 2025, that share had fallen to 33%, the report said. Acquisitions now account for 73% of all exits, more than four times the next most common route. Nigeria, South Africa, Egypt, and Kenya together account for 81% of disclosed exits. Financial services alone delivers 30%, more than the next two sectors put together. “The problem is not too few exits,” Dr Dotun Olowoporoku, the managing partner at Ventures Platform, noted in the report. “It is that exit routes are narrow, buyer pools are shallow, and the broadening that should accompany maturity is not happening fast enough.” The recycling mirage The capital recycling ratio, exits divided by investments in a given year, climbed from 0.032 in 2022 to 0.065 in 2025. While that’s an improvement on paper, in practice, it’s mostly arithmetic. Funding volumes fell 33% over the window as exit volumes rose 36%, meaning the ratio improved mostly because the denominator shrank. For the companies that raised money during the 2019-2022 boom, less funding has created a stockpile of companies that will eventually need buyers, but the market has not widened to receive them. Peer markets offer useful context. Southeast Asia runs at 0.03 to 0.05, but exit activity there has scaled alongside investment. Latin America boomed, corrected, and still settled at meaningfully higher exit levels even as funding fell sharply between 2022 and 2025. Africa has yet to show it can sustain exit activity independently of the funding cycle. A new way to measure liquidity The report also introduces the Stears-Ventures Platform Liquidity Index, the first composite measure of African venture liquidity. It separates liquidity volume (80% of the score) from liquidity quality (20%). The quality component draws 60% from international buyer share, 20% from fresh liquidity intensity, and 20% from route diversity. The baseline is 2020-2023, with quarterly updates. West Africa leads with 86 recorded exits, an unadjusted Liquidity Quality Index of 87.03, and a Diversity Score of 85.80 – top of the table on both. North Africa scores well on quality, almost entirely because of Arab and European buyer participation. Southern Africa, despite South Africa’s deep corporate base, posts a Diversity Score of just 32.81 as 89% of its VC exits run through trade sales. Central Africa, with only 10 recorded exits, sits at the bottom across every metric. The most interesting signal in the data The most encouraging thing in the dataset is venture-backed companies buying other venture-backed companies. Flutterwave’s all-stock acquisition of Mono Technologies, Risevest acquiring Chaka in Nigeria and Hisa in Kenya, and OmniRetail’s 2024 acquisition of Traction Apps. They all show that parts of the ecosystem, particularly West African fintech, are beginning to generate buyers from within, and this is the closest thing African VC has to structural improvement. When buyers come from inside the ecosystem, dependence on external capital cycles eases, and the effects compound. Companies that grow through acquisition scale faster, become more attractive targets themselves, and set valuation reference points along the way, which is very useful for investors. But, just like exits, it’s still concentrated. These acquisitions are most visible in financial services, faint elsewhere, and not yet at the scale needed to shift the overall buyer mix. The report combines the Stears Transactions Database with direct submissions from 16 participating funds: Ventures Platform, LoftyInc, Future Africa, Acumen, Microtraction, Golden Palm Investments, Launch Africa, Enza Capital, VestedWorld, DOB Equity, HoaQ, Norrsken22, Atlantica Ventures, Consonance Capital Managers, Serena Ventures, and MaC Venture Capital.
Read MoreTechCabal, Africa’s leading technology media publication, today announced that Moonshot by TechCabal, its flagship pan-African technology conference, will return for its fourth edition on October 28 and 29, 2026, at the National Theatre Nigeria in Lagos, Nigeria. Since its inception in 2023, Moonshot has grown into Africa’s fastest-growing technology conference and one of the most important convenings of the global tech ecosystem. The 2025 edition welcomed 6,000 attendees from 39 countries across 6 continents, bringing the three-year run to more than 12,650 participants from 44 countries since the conference launched in 2023. “Moonshot has become the moment each year when African tech meets itself to take stock, to make deals, and to decide what comes next”, said Tomiwa Aladekomo, CEO, Big Cabal Media. “We are excited to be bringing the ecosystem back to Lagos for a fourth edition and to share more about what this year’s conference will look like in the coming weeks.” What Moonshot has built Across three editions, Moonshot has become a genuine economic and ecosystem event for African technology. Investors attending the conference have collectively raised and deployed over $5 billion through their funds, while startups exhibiting on the Moonshot floor carry an estimated combined market valuation exceeding $15 billion. More than 2,000 unique organisations have been represented across editions, with one in seven attendees a funder, investor, or ecosystem enabler with active capital to deploy. The conference has also become Africa’s most prominent stage for early-stage startup discovery. TC Battlefield, Moonshot’s flagship pitch competition, has attracted 960 applicants, named 14 winners, and awarded $105,000 in prize money since 2023, alongside structured pre-accelerator mentorship and direct access to top-tier investors. Beyond capital, Moonshot has anchored continental policy alignment. The 2025 edition convened ministers and dignitaries from Nigeria, Ghana, Sierra Leone, Mauritania, Sweden, the United Kingdom, Canada, Denmark, the Netherlands, and others across six major policy roundtables, with stakeholders pledging over $120,000 to support the newly formed Tech Ecosystem Alliance. What’s coming In the weeks ahead, TechCabal will announce: The headline sponsor for Moonshot 2026 The conference theme and editorial direction for this year’s edition The content tracks, session formats, and confirmed speakers Ticket tiers and pricing, including bundle access to co-located events Past editions of Moonshot have featured speakers including Dr Bosun Tijani, Nigeria’s Minister of Communications, Innovation & Digital Economy; Kashifu Inuwa Abdullahi, Director-General of NITDA; Dr Jumoke Oduwole, Nigeria’s Minister of Industry, Trade and Investment; Iyin Aboyeji, Founding Partner of Future Africa; and Marlon Nichols, Co-founder and Managing General Partner of MaC Venture Capital, among others. Moonshot 2026 will once again anchor a week of African tech and investment programming in Lagos. Off-conference activities, side mixers, and co-located events will run through the week of October 28. To stay updated on speaker announcements, ticket sales, and programming details, visit moonshot.techcabal.com and subscribe to TC Daily, TechCabal’s daily newsletter. About TechCabal TechCabal is Africa’s leading technology media publication, providing reporting, data, and context on African technology, business, and innovation since 2013. TechCabal covers startup funding, mergers and acquisitions, fintech, policy, the creative economy, and the people building the continent’s digital future. TechCabal is part of Big Cabal Media, which also operates Zikoko, Cabal Creative, and TC Insights. For more information, visit techcabal.com and moonshot.techcabal.com.
Read MoreAs MTN Nigeria braces for potential profit pressure if diesel prices remain above or rise beyond ₦2,000 ($1.45) per litre, the telecom operator is exploring a shift to gas and a broader energy mix to cut operating costs. In its latest Sustainability Report, MTN Nigeria said it saved ₦8.1 billion ($5.89 million) in 2025 by increasing its use of gas-powered electricity. However, diesel continues to dominate its energy mix, underscoring the structural challenge of powering telecom infrastructure in Nigeria. The company said it consumed more than 1 million gigajoules of energy in the year—about 277 million kilowatt-hours—reflecting the scale of its operations across base stations, data centres, switching facilities, offices, and its vehicle fleet. This level of energy use is equivalent to powering about 25,000 to 30,000 Nigerian homes annually, or the energy contained in roughly 25 million litres of diesel. As data demand grows, the cost and source of this energy are becoming central to both profitability and sustainability. MTN estimates a 2.0% margin decline—equivalent to about ₦140 billion ($102 million) at current revenue levels—as rising energy costs outpace gains from increased data usage. Although data revenue grew 56.2% this quarter, each gigabyte now costs more to deliver, putting pressure on margins. In its Q1 2026 report, MTN Nigeria said it nearly doubled its capital expenditure, rising 92.8% year-on-year to ₦390.3 billion ($283.74 million), as it accelerated the deployment of solar-hybrid and gas-powered solutions. The strategy is partly anchored on Nigeria’s natural gas reserves, estimated at 215.19 trillion cubic feet (tcf). However, ongoing supply constraints—reported to have left 16 of the country’s 33 power plants idle or operating below capacity in early 2026 due to gas shortages—could limit this transition and sustain reliance on diesel power if not addressed. In 2025, diesel made up 58.11% of MTN Nigeria’s total energy consumption, far exceeding gas-powered Independent Power Producers (23.63%) and electricity from the national grid (18.04%), the sustainability report noted. Renewable energy, including solar, contributed just 0.05%, highlighting how marginal clean energy remains in the company’s overall power mix. “Our Scope 1 and Scope 2 greenhouse gas emissions stood at approximately 106,588 tonnes of carbon dioxide equivalent, a 4.8% increase over the prior year, driven primarily by network expansion and grid supply constraints, which increased reliance on diesel,” Karl Toriola, CEO of MTN Nigeria, noted in the report. The 106,588 tonnes of carbon dioxide (CO₂) equivalent represent emissions from MTN Nigeria’s direct operations, such as diesel generators and fuel-powered vehicles, as well as the electricity it consumes. It captures the company’s operational carbon footprint and highlights the energy intensity of telecom infrastructure, particularly in markets where unreliable grid supply forces operators to depend heavily on diesel. That dependence also carries financial risk. With diesel prices hovering around ₦2,000 ($1.45) per litre, MTN Nigeria remains highly exposed to fuel price volatility. For a business operating at this scale, energy costs feed directly into margins. The company reported operating expenses of ₦1.39 trillion ($1.01 billion), making the ₦8.1 billion ($5.89 million) saved through increased use of gas relatively modest. While gas provides a partial buffer, it is not yet enough to materially reduce the overall cost burden imposed by diesel reliance. Grid instability continues to play a major role. Frequent power outages and unreliable supply force telecom operators to depend on diesel generators to maintain uptime, particularly for critical infrastructure like base stations and switching centres. Where the energy goes A breakdown of MTN Nigeria’s electricity consumption shows where the pressure points lie. Data centres accounted for the largest share, consuming 38.2% of electricity, an indication of the growing demand for data services and digital infrastructure. Base transceiver stations (BTS), which form the backbone of mobile connectivity, consumed 31.6%, while switches used 21.2%. Office buildings accounted for 8.7%, and mobile combustion vehicles made up a negligible 0.3%. The concentration of energy use in high-demand facilities like data centres and network infrastructure makes transitioning away from diesel particularly difficult. These operations require constant, reliable power, which renewables alone currently struggle to provide at scale. Beyond fuel switching, MTN Nigeria said it implemented several energy efficiency measures in 2025 aimed at reducing both costs and emissions. The deployment of high-efficiency cooling systems and inverter solutions generated an additional ₦352.6 million ($256,330) in savings. The company also said it expanded its solar-powered rural sites by 18%, extending connectivity to underserved communities while reducing reliance on diesel in those locations.
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