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Africa Eats started just four and a half years ago, and has achieved some remarkable milestones since. Indeed, one of the companies in its portfolio tripled its revenue in 2023 alone, to $6.4 million.
I was in Lagos, Abidjan, and Accra last week. I have been to Nigeria several times before and Cote d’Ivoire once before, but this was my first visit to Ghana.
Plus: my Investment Approach for the Fund.
Last week I made my second investment research trip to Nigeria. This time, I not only visited the bustling, chaotic commercial capital Lagos, I also had the opportunity to visit the capital Abuja, for the MTN Nigeria Capital Markets Day event, November 14-15.
Africa Global Funds, an industry magazine that covers African asset management, has released their January 2023 issue with updated performance figures for African-focussed investment funds. In it, you will find that African Lions Fund is just about the only Africa frontier equity fund to make money in 2022.
At present, an estimated 22 million people move to Africa’s cities each year. By 2050, the urban population in Africa will be over 1.3 billion, or nearly as much as the entire population of the continent today.