Tech leaders urge resilience as funding tightens

At the opening of the 2026 Moonshot Conference in Lagos, African tech leaders emphasized the critical need for structural resilience, local adaptation, and homegrown capital as venture capital becomes increasingly scarce. OPay's COO and CTO, Dotun Adekunle, reflected on the company's growth since its inception in 2018, highlighting the challenges of navigating regulatory changes, currency devaluations, and social media rumors.

He cautioned that endurance is essential for survival in Nigeria, citing stubbornness as a business model necessary for success. OPay defended its agent banking networks, asserting they are not "demons" but critical infrastructure for cash and financial inclusion. The conference, themed "Courage and Conviction," saw TechCabal CEO Tomiwa Aladekomo note that while large deals continue to attract attention, early-stage funding has declined, with small investments reaching their lowest since 2021.

TechCabal emphasized the importance of designing for worst-case operational days, treating regulators as partners, and cooperating on security and resilience. African startups raised $2.2 billion across 275 deals in the first half of 2026, but capital has become more expensive and selective, focusing on profitability and potential acquisitions.

The Nigerian Communications Commission (NCC) is working with the Federal Capital Territory (FCT) to develop AI projects addressing community challenges, while the National Information Technology Development Agency (NITDA) plans to launch the Builders Festival to foster homegrown innovation and technology creation. AI expert Uche Amaonwu cautioned that AI could exacerbate existing inequalities if not deployed with a focus on equity, stressing that technology adoption's true measure is its impact on maternal health outcomes, classroom learning, and smallholder farmers' yields.