The 21st annual African Private Equity and Venture Capital Association (AVCA) conference kicked off in Lagos, Nigeria, bringing together top investors and industry experts to discuss the latest trends and opportunities in the African private equity and venture capital space. The conference, which runs from April 24 to 26, features a packed agenda of panel discussions, keynote speeches, and networking sessions.

On the first day of the conference, investors and experts gathered for a press conference to share their insights on the current state of the industry. Kola Aina, founder of Venture Platform, highlighted the growing importance of artificial intelligence (AI) startups in Africa, comparing the current landscape to the internet in 1995. Aina's firm is actively investing in AI startups and using AI to identify promising investment opportunities.

Sola Lawson, partner at AIIM, emphasized the need for infrastructure development to support the growth of AI in Africa. He suggested that African countries with abundant land, cheaper power, and improving connectivity could provide data centers to support AI infrastructure needs. Genevieve Sangudi, partner at Alterra Capital, shared her firm's experience with secondaries, which involve investors buying and selling shares in startups from other investors. Sangudi advised investors to focus on building companies that generate cash flow during the holding period, rather than relying solely on a big sale at the end.

In related news, OmniRetail, a B2B e-commerce platform, has raised $20 million in Series A funding to fuel its expansion across Nigeria, Ghana, and Ivory Coast. The round was co-led by Norfund, Norway's development finance institution, and Lagos-based Timon Capital, with participation from Ventures Platform, Aruwa Capital, and Goodwell Investments. Notably, Flour Mills, a 64-year-old Nigerian food giant, also joined the funding round, marking its first investment in a tech startup.

The investment is significant, as it demonstrates the growing interest in Africa's B2B e-commerce market. OmniRetail's platform digitizes and organizes the chaotic, fragmented distribution network that companies like Flour Mills have struggled to manage for decades. With the new funding, OmniRetail plans to grow its retailer base, expand into new product categories, and strengthen its partnership game with debt providers.

The conference continues today, with a packed agenda of sessions and networking opportunities. Our reporter, Muktar Oladunmade, will be on the ground, providing updates and insights from the event.

In other news, MTN Nigeria's stock price has surged in recent weeks, driven by retail investors' optimism about the company's return to profitability. The telecom operator is preparing a secondary share offer to retail investors, which is expected to dilute the Group's ownership.

Ethio Telecom, Ethiopia's state-owned telecom giant, has partnered with Siinqee Bank to launch mobile savings, microloans, salary-backed loans, and device financing through its digital wallet, telebirr. The move is seen as a bid to defend its turf against rival Safaricom Ethiopia, which operates in the same market.

Finally, the World Wide Web3 cryptocurrency tracker shows a mixed performance, with Bitcoin up 0.11% and Ether down 0.32% over the past 24 hours.