Liquidity in Nigeria

I was debating with a prominent African VC the potential valuations of the next wave of internet companies in Nigeria and that I expect, by 2016, to easily see up to twenty $25Mn+ valued internet companies. Then maybe 5 valued at $100Mn+. He told me, rightly so, that there has never really been any liquidity events in Africa for internet companies, so he feels my timing might be a little early or off and that liquidity events are the main drivers of valuations globally.
Liquidity events = exits, cash transactions via IPOs or trade sales.
When social traffic app Waze was bought by Google for a reported $1Bn+, my first thought was, what were their revenues? To my astonishment Waze having raised ~$67Mn in VC funding, had a reported $1Mn in revenue, but evidently had something Google wanted. Awesome social data around their maps. But that’s Silicon Valley for you. In Africa things are a little different.
India leads the way.
In India, hundreds of millions of dollars have been invested...