News
Financial Firm Launches Operation to Boost MSMEs, Agriculture
In a bid to boost Micro, Small and Medium Enterprises (MSMEs) and agriculture in the country, NET Microfinance Bank, has commenced operation.
Saidu Yusuf, Managing Director,stated this during the launch in Abuja, that the firm would also provide financial services to unserved and underserved small business owners in the community.
According to him, the firm was conceived two years ago, “because we observed that in the entire Dawaki, there is no commercial or micro finance bank, this is why we decided to establish this here.
“And before we did that, we conducted survey to understand the businesses here so as to better meet their needs.
“We discovered that most of the businesses here are micro, small and medium enterprises and they are confronted with challenges of not just savings but withdrawals. So this is what we seek to address.
He added that efforts were ongoing to introduce agricultural services, to farmers in neighboring communities.
“We also discovered that many people in neighbouring communities are into farming, so we are trying to meet their needs, not necessarily in cash but through provision of farm inputs this way we will ensure that funds are not diverted.
“We are looking to provide farm inputs such as seeds, pesticides, we are making arrangements with them and opening accounts with them to provide these supports.
“For the MSMEs, we are training them on basic business practices, we discovered that many of them do not have understanding of cash flow, so we will give them point on sales (POS) machines for their businesses.
“This is will help them track their cash flow, our aim is to ensure that we get the unbanked and under-banked to be financially included. This will also help them save, and know the size of their businesses, and determine what they need to expand,” he said.
Also, the Chairman of the Bank, Kolawole Idiaro, explained that a community with a population of over 500,000 do not have any presence of a commercial or micro finance bank.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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