News
Etisalat Sponsors 2014 Nigeria Summit, Partners The Economist
Etisalat Nigeria, the fastest growing and most innovative telecommunications company, is partnering with The Economist as a platinum sponsor of the 2014 Nigeria Summit slated for March 24th and 25th at the Intercontinental Hotel, Victoria Island, Lagos.
This is in a bid to deliberate and map out ways through which Nigeria can turn her economic potentials into social and political wealth.
Speaking about the summit, Matthew Willsher, acting chief executive officer, Etisalat Nigeria, explained that the partnership is part of the company’s commitment to assist in overcoming Nigeria’s challenges by supporting available opportunities to ensure accelerated socioeconomic development of the country.
“Nigeria is a booming economy with a vast array of talent, natural resources and human capital. As such, Nigeria’s economic growth is picking up at an exponential rate. Over the years, the Nigeria Summit has served as a platform for discussing hard-hitting and pertinent issues in a frank, forward-thinking, and solutions-providing manner. This year, Etisalat Nigeria is proud to partner with The Economist to proffer solutions with a view to promoting economic growth thus ensuring social and political wealth in Nigeria”, he said.
Now in its 10th year, the Nigeria Summit remains the leading conference that attracts over 350 of the most influential decision makers and leaders from the Nigerian public and private sector to x-ray the socioeconomic situation of the country.
This year, the dignitaries attending the summit include Hon. Minister of Communications Technology, Omobola Johnson; Director General, Nigeria Securities and Exchange Commission, Arunma Oteh; Chairman, Emerging Markets Telecommunication Services (EMTS), Hakeem Belo-Osagie; and Special Representative of the Chinese Government for African Affairs, Zhong Jianhua.
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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