News
ALX Africa Enriches over 1,200 Lives Through CSR Initiatives Across Nigeria
In a concerted effort to impact their host communities, ALX, Africa’s leading tech accelerator, embarked on a Corporate Social Responsibility (CSR) initiative to enrich the lives of people in low-income communities across nine states in Nigeria.
This impactful exercise saw ALX Learners and Fellows (graduates), actively engaged in various uplifting activities centered around three key activities: food relief, education and tutoring, and orphanage visits.
ALX Community members in Abuja and Anambra State embarked on educational outreaches to secondary schools and universities.
In contrast, members in Lagos, Enugu, Kaduna, Rivers, Oyo, and Imo states provided food relief.
Speaking at the food relief exercise at the Ilaje community in Costain, Lagos State, the Country Operations Manager at ALX Nigeria, Helen Eboagwu, highlighted the significance of this initiative, stating, “At ALX, we believe that our mission goes beyond equipping young people with the skills for a successful career in tech.
“We are deeply passionate about the people and communities that host us. This initiative shows our commitment to giving back and making a tangible difference in the lives of those around us.
“The initiative shows ALX’s dedication to social impact and reinforces our core values of fostering a culture of empathy, leadership, and community service among our learners.
“By engaging in these activities, ALX learners gain invaluable life experiences and contribute to Nigeria’s socio-economic development,” Eboagwu emphasized.
As ALX continues to empower the next generation of tech leaders, the organisation remains steadfast in its commitment to creating positive change and uplifting the communities it serves. This CSR initiative marks a significant milestone in ALX’s journey to make a meaningful impact across Africa.
ALX is dedicated to transforming Africa’s future by empowering young people with the skills and opportunities needed to thrive in the tech industry. Through world-class training programmes and a commitment to excellence, ALX is shaping the next generation of tech leaders who will drive innovation and progress across Africa.
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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