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Nigeria to Feature @ Africa Investment Forum
Nigeria will feature significantly in the 2019 Africa Investment Forum scheduled to take place in Johannesburg, South Africa this November, business leaders and government heard at a roadshow event held in the capital Abuja.
Following the hugely successful inaugural edition held last year, the African Development Bank’s innovative investment marketplace set up to accelerate investment into the continent, will convene for its second meeting from 11-13 November.
The Nigerian roadshow, held 9th July, was organised by the Nigeria Country Department of the Bank in collaboration with the Africa Finance Corporation. It was attended by key industry players, including, policy makers and representatives of state governments.
Speaking at the event, Ekiti State Governor Dr. Kayode Fayemi emphasized the role of private capital to deliver the infrastructure required to grow Nigeria’s economy and provide jobs for millions of young Nigerians.
“With the support of the African Development Bank and the African Finance Corporation, and the quality of investors that attended the inaugural edition in South Africa last year, I am confident that if we put our best foot forward, we will receive significant funding commitment for investments across Nigeria and the continent,’’ Fayemi said.
Senior Bank Director for the Nigeria Country Office Ebrima Faal, highlighted Nigeria’s prominence during the 2018 Forum. Nigeria was very visible. Out of the 63 boardroom deals presented at the Forum, Nigeria had 5 deals worth $7 Billion. This represents 14.9% of the total deals accounted for on the continent, and 43% of the deals accounted for the region.
“The African Development Bank and its partners are excited to present you with … the only platform that allows you to instantly pitch and close monumental deals on the spot. We encourage you to engage early and wholesomely to be a part of re-writing Africa’s economic history,’’ he urged.
According to Africa Finance Corporation Senior Director Taiwo Adeniji, “building on the success recorded in 2018, it is expected that Nigeria will be a major participant at the 2019 Forum. The Africa Finance Corporation is keen to support Nigerian businesses across sectors to ensure effective project implementation to boost economic development.’’
The Nigeria roadshow included highlights and key lessons from the 2018 forum, project preparation guidelines as well as presentations on selected pipelines.
“We are now seeing positive momentum in building transparent and durable institutions to anchor the political economy, promote and support development of the private sector, in order to increase the pace, depth and spread of economic growth,’’ Faal said.
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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