News
Lagos RDC Gets N200m Matching Grant
Gov. Babatunde Fashola of Lagos State has inaugurated the state Research and Development Council with an initial working grant of N200 million, saying that that research and development would define the lives of citizens in more ways than they could possibly perceive.
The council was constituted to generate ideas that would enrich government policies and offer solutions to some of the state’s major challenges.
The 10-member Council that the objective behind Government’s initiative was to establish a nucleus of research and development personnel who it feels have the capacity to develop something that could help the State and the country.
“As a Government we want to get people who we feel have the capacity and probably move from there to probably a board for the expression of interest in developing something that can help this State, that can help this country and we help you fund it. We think the community will be better for it”, the Governor said.
Noting that there is a disconnect between the society and the universities or what he termed “the town and the gown”, Governor Fashola expressed dismay that Nigeria has become a destination for mosquito nets which she does not manufacture whereas it is possible for her citizens to eradicate Malaria and mosquitoes in the country.
“I have been personally challenged about how, perhaps, we cannot eradicate Malaria and mosquitoes in this country when such was achieved during the construction of the Panama Canal. We are just a destination for mosquito nets that we do not manufacture and so many other things”, the Governor said.
Professor Akinyinka Omigbogun, a Professor of Obstetrics and Gynacology, University of Ibadan whio is also a Council member expressed pleasure in the idea of the Council describing it as a worthwhile venture.
According to him, “If there is anyway universities can make any impact in any society apart from teaching, it is research. This is what drives development”.
He said he accepted to participate “because I see the record set by the Governor in the development of the State and because he is a person to be trusted”, adding that one of the ways to consolidate the development going on in the State was through research.
Another member, Professor Oyelowo Oyewo of the Department of Public Law, University of Lagos, in his own remark, reiterated that there has been a disconnect between the Academia and the society adding that the society has, as a result, found itself thirsty in the midst of water.
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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