Mr Robert Hersov, Founder, Invest Africa, has urged local entrepreneurs to leverage partnership in order to scale up businesses and attract capital.
Hersov said this during an international web conference organised by the Lagos Chamber of Commerce and Industry (LCCI) on Tuesday.
The News of Nigeria (NAN) reports that the conference had as its theme: “Access to International Capital and Funding Solutions for Nigerian Businesses”.
Hersov said the development of strong business relationships with the right funding partners would encourage investors provide further opportunities and create room for regional expansion.
He said that a Strength, Weakness, Opportunity and Threat (SWOT) analysis revealed that Nigeria had an advantage of a huge population with over 60 per cent young and active persons providing services.
He also noted that huge investment opportunities abound in the financial sector and processing value chain of the agricultural sector.
Hersov added that the nation possessed a largely well educated workforce, high urbanization, robust banking and financial sectors, improving electricity regulatory situation, strong expatriate sector with huge diaspora remittance and fantastic entrepreneurial culture.
He, however, advised Nigeria to improve on its poor reputation and
image problem, unemployment, poverty, policy inconsistency, high operational cost, lack of beneficiation on raw materials, bureaucracy, undeveloped transport and energy infrastructure.
“Nigeria should be the top of the list for investors as it has the draw for foreign investors.
“However, threats such as high costs of doing business, lack of access to capital by over 90 per cent of Small and Medium Enterprises (SME), low budget allocation for health and education sectors existed.
“Also, currency depreciation and convertibility challenges and tough processes hindered foreign direct investment,” he said.
He listed transparent reporting and governance, track record of performance and growth, aligned management teams as standard requirements to accessing international funding.
In her remarks, the LCCI President, Mrs Toki Mabogunje, represented by Mrs Mojisola Bakare, her Vice President, said the size of credit to private sector (as percentage of GDP) was largely insufficient to meet the demand for finance by private sector.
This, Mabogunje explained, created a huge funding gap and liquidity challenge to meet working capital requirements and finance new projects and expansion of existing ones.
“Prior to the COVID-19 pandemic, businesses were increasingly finding it difficult to access finance through the domestic financial system given the high borrowing costs associated with credit facility in conventional banking system.
“Moreover, COVID-19 has elevated the risks and uncertainties around capital and finance generally in view of deteriorating business and economic outlook.
“This scenario therefore reinforces the need for businesses to explore alternative funding solutions available on global as well local space,” she said. (NAN)
Tag: Partnership
Finance expert charges local entrepreneurs on partnership
Entertainment: Warner Media to partner Nigeria’s Trending Media Africa
Warner Media, a leading media and entertainment company on Friday announced partnership with Nigeria’s Trending Media (TMA) to diversify both company’s stream.
Trending Media Africa (TMA) is one of Nigeria’s leading media sales representatives for satellite TV, radio and other related media platforms with a cumulative experience spanning over 50 years.
According to a statement made available to the News Agency of Nigeria (NAN), this partnership would diversify Warner Media’s business streams and offer TMA clients, access to advertising solutions on several American blockbuster movie channels.
NAN reports that Warner Media is an American entertainment company that creates and distributes premium and popular content through its consumer brands including; HBO, Warner Bros, TNT, TBS, CNN, DC Entertainment, New Line, Cartoon Network, Adult Swim and others.
Guillaume Coffin, VP Head of Commercial and Business Development Turner France, Africa & Israel while commending the partnership said it would offer clients more value.
“Our wide portfolio allows us to target a large array of segments from young adults to families, kids. We can, therefore, offer clients a fully integrated advertising offering on our channels.
“We know that clients are looking for fully integrated advertising packages which Warner Media is now able to do in Nigeria through our TMA partnership.
“With TMA’s expertise and its ability to bringing game-changing innovation coupled with trade marketing flair, we are convinced that with this new partnership, we will bring more value to clients.” he said.
Julius Osumah, Managing Partner, Operations at TMA also expressed the company’s excitement on the partnership, adding that it would help deliver best returns.
“We are excited to partner with the world’s leading media and entertainment giant.
“Nigeria is a vibrant market that holds a lot of growth potential for the brand, and, we will work closely with Warner Media to deliver the best returns.” he said.
“TMA is now representing Warner Media’s channels in Nigeria, giving clients access to a broader distribution with its kids’ channels and movie destination TNT, being available across DStv’s Family and Premium offerings.
“At the same time, Cartoon Network and TNT are accessible to GOtv subscribers on GOtv MAX and TNT also featuring on the GOtv Jolli package.
“Following the new partnership, Cartoon Network and Boomerang will be bringing more fresh content to their channels as well as exciting line-up with great blockbusters.” it read. (NAN)
EFCC strengthens partnership with community, religious leaders to stem corruption
The Economic and Financial Crimes Commission (EFCC), says it has adopted proactive measures to strengthen partnership with traditional institutions and religious leaders to enhance fight against corruption.
Dr Aminu Gusau, Director, Organisational Support of the Commission, stated this on Friday when he led 10 million Youths Walk Against Corruption to the palace of Emir of Gusau, Alhaji Ibrahim Bello.
The exercise jointly organised in collaboration between the EFCC and National Youths Service Corps (NYSC) was attended by students and Civil Society Organisations (CSOs) in the state.
Gusau noted that corruption was responsible for the infrastructural set back which resulted in the sufferings of innocent Nigerians.
He said the campaign was aimed at sensitising the youths on ills associated with corruption and the need to champion the campaign to achieve corrupt free society.
“Since the commission was established by the law, we will not spare anybody involved in corruption case,” he said, adding that the commission would not relent in the fight against corruption in the country.
Gusau thanked NYSC, the management of the Federal University Gusau (FUG) and CSOs for their support and participation in the exercise.
Prof. Magaji Garba, the Vice Chancellor of the university, described the exercise as a welcome development.
Garba represented by Dr Aliyu Gadanga, the University Librarian, reiterated its commitment to support the commission in the campaign against corruption.
“The university as an institution providing training to the youths, is committed to partner with EFFC to have good leaders of tomorrow,” Gadanga said.
Also Speaking, the state NYSC Coordinator, Namallam Taura expressed readiness of the scheme to support the commission in discharging its constitutional mandate.
Taura noted that over 500 corps members including NYSC personnel participated in the rally.
“The NYSC as training ground for graduates in the country is partnering with the commission on various programmes against corruption,” he said.
On his part, the Coordinator of the CSOs, Mr Ibrahim Dosara disclosed that about 32 organisations participated in the event.
Dosara said the focus on youth in the campaign is premised to positively prepare the youth for a better future of the country.
Responding, the Emir of Gusau, Ibrahim Bello, urged the commission to engage traditional and religious leaders in its activities to enhance anti corruption crusade.
“As traditional rulers, we are ever ready to support you to fight corruption in the society.
“I commend the officials of the commission for their hard work toward fight against corruption.
“You have a lot of task before you, I am advising you, you shouldn’t fear any body,” the emir said.
Bello identified unemployment as one of the major reason corruption was on the increase in the country.
He called on government at all levels to create more employment opportunities for youths in the country.
The monarch also advocated for introduction of policies to check political thuggery and drug abuse in the society.
The team had earlier visited Gov. Bello Matawalle at the Government House, Gusau.
Matawalle reiterated his administration’s commitment to fight corruption and vowed to punish any civil servants found wanting irrespective of their positions.
“As Part of my administration’s efforts to fight corruption in the state, we established Bureau of Public Procurement in addition to state’s Anti Corruption Commission,” the governor said. (NAN)
UK-Africa Investment Summit launches new partnership for growth in Nigeria
The British High Commissioner, Catriona Laing, on Tuesday said the UK-Africa Investment Summit has launched new partnership for growth in Nigeria.
The British Commissioner said in a statement that commercial deals worth 324 million Pounds (over ₦153.4 billion) has been signed between Nigeria and UK Investors.
21 African countries met in London on Monday for the inaugural UK-Africa Investment Summit, which included African leaders, UK and African businesses, international institutions and young entrepreneurs.
President Muhammadu Buhari led the Nigerian delegation and held private meetings with Prime Minister Boris Johnson and His Royal Highness, the Prince of Wales.
The Summit was designed to create lasting new partnerships that deliver more investment, jobs and growth, benefiting people and businesses across Nigeria and the UK.
According to Laing, the summit has a strong focus on sustainable energy and on female participation in the economy.
She said that Nigeria and UK would be partners on a range of initiatives.
Laing said the initiatives include significant UK commitments to support Nigeria to develop an enabling environment to turbo-charge economic growth, by helping to address land issues for investment.
“We will also be strengthening and improving the finance sector by helping entrepreneurs to secure access to finance.
“Also, we will be preparing the ground for the launch in the UK of naira-denominated bonds– “Jollof Bonds’’ and developing the technology sector,’’ she said.
Laing also noted that there would be substantial initiatives to accelerate the clean energy transformation in Nigeria, through enhanced technical and financial support.
The British High Commissioner, added that strong commitments to harness private sector support for social development, particularly supporting women and young people in business would be formed.
“Nigeria has already secured billions of naira worth of deals from the Summit.
“With the launch of an exciting range of initiatives to help investors identify opportunities in Nigeria, I am confident much more will follow.
“I am proud the summit had a strong focus on supporting female participation in the economy.
“In Africa, women are more likely to become entrepreneurs than men and, with a fast-growing population, Nigeria needs to harness the dynamism of its women to ensure prosperity for its entire people,’’ she said.
Also, the Head, Department for International Development in Nigeria, Chris Pycroft, said that
the private sector has a critical role to play in supporting Nigeria’s economic growth.Pycroft said that UK-Africa Investment Summit was an excellent opportunity for Nigeria to show off the wealth of opportunities it offers businesses, from agriculture to mining to technology.
“I am delighted we are able to use our aid programme in Nigeria to support this agenda from small steps like helping the Nigeria Investment Promotion Commission to produce an investment guide,” he said.
Pycroft said that the guide was produced to strengthen Nigeria’s agriculture and finance sector as well as to stimulate the economy and create the jobs needed to lift millions of Nigerians out of poverty.
“This package of partnerships will deliver a range of wider social benefits, from improving energy access to extending access to banking and loans to the poorest consumers,’’ Pycroft said. (NAN)
