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How DFIs Local Investors Can Drive Economic Development in Nigeria 2024. How DFIs and Local Investors Can Drive Economic Development in Nigeria 2024 and Beyond by Dr Kenny Odugbemi Development Finance Institutions (DFIs) tend to look for investments that can drive economic development in a market where there is ease of doing business through digital interface✓Government to local investors ( #DrkennyOdugbemi #Nigeria

How DFIs Local Investors Can Drive Economic Development in Nigeria 2024. How DFIs and Local Investors Can Drive Economic Development in Nigeria 2024 and Beyond by Dr Kenny Odugbemi Development Finance Institutions (DFIs) tend to look for investments that can drive economic development in a market where there is ease of doing business through digital interface✓Government to local investors ( #DrkennyOdugbemi #Nigeria

Funding Your Industrial Dreams: The Role of Development Banks in Nigeria Nigeria is on a mission to become a manufacturing powerhouse, reducing reliance on imports and boosting local production. But how can businesses bridge the funding gap and turn their industrial dreams into reality? Government-backed institutions step in to bridge the financing gap for industrial projects. These specialized players are like hidden gems, offering targeted support for businesses like yours! Have you heard of the Bank of Industry (BOI)? The BOI is a prime example, but Nigeria boasts seven Development Finance Institutions (DFIs) dedicated to empowering industrial growth. Here's the challenge: Despite past efforts, import volumes remain high. Billions are spent annually on machinery, vehicles, and refined petroleum products. This weakens the local economy and limits foreign exchange reserves. The good news? Experts believe DFIs can be even more effective with: • Operational Autonomy: More independence to make quicker funding decisions for you! • Increased Capitalization: Imagine having access to a larger pool of resources to fuel your industrial ambitions. • Focus on Large-Scale Projects: Alongside supporting smaller businesses, prioritizing larger industrial projects can create a significant ripple effect for the entire economy. Looking beyond Nigeria's borders, success stories abound. Brazil's BNDES and India's IDFC showcase the transformative power of well-structured DFIs. These institutions have been instrumental in financing large-scale infrastructure and industrial projects, propelling economic growth. The question remains: Is Nigeria on the right track? The recent establishment of the Development Bank of Nigeria (DBN) signifies a renewed commitment to industrialization. However, questions linger about its structure and capacity to support large-scale projects effectively. Staying informed about DFI developments is crucial for any business owner with industrial aspirations. These institutions could be the key to unlocking the funding you need to turn your vision into reality. Let's keep the conversation going! What are your thoughts on the role of DFIs in propelling Nigeria's industrial revolution? Share your comments below and like this post to stay updated on the latest developments in the Nigerian business landscape. We'd love to hear from you! #Nigeria #Industrialization #ImportSubstitution #DFIs #BOI #EconomicGrowth #SMEs

Our annual grant program to provide access to finance for #msmes, launched on November 9, 2023, attracted a remarkable number of applications, showcasing the vibrant #entrepreneurial spirit within #Nigeria’s small business community and receiving applications from various industries, including #agriculture, #education, health, beauty and lifestyle, #creative, manufacturing and retail, and the service sector. After a rigorous review, the Grant Committee carefully selected 50 candidates who demonstrated exceptional business potential and a strong need for financial support to scale their operations. “We were blown by the number and caliber of applications we received,” said a member of the Grant Committee. “It’s evident that Nigeria is brimming with innovative and determined entrepreneurs who are driving economic growth in the country.” Click link to read more: https://lnkd.in/e7DN-68T #smallbusinesses #smes #msme #africanentrepreneurs #womenentrepreneurs #womenownedbusinesses #smallbusinesssupport #smallbusinessgrants #afawa #afdb #worldbank #economicgrowth #theafricawewant #worldbank #funding #accesstofinance #accesstocapital #undp #africa #microentrepreneurs #microenterprise #jobcreation #sdg1 #sdg8 #sdg5

The Economic Association of Namibia in partnership with the GIZ presents a Public Discussion: "Unlocking Growth - Exploring the Challenges to Market Access and Bankability for SMEs in Namibia"

Business News. Exclusive: Nigeria's NNPC seeks new oil-backed loan to boost finances Nigeria's NNPC is in talks for another oil-backed loan to boost its finances and allow investment in its business, its chief executive told Reuters, as pressure mounts on the state-backed oil company the economy depends upon. https://lnkd.in/dib6t_Y9 Labour, FG fine-tune talks on minimum wage President of the Trade Union Congress (TUC) Festus Osifo said labour and the Federal Government were in talks before the bill on a new national minimum wage was forwarded to the National Assembly by President Bola Tinubu https://lnkd.in/dKebp2Ta Shippers’ Council Act lacks 21st Century Int’l regulations – ES, NSC The Executive Secretary of the Nigerian Shippers’ Council, Barr. Akuteh Pius Ukeyima has hinted that the Shipper’s Act 1987, needs urgent parliamentary review to fall in line with the 21st-Century International Maritime policies. https://lnkd.in/dDXvSXvK Green Economy’s 198% Return Second Only to Tech in the Past Decade Green economy firms have seen total market returns of 198% over the past decade, making the sector the second-best performing equity segment over the past decade, behind technology, Bloomberg reported on Tuesday, citing a report from London Stock Exchange Group Plc (LSEG).   https://lnkd.in/dqzmk25d African startups get $1bn boost as Timbuktoo launches hub The United Nations Development Programme, African governments and the private sector plan to raise $1bn to kick-start start-up innovation in the continent received a huge boost as the Timbuktoo fintech hub centre was unveiled in Lagos on Tuesday. https://lnkd.in/dpb-EfWC Damilola Hassan Lydia Amobi-Offor Michael Abiodun Thomas Ola Belgore ACIArb #business #greeninvestment #tech #startup #news #growth #economy #nse #stocks #exchange #forex #energy #un #fintech #oil #maritime #trade #loan #financing #investment #investing #funding #policy #equity #finance #innovation #africa #tax #funds

The president of the federal republic of Nigeria made a speech regarding the economic situation of the country. In the speech, he made mention of the plans his government has to support MSMEs with loans. The following are my thoughts on this scheme #PresidentialAddress 1. Why supporting MSMEs with loans is a good idea 📈💼 Promoting MSMEs through accessible loans is a commendable move by the Nigerian government. These enterprises are vital engines of economic growth and employment generation. With financial support, MSMEs can thrive, innovate, and contribute significantly to Nigeria's development. 2. The case for interest-free MSME loans 🚀🤝 Interest-free loans can be a game-changer for MSMEs in Nigeria. By eliminating interest, the government empowers entrepreneurs to invest more in their businesses and increase productivity. This fosters an environment of sustainable growth and nurtures the spirit of innovation among MSMEs, positively impacting the overall economy. 3. The need to increase the maximum loan amount 📈💼🌱 While the proposed maximum loan amount of N1,000,000 is a good start, it may not fully cater to ambitious entrepreneurs planning significant expansion. To unleash the potential of these MSMEs and create more jobs, the government should raise the maximum loan amount to N50,000,000. This larger support can fuel substantial growth and drive economic progress. 4. Prioritizing agriculture, agribusiness, food processing, and manufacturing 🌾🏭🍲 Giving priority to entrepreneurs in these sectors is essential for food security, industrialization, and economic diversification. Supporting agriculture and agribusiness can enhance food production, while investments in manufacturing can boost local production and exports. By prioritizing these sectors, the government can unlock tremendous economic potential. 5. Making loans accessible without collateral 🤝💰 Removing collateral requirements for verified/vetted MSMEs ensures that financial assistance reaches those who need it most. This approach encourages more entrepreneurs to seek funding and reduces barriers to entry. Easier loan access enables MSMEs to seize growth opportunities, foster innovation, and contribute significantly to Nigeria's economic progress.

Last week, we hosted an internal event at British International Investment (BII) to showcase our comprehensive approach to catalysing SME finance in Ghana through Growth Investment Partners (GIP) and the Ghana Investment Support Programme (GhISP). It was great to be joined by the team in Ghana, Kwabena Asante-Poku Jnr, CFA, David Ganesha Tetteh, Tony Anderson, and Keegan Ziady, MBA from GIP deal team. We discussed how helping SMEs gain better access to finance is a strategic priority for productive, sustainable and inclusive societies. team in Ghana and the GIP deal lead joined us to discuss the unique innovative investment platform that is GIP. Through GIP, BII's unique innovative investment platform, we are committing up to US$50 million to provide long-term flexible capital, primarily in local currency, to SMEs in Ghana. This is targetted at plugging the gap in the SME funding market between bank debt and private equity funding. Through BII Plus (BII’s technical assistance facility), we designed GhISP as a comprehensive technical assistance initiative to work hand in hand with GIP to help underserved SMEs become investment-ready so that they may be considered for financing by the company and other funds. Additionally, it will strengthen the local SME finance ecosystem to better support underserved SMEs. Stay tuned for BII's upcoming paper on SME financing, which will cover a lot of the issues we discussed as they apply to Ghana and elsewhere. #SMEfinance #investment #Ghana #inclusivegrowth Alex Kucharski Simon Meier Rinchin Gaekwad Roshni Patel Merle Radow Katharine Tengtio Yanou Segers Shirley P. Kwadwo Adjei-Barwuah Kim Beevers Fadi Bassir, CA

The biggest firms in Nigeria are facing a difficult situation. Foreign exchange losses have had serious repercussions. In 2023, PZ, a company that had operated in Nigeria for 124 years since 1899, suffered a massive loss of 88 million, primarily due to naira devaluation, and subsequently ceased operations. Nigerian Breweries, another long-standing company established in 1946, has also been significantly impacted. Last year, the company lost 103 billion naira, wiping out 60% of its equity, which marks the first time they have experienced such a loss. These challenges can all be attributed to foreign exchange issues. Just last week, MTN reported a significant outstanding sum of 137 billion naira due to foreign exchange issues, representing the first such instance since the company's arrival in Nigeria. These losses represent shareholder funds. These are just the cases that we are aware of. It is concerning to consider the struggles faced by many other small and large manufacturing firms. Both small and large businesses cannot operate effectively in this challenging environment. The consequences will likely be job losses and a rising unemployment rate. In the last few days, there have already been incidents of looting warehouses and attacks on trailers carrying essential goods by frustrated youth. It is crucial to address these issues to prevent the descent into anarchy. Instead of engaging in blame games, we must think critically. We need to move beyond simply criticizing the government. Nigeria needs more entrepreneurial capitalists, individuals with a bold and visionary mindset. The best ideas and most innovative businesses in Nigeria are yet to be established. This is where your potential lies. While I have some ideas in mind, let's save that discussion for another day. It is at this point I recommend that every Young enterprising Nigeria get to see the series titled "The Men Who Built America." Emmanuel Philip (Coach Phil) #finance #economy #Nigeria #africa #entrepreneurship #entrepreneurs #foreignaffairs #foreignexchange

Explore Nigeria's top three states with the highest budget allocations for MSMEs. Celebrate their support for local entrepreneurs and the impact of their investments. #CSED #MSMEFriendlyStateIndex #BudgetAnalysis #FutureSMEproject #NigerianStates #MSMEs #BusinessGrowth