Norfund strengthens footprint in Nigeria to drive sustainable economic growth

Norwegian Funding Fund for creating international locations, Norfund, not too long ago organized its first stakeholder occasion in Nigeria which hosted key gamers throughout a number of industries within the personal sector to supply an replace on its actions in Nigeria and West Africa. The unique discussion board and luncheon held at Lagos Continental Lodge introduced Norfund’s intention to extend investments in Nigeria and the West African area with the intention of driving improvement by means of investments within the personal sector and creating jobs. Owned and funded by the Norwegian authorities, Norfund is the federal government’s most necessary instrument for strengthening the personal sector in creating international locations, by offering capital by means of its investments, while creating jobs and bettering lives.

The fund, which was established by the Norwegian Parliament in 1997, is targeted on driving sustainable improvement with capital within the type of fairness, debt and hybrid devices, and fund investments to companies and tasks with robust developmental affect and business returns. As a accountable investor, Norfund contributes to the achievement of the United Nations’ Sustainable Growth Targets by investing for each business return and improvement affect and specializing in international locations and sectors the place capital is scarce and improvement affect is more likely to be robust.

Giving the opening remarks, Eivind Fjeldstad, Enterprise Counsellor, Royal Norwegian Embassy in Abuja, who represented His Excellency Knut Eiliv Lein, the Ambassador of Norway to Nigeria, stated, “Set to change into the world’s third most populated nation, Nigeria is Norway’s most necessary market on the African continent as we consider that there’s a big alternative for progress in Nigerian industries. We’re impressed by the measures taken by the federal government to strengthen the startup neighborhood particularly, as underlined by The Startup Act signed by President Muhammadu Buhari in October. Furthermore, Norway is within the strategy of updating its African technique and I’m proud that the Norway-Nigeria relations replicate this with enterprise and investments taking centre stage. We thank Norfund for its position in strengthening Nigerian-Norway relations in probably the most significant method.”

In her remarks, Ellen Cathrine Rasmussen, Government Vice-President, Scalable Enterprises, Norfund, spoke about Norfund’s mandate to help in constructing sustainable companies and industries. She stated, “On the core of Norfund’s operations is the mission to create jobs, enhance lives, and put money into sustainable companies. Working throughout the framework of the Ministry of International Affairs which we’re part of, we’re capable of set our technique, make funding choices, and stay agile while adapting to market alternatives. Africa is crucial area for Norfund. A minimal of fifty% of investments we decide to are on the continent as a result of it’s the market of the longer term. We not solely help the businesses we put money into but additionally nurture the complete ecosystem as its collective energy will allow us to assist Nigeria in sustainable progress. Nigeria is of key significance to Norfund resulting from its strategic geographical placement, younger and vibrant inhabitants, and ever-growing financial system. Norfund is right here to contribute to realizing this progress potential.”

Norfund’s Regional Director for West Africa, Naana Winful Fynn, highlighted, “Norfund seems to be so as to add worth outdoors of its provision of funding capital in some ways, together with supporting firms to institutionalize by creating on the governance, danger administration and programs and processes fronts; by supporting firms within the realization of their strategic plans and by offering companies with technical help.”

The occasion additionally included a panel session with the subject – “Worth Addition in Difficult Markets.” Moderated by Obafemi Awobokun, Funding Supervisor at Norfund, it featured key audio system together with Ebele Enunwa, CEO, Sundry Meals; Abiola Ojo-Osagie, Senior Companion and Managing Director, AfricInvest; Nathaniel Durant, Group Director, OH Ecosystems; Nieros Oyegun Soerensen, Companion, Verod; and Femi Adeyemo, CEO, Arnergy Photo voltaic Restricted.

 With a complete funding portfolio of USD 3.1 Billion, Norfund focuses on sub-Saharan Africa alongside South-East Asia and Central America. The fund invests straight within the renewable power, monetary inclusion, inexperienced infrastructure, and scalable enterprises (agribusiness and manufacturing) sectors, alongside investments in personal fairness, enterprise capital, and different funds. Beneficiaries of its investments in Nigeria embrace Sundry Meals, a meals providers firm that gives good-quality meals by means of its chain of Kilimanjaro eating places; Arnergy, a Cleantech firm providing sustainable photo voltaic options for productive use in Nigeria; OH Ecosystems which was established to construct and function cocoa processing and confectionery companies throughout Africa; and Starsight, a business and industrial solar energy provider in Nigeria and Ghana. Moreover, Norfund has made loans to FCMB Financial institution and Entry Financial institution (Ghana and Nigeria). Additionally it is an investor in a number of funds investing in Nigeria, together with funds managed by Verod Capital, AfricInvest, Growth Companions Worldwide, Helios, Novastar Ventures, European Financing Companions, Impressed Evolution, and ResponsAbility.

Different investee firms within the area embrace CBI Ghana, Valency CIV, Nouvelle Mici Embaci (NME), Aktivco and Baobab+. Norfund can also be a lender to a number of banks within the area, together with Ecobank Transnational Integrated (ETI), First Nationwide Financial institution Ghana, and CAL Financial institution.

The stakeholder occasion additional showcases Norfund’s dedication to supporting companies within the personal sector that drive sustainable financial progress in sub-Saharan Africa. Norfund additionally reaffirmed the strategic significance of Nigeria to its operations, because of its giant and vibrant inhabitants, financial prospects, and huge pool of robust and resilient entrepreneurs.

About Norfund

Norfund is the Norwegian Funding Fund for creating international locations. Its mission is to create jobs and enhance lives by investing in companies that drive sustainable improvement. Norfund is owned and funded by the Norwegian Authorities and is the Authorities’s most necessary instrument for strengthening the personal sector in creating international locations, and for lowering poverty. Norfund’s mandate is outlined by the Norfund Act of 1997. The Act states that Norfund’s position is to help in constructing sustainable companies and industries in creating international locations by offering fairness capital and different danger capital.