Commonwealth Development Corporation (CDC) Group has continued to provide financial support to small and medium enterprises in Nigeria. The CDC Group recently announced another round of investment that supports the developmental plans of CardinalStone Capital Advisors Growth Fund (CCA).
CDC Group invested $15 million in CCA to enable them execute their developmental projects for small and medium businesses within Nigeria. The partnership between these two firms has spanned over two years, with CDC playing a key role in the formation of the fund.
This funding is among various investment CDC has made for the growth of Africa businesses. Recall that the United Kingdom’s development finance institution had entered into a master risk participation agreement worth $100 million with African Export-Import Bank (Afrexim) last year November.
According to a report by Digest Africa, CDC Group, alongside African investment firm, Kuramo, have facilitated additional investment of $15 million from FMO; a Dutch development bank, and NSIA (the Nigerian sovereign wealth fund). Despite attaining funding of $50 million at first close, CCA still plans to raise up to $100 million by final close of the Fund.
Beneficiaries of fund
CardinalStone Capital Advisors Growth Fund allocate investment into six sectors, agriculture, industrials, FMCG, healthcare, education and financial services. Companies operating in these sectors that support job creation and import substitution to diversify the Nigerian economy are expected beneficiaries of this fund.
CDC Group’s growing list of investments
CDC is constantly seeking more ways to create domestic and foreign investment in Nigeria. Last year November, Nigerian politicians, regulators, and local investors met with a CDC delegation led by Chief Executive Nick O’Donohoe and Chairman Graham Wrigley met Nigerian investors to deliberate on continued collaboration with Nigeria – CDC’s ambition is to invest up to US$4.5bn across Africa over the next four years.
CDC’s track record includes backing Nigeria’s first private equity fund, the Capital Alliance Private Equity Fund I from African Capital Alliance twenty-years ago, and has invested in all five of its subsequent funds. An investment of $25 million was also made into Nigerian-led, Synergy Private Equity Fund II which invests in high-growth SME businesses in Nigeria and its West African neighbours.
CardinalStone Capital Advisers profile
CardinalStone Capital Advisers (CCA) is a Private Equity Investment Adviser operating out of Lagos Nigeria. Established in 2016, CCA is a spin-off from CardinalStone Partners, an independent investment banking firm in Nigeria. Prior to the spin-off, the CCA team operated as the Principal Investments Division of CardinalStone Partners. CCA invest in high potential SMEs that can grow into a leader in their various sectors that are deemed strategic to the development of Nigerian and regional West African economies.
House of Reps to make Youths globally competitive
House of Representatives is determined to make the Youths globally competitive.
“Facts don’t lie, a government that has devoted N500bn to youth empowerment every year. There’s Trader Moni, N-Power, and several others, they are all there,” he added.
Gbajabiamila added that the President Muhammadu Buhari’s administration has done a lot about youth empowerment and is ready to do more.
COVID-19: Ogun orders full reopening of churches, mosques, hotels
Religious centres and other public places have been reopened following the success recorded in flattening the curve of COVID-19.
The Ogun State Government has ordered the full reopening of churches, mosques, businesses, hotels, and entertainment centres across the state.
This was disclosed by the State Governor, Dapo Abiodun, in a statement signed by his Chief Press Secretary, Kunle Somorin, via the state’s Twitter handle on Wednesday.
Abiodun stated that the religious centres and other public places had been reopened, following the success recorded in flattening the curve of COVID-19.
According to him, the government is aware that many people are just recovering from the economic hardship imposed by COVID-19, as their activities had been affected by the lockdown, while necessary measures had been put in place to combat the pandemic.
He stated, “In the process of rebuilding the economy, the State Government was irrevocably committed to the successful implementation of the “Building our Future Together” agenda, and would ensure everything possible for people to have increased prosperity that would place the State on a sound footing towards continued development.
“Government would improve on testing, just as it continues to monitor the development and not hesitate to do selective lockdown should there be any flagrant disobedience to the set COVID-19 protocols.”
COVID-19: Ogun orders full reopening of churches, mosque, hotels
Pleased with the drop of COVID-19 infections in Ogun State, @dabiodunMFR, has announced that all hotels, viewing centres, marquees, event centres, suites, guest houses, motels, and establishments providing…. pic.twitter.com/sMiUe3DUt5
— Ogun State Government – OGSG (@OGSG_Official) October 28, 2020
What you should know
Governor Abiodun had closed religious centres, businesses and schools in March, as part of moves to flatten the curve of the coronavirus.
He later announced the reopening of only worship centres and schools in August.
Abiodun pegged the number of worshippers for each service at 200, and insisted that services must not exceed one and a half hours.
CBN reveals framework for the N75 billion Youth Investment Fund
The Nigerian Youth Investment Fund will be funded through the NIRSAL MFB window of the CBN.
The Central Bank of Nigeria (CBN) has revealed the implementation framework for the Nigerian Youth Investment Fund.
This was disclosed in a publication by the Development Finance Department under the auspices of the Central Bank of Nigeria.
The CBN stated that the Nigerian Youth Investment Fund (N-YIF) would be funded through NIRSAL MFB window, with an initial take-off seed capital of N12.5 billion.
The N-YIF aims to financially empower Nigerian youths to generate at least 500,000 jobs between 2020 and 2023.
Objectives of the scheme:
Improve access to finance for youths and youth-owned enterprises for national development.
Generate much-needed employment opportunities to curb youth restiveness.
Boost the managerial capacity of the youths, and develop their potentials to become the future large corporate organizations.
Explore Data on the Nairametrics Research Website
The fund targets young people between the ages of 18 and 35 years.
Beneficiaries of NMFB, TCF and AgSMEIS loans, and other government loan schemes that remain unpaid are also not eligible to participate.
Individuals (unregistered businesses) shall be determined based on activity/nature of projects subject to the maximum of N250,000.
Registered businesses (Business name, Limited Liability, Cooperative, Commodity Association) shall be determined by activity/nature of projects subject to the maximum of N3.0 million (including working capital).
The tenor of the intervention is for a Maximum of 5 years, depending on the nature of the business and the assets acquired, of which interest rate of not more than 5% under the intervention shall be charged annually.
The Federal Ministry of Youth and Sports Development (FMYSD) will collaborate with relevant stakeholders to identify potential training for training/mentoring.
The youths that are duly screened (and undergo the mandatory training where applicable) shall be advised to login to the portal provided by the NMFB to apply for the facility.