Columnists
FG looks to public-private partnerships in tackling infrastructure deficit
Tapping into private sector financing in bridging the widening infrastructure deficit is a step in the right direction.
Last week, President Muhammadu Buhari approved the establishment of a Public-Private Partnership styled Infrastructure company named Infra-Co with an initial seed capital of N1tn expected to grow to N15tn in assets and capital over time.
The proposed establishment will atttract private sector participation in the nation’s quest to bridge its infrastructure deficit necessary for the growth across all sectors of the economy. According to media reports, the board of Infra-Co will be chaired by the Governor, Central Bank of Nigeria (CBN); Managing Director, Nigeria Sovereign Investment Authority (NSIA); President, Africa Finance Corporation (AFC) as well as representatives of the Nigerian Governors Forum; Ministry of Finance, Budgets and National Planning including 3 independent directors from the private sector.
READ: FG expects over N1 trillion private sector investments from road concession
Nigeria’s growing infrastructure deficit remains a major concern among economic experts and stakeholders as poor infrastructure is one of the biggest impediments to smooth business operations and limiting capital inflows into the country.
There is no gainsaying that the paucity of investment in physical and social infrastructure over the years has continued to limit the growth potential of Africa’s largest economy, restricting its ability to exploit its vast amount of natural and human resources towards achieving a broad-based, sustainable and inclusive growth.
Nigeria’s infrastructure stock of c.25% of GDP remains far below the 70% international benchmark, underscoring the need for government to consider unconventional methods of financing to bridge this huge infrastructural deficit.
READ: Nigeria has lowest gold export Royalty fee in the world
In past times, several actions had been taken by the government in tackling infrastructure challenges with a combination of domestic and external borrowings to finance capital projects. However, this appears unsustainable in the long run.
The continuous underperformance in revenue targets evidenced by weak fiscal purse, elevated recurrent expenditure and high debt servicing costs have further contributed to the government’s inability to self-finance infrastructure projects. Prior to this, similar policies had been signed in previous years under the current administration but seem not to have achieved the desired impact. For instance, the Road Trust Fund (RTF) that was signed in 2017. The RTF allowed several companies to pull resources into a standalone Collective Infrastructure Fund (CIF).
READ: Lagos State Government to transform Badagry into industrial and tourism hub
Although, the scheme did not bear much fruit as private sector participation was relatively muted due to restriction on the percentage of cost that could be recovered. President Muhammadu Buhari also signed the Executive Order 007 in 2019 on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.
In our view, tapping into private sector financing in bridging the widening infrastructure deficit is a step in the right direction. However, as with previous innovative ideas from past governments that have not yielded positive results due largely to poor implementation, we believe effective implementation and continuous monitoring of the arrangement are critical factors that should not be neglected if government is to realize the full benefits associated with the scheme.
With the recent operationalization of the African Continental Free Trade Area (AfCFTA) agreement, building its derelict infrastructural base puts the country to a better position in expanding its terrain in other African markets.
CSL Stockbrokers Limited, Lagos (CSLS) is a wholly-owned subsidiary of FCMB Group Plc and is regulated by the Securities and Exchange Commission, Nigeria. CSLS is a member of the Nigerian Stock Exchange.
Columnists
Real estate sector GDP positive in Q4 2020, but still in the woods
The real estate sector like many other sectors of the economy suffers deeply from a dip in macro economic conditions of the country.
Columnists
What does my startup portfolio look like? – by Olumide Soyombo
Olumide Soyombo discusses his flair to invest in some of the most prospective startups in Africa.
I have been privileged to invest in some of the most interesting Startups in Nigeria and other parts of Africa.
This journey started in 2014 and my approach has always been to just do my thing behind the scenes and support the companies I invest in strategically. However, following the Paystack exit, folks have been curious to see what other companies I have backed, so I have finally decided to share.
I believe we have a couple of stars in here and the next couple of years should be interesting. Please support these companies wherever you see them so that my family can eat o…
Gbedu (Gbedu.live)
Gbedu is a music discovery and streaming service built to dispense the rich sound of Africa. They have created an experience that gives young, upcoming (up and coming) artists the chance to get discovered and earn per stream of their music content.
The startup is connecting Africans to the most extensive catalog g of free localized content, leveraging the power of playlisting, offline, and radio-integration to create new interactions and vast, unique music experience per user locale.
Gbedu is freely accessible to all users and pays every content owner.
Industries: Digital Entertainment, Music Streaming.
Wesbsite: www.gbedu.live
2. PiggyVest
Piggyvest is the leading online savings & investment platform in Nigeria, helping individuals manage their finances effectively.
The platform enables users to save small amounts of money frequently with minimal effort. They automate the process of saving tiny amounts daily, weekly, or monthly; and then allow savers, withdraw for free on only set withdrawal dates, thereby practically making saving and investingpossible for users of their platform.
Industries: Financial Services, Banking, FinTech
Website: www.piggyvest.com
3. Intelligra
Intelligra is the builder of an open platform created for smartphone financing. The company’s platform offers MNO (mobile network operator) integration and lock technology, proprietary credit scoring algorithms, and device lock solution. The platform also offers an in-store seamless onboarding app and integrates device OEM (Original Equipment Manufacturer), financiers, and mobile network operators, enabling consumers to access affordable smartphones.
Industries: Financial Services, Mobile Financing.
Website: https://intelligra.io/
4. TeamApt
TeamApt is a financial technology company focused on developing Digital Banking, Business Solutions, and Payments Infrastructure. They are rethinking the needs of consumers, businesses, and the financial industry.
Industries: Fintech, Financial Services
Website: https://teamapt.com/
5. VertoFX
VERTO is a complete F.X. and payment marketplace built for business. VERTO helps business operate efficiently on the international stage. The company makes it possible to open a free U.K. business banks account in minutes with the ability to hold up to 39 different currency balances. Additionally, VERTO gives its business users the ability to make or receive payments in foreign currencies and trade those currencies at lucrative rates.
VERTO provides liquidity and price discovery tools for international businesses. The marketplace provides easy access to exotic and foreign currencies with seamless international online payment services. Mono
Industries: Finance, FinTech, Marketplace
Website: https://www.vertofx.com/
6. Mono
Mono is an API financial technology software designed to become the go-to financial data infrastructure API platform in Africa. The company’s software provides access to financial statements for historical and real-time transactions, balances, bank statements, credit and spending patterns. The platform also make s it possible to initiate direct debit payments and recurring debit. They are enabling users to get an accessible way to check their financial statements and transactions conveniently.
Mono is bringing access to financial accounts across Africa securely and reliably.
Industries: Big Data, Financial Services
Website: https://mono.co/
7. Spleet
Spleet is a Nigerian-based prop-tech startup that offers its users a subscription-based, living solution. Spleet provides access to Shared/entire living spaces with flexible payment options (Daily, Monthly & Quarterly Subscriptions).
They have built a platform and partner with homeowners who want to earn constant (recurring, monthly, and quarterly subscriptions) revenue and homeowners who wish to earn non-recurring income.
Industries: Real Estate, Property Management, Vacation Rental
Website: https://spleet.africa/
8. Migo (Done via a Syndicate)
Migo is a cloud-based platform that allows customers to use loans, make purchases, and withdraw cash without the need for plastic debit/credit cards.
Migo offers a digital Credit-as-a-Service platform to domestic banks, mobile operators, retailers, and payment processors. The platform includes APIs, frameworks, consumer insights tools, and expertise on best practices that enterprise partners can use to build transformative consumer credit services in emerging markets.
Industries: FinTech, Financial Services, Credit
Website: https://www.migo.ng/
9. LendMe
LendMe is an online consumer loans platform. Users can choose a loan amount in Naira(₦) and set a repayment schedule. The loan limit of the user increases if the user successfully repays loans. The app is available for the Android platform.
Industries: FinTech, Financial Services, Credit.
Website: https://www.mylendme.co/
10. Bitnob
Bitnob simplifies access to the Bitcoin Blockchain Technology for People to create wealth, grow their wealth and even build and provide support for their businesses. It is a cryptocurrency exchange that allows users in the African Region to buy or sell Bitcoins quickly. One key feature of the exchange is that it enables its users to automatically and periodically save in Bitcoins with as little as one dollar.
Industries: FinTech, Financial Services, Cryptocurrency
Website: https://bitnob.com/
11. Lemonade.Finance
Lemonade Finance is a startup that makes it easy to send money to Nigeria from Canada within seconds. Their platform, available on Google Play and App Store, offers some of the best exchange rates at any given time. What’s more, transactions on lemonade are free, safe, and secure.
Industries: FinTech, Financial Services.
Website: https://lemonade.finance/
12. Brass
Brass is a digital bank that provides small and medium businesses with a suite of products and tools to help them grow. Brass provides bank-backed, fully insured current account services to local companies in Nigeria.Brass makes it super easy for every business to get a current account from any device, cut traditional bank fees and help businesses and people save money.
Industries: FinTech, Financial Services.
Website: https://www.trybrass.com/
13. Trove
Trove Finance is a platform that allows you to invest in stock markets around the world for as low as ₦1,000. Troves allows its users to automate their investments by linking a debit card to the Trove App.
Its Investment app aims to make the process of finding and selecting investments — specifically Stocks & Bonds — accessible and approachable for beginners. With Trove, users can find stock from public companies from Nigeria, and the U.S. Users can also easily access various bonds, cryptocurrency assets, and mutual funds.
Industries: FinTech, Financial Services, Cryptocurrency
Website: https://www.troveapp.co/
14. Gradient Boost
The Gradient Boost is an end-to-end platform training, upskilling, and matching data science talent in Africa to companies. This last mile data science upskilling platform enables companies to build a reliable data science, data engineering, and data analytics talent pipeline of the top data talent in Africa.
They take on talent with strong data science fundamentals and upskill them through mentorship from experienced data scientists.
This enables the young talent to gain strong collaborative skills, soft skills and practical experience. Ultimately, these young talents can prove their abilities to companies looking to hire talent.
Industries: Data Science, Training
Website: https://www.thegradientboost.com/
15. Send.ng
SEND is a Digital freight Forwarder & Customs Broker for African Businesses. Send ships container and air cargo to Nigeria, managing the entire process — from suppliers in China, U.S. & Europe, to the customs clearance and then delivered to customers.
Send is making it easy for people and businesses to ship across Africa and to the world. Their web app, mobile app, and API are used to request their shipping services. They then pick up, package, and ship items through major couriers/carriers. Send.ng provides simple yet not-so-available value-added features like tracking and transparent pricing.
Industries: Logistics, Supply Chain Management, Freight Service
Website: https://www.send.ng/
16. Gloo
Initially, Gloo.ng, a pure-play electronic retailing service dedicated to delivering direct to their clients’ doorsteps, Gloo has now pivoted into the e-procurement space as Gloopro.
Gloopro simplifies purchasing for large enterprises with eProcurement and commerce solutions. As a one-stop platform for large enterprises to optimize the purchasing of material and service inputs not included in their core products or service, Gloopro offers its customers valuable supply-chain visibility.
Additionally, they enable large enterprises to standardize and automate their entire procurement lifecycle across multiple locations with stock reorder level parameterization and budgeting caps.
Industries: Retail, E-Procurement
Website: https://www.gloopro.com/
17. PushCV
PushCV is the largest pool of pre-screened candidates in Africa. PushCV aims to help tackle the unemployment epidemic by providing a platform on which only the best talents are connected to top employers and recruiters.
Push CV is focused on the features that matter most to an employer and hence, the job seeker. Through continued iteration on complex employment problems, they seek to provide continuous improvements to the service that already makes thousands of people find their dream jobs a lot faster, safer, and more seamless.
Industries: Recruiting
Website: https://www.pushcv.com/
18. Bento
Previously verifi.ng, Bento has metamorphosized into more than just a payroll and H.R. platform to help companies in Nigeria manage their employees’ salaries. Today, Bento has expanded beyond pension, healthcare, and taxes to provide a platform for salary earners to manage what they consume and how they consume.
Bento has provided healthcare and salary advance services by partnering with a healthcare provider, Hygeia, and money-lender, Zedvance. Moreover, it aims to do much more, for instance, helping parents pay their children’s tuition monthly and pay rent monthly.
Industries: Financial Services, Employee services
Website: https://bento.africa
19. Leadspace
Leadspace is an alternative commercial real estate startup aiming to create shared infrastructure for entrepreneurs and founders of small & medium-size businesses.
They provide co-working spaces for entrepreneurs/founders of small and medium businesses, mid-level corporate executives, Independent freelancers, remote workers, and creative artists.
Industries: Co-working
Website: https://theleadspace.co/
20. PowerCube
Powercube builds clean energy systems that can provide homes with more than 16 hours of power a day with subscriptions as low as N7,000 ($20) monthly. User can control each system with a mobile application that allows them to determine how much power they want to use.
Powercube was started to relieve small homes and businesses from using generators while providing the highest degree of certainty on bills due.
Industries: Clean Energy
Website: http://www.powercube.ng/
21. Accounteer
Accounteer is a cloud accounting platform for small businesses. A business owner can create invoices, track expenses and follow up on their finances with ease. Accounteer integrates with external services like banks, e-invoicing platforms and e-commerce.
Industries: Financial Services, MSME
Website: https://accounteer.com/
22. Blackbet
Blackbet is a product-driven Africa sportsbook operator. The company has ambitions to expand and delight the global gaming community by bringing safe, imaginative and innovative sports play to a new generation by simplifying the platform and delighting new customers play-by-play.
Industries: Gambling & Casinos
Website: https://www.blackbet.ng/en/
23. Fantastic.ng
Fantastic.ng is a free-to-play gaming platform focused on sports fans (hence the name Fantastic). Their platform offers its users an experience similar to sports betting and rewards without requiring any payment.
The sports gaming platform runs on a freemium model that allows users to play for free or buy ₦100 token to access premium games with higher rewards.
All rewards are paid in a digital currency called Fan Coins (F.C.s). These F.C.s are then used in the Fan Shop to purchase various items, including airtime, food, phones, laptops, and get cash back.
Currently, the gaming platform offers a Football Manager, Predict & Win and Sports Quizzes.
Industries: Gaming
Location: Lagos, Nigeria
Website: https://www.fantastic.ng/
24. Engage
Engage is a customer messaging platform that helps businesses grow and improve customer retention. It is messaging based on the end user’s journey, preferences, and actions through your business application.
Engage is able to achieve this by segmenting your customers based on their attributes (e.g., gender, location, plan, age) and their actions (e.g., used up data bandwidth, canceled subscription, scheduled an appointment, submitted feedback), and allowing you directly “message” these segments or create automation.
Industries: Artificial Intelligence, Business Development, Messaging
Website: http://engage.so/
25. Koa
Koa is an app-based platform that helps its users save and grow their money at the tap of a button, making it easier for them to reach their financial goals, starting out from Kenya.
With Koa, users can save for what truly matters to them. Their application helps users break down their goals and save towards them daily, weekly or monthly. Additionally, users with a Koa grow the account, gain interest on the amount they have saved over a set period.
Industries: Finance, Savings, and Mutual Funds
Website: https://withkoa.com/
26. Paystack (Exit)
Paystack is a payment platform that enables businesses in Africa to accept payments by anyone, anywhere in the world, from multiple local and global payment channels, including credit cards, debit cards, money transfers, and mobile money.
Additionally, Paystack provides tools to help its business users retain existing customers and acquire new ones.
Industries: Financial Services and Payments
Website: https://paystack.com/
Article culled from Medium
Anodebenze
February 15, 2021 at 4:59 pm
It may happen,since apc took over,they had several economic plan, and it did not happen.when a person makes a plan and it is subject to other conditions,which you cannot control,This is the major problem facing nigeria under this govt.i sees the cbn have come forward to be a stakeholder in this project.i.e the cbn can uses cheap money/create money to pushes in their aspiration.
Man proposes but god dispose,and as jesus christ said “you give to cesear what belongs to cesear and you give to God what belongs to God”
If you do not carries.e.g God plan with you,God will destroys your plan.YOU MUST CARRY THOSE STAKEHOLDER OR THOSE WHO HAVE SOME INTEREST ALONG WITH YOU OTHERWISE,THEY WILL SABOTAGE YOUR PLAN,AND THIS IS HUMAN NATURE.
i think the best plan for nigeria is for each local govt to formulate or design,(1) AN ECONOMIC PLAN TOWARD THE EMPLOYNMENT OF THOSE UNEMPLOYED YOUTH (2) A INVESTMENT AND COMPETITIVE AND CREATING A BUSINESS FRIENDLY ENVIROMENT (3) CAN EACH LGA BUILT SOME COMMUNITY UNIVERSITY OR COLLEGE,now the centre is too strong,while the branches are weak,in nigeria in some state you can find some tribe with their culture be contain in about 2 local govt area especially in north nigeria
They can be allowed to uses deficit in their annual budget,they can balances their budget,through (1)increasing economic activities(2)create new local taxes or rates. we must not uses conventional thinking for nigeria or africa to recovers from (1)the arabs occupying our lands in north africa or the europeans settling in our land by europeans in south africa(2) the trading in african slaves by european and colonization.HIP HIP Ffor awaking black african conciousness and african nationalism
Pharoah shiask in the bible was a black african man from libya though he was born in ancient egypt,the libya’s dynasty lasted for 200 yrs.Aria of the Christian heresay was a black african man from libya,Elucid was a black man from libya,elucid was famous for formulate his geomentry theoroem,if i got his name correctly