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    Enugu Investment Roundtable: Now, Let the Transactions Begin

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    This Friday, Governor Peter Mbah of Enugu State will flag off the inaugural Enugu State Investment and Economic Growth Stakeholders Roundtable where he will unveil a $2.1 billion (N1.6 trillion Naira) project pipeline that spans several industries such as transportation and healthcare infrastructure, energy, power, and agro industrialisation. The Roundtable, which is a precursor to the launch of a maiden multi-stakeholder, fully transactional Diaspora and Investment Forum scheduled for the second quarter of 2024, is themed “Leveraging Public Private Partnerships”.

    It is expected to draw participation from senior executives from the World Bank Group, the African Development Bank Group, the International Finance Corporation, the African Export-Import Bank, the United Kingdom Department for Trade and Business, and the Africa Finance Corporation (AFC). These in addition to the Nigerian Sovereign Wealth Fund, commercial banks, corporate pension funds, private equity funds, infrastructure funds, and other domestic financial institutions will convene in Enugu to chart a trajectory for effectively mobilising private capital for large-scale infrastructure projects, including climate resilient and sustainable infrastructure projects that can unlock the state’s and South-Eastern Nigeria’s economic potential.

    They will be focusing on barriers to investment and economic growth in Enugu State; improving investor confidence in the State and understanding investor’s risk and return preferences; and identifying partnership opportunities for project preparation and co‑investments.

    It has been said many times, and rightly so, that at the root of Nigeria’s economic woes is a highly dysfunctional federal structure that has progressively reduced states to indolent dependents of the central government. In his back page treatise in the March 4, 2012 edition of Thisday newspaper, which he entitled “Federal Allocation and Our Future”, Simon Kolawole, a columnist, likened the story of Nigeria to that of a father, who has 36 children. But instead of encouraging all his children to be creative, hard working, and independent, this father (called Nigeria) ignores the larger picture of every child being self-sustaining and insists on redistributing his children’s wealth.

    Going further, he questioned: “Why do we need to stretch our brain to dream of building our own Microsoft and Apple when we can look up to Abuja for the flow of petrodollars every month? Why should Bauchi bother to tap its tourism potential? Why should Bayelsa dream of feeding Africa with its FADAMA rice when there is a fat FAAC cheque to be collected in Abuja monthly? Why should Aba be developed into our own Taiwan or Japan? There is no such incentive. The only incentive I can see in Nigeria is Federation Account”.

    Unfortunately, nothing has changed. Nigerian leaders still dream petrodollars, with the states ever unimaginative, lacking in creativity, and dependent on federal handouts. Today hard times have hit the nation because not only is oil price not what it used to be, powerful cartels now steal millions of barrels of oil, ‘undetected’ by those we pay to prevent such economic sabotage or at least apprehend the perpetrators.

    A paradigm shift

    The result is that Nigeria went into the 2023 election with the economy in a state of emergency. Thus, Governor Peter Mbah’s message of paradigm shift resonated with the people. Not only did he make the economy the crux of the matter, he unveiled an ambitious economic and development agenda built outside the Abuja monthly handouts. He believes that Enugu’s path to the future does not rely on the Federation Account, but in extensive partnership with the private sector powered by a creative and visionary leadership to harness the state’s natural and human resources and unlock the capital needed for growth from a megre $4.4 billion to $30 billion. He promised to leading Enugu to becoming one of the top three states in Nigeria in terms of GDP as well as to a zero per cent poverty rate. He promised to make Enugu the preferred destination for investment, tourism, and living.

    It was pursuant to these that he equally promised to organise an investment summit in Enugu within the first 100 days in office because the promised $30 billion economy could only be possible by bringing investors to help transform the Enugu economic landscape from a public sector to a private sector-driven economy.

    Abundant opportunities

    The good thing is that Enugu has no reason to be poor, given the abundant resources and opportunities, which are sadly dormant and untapped. As the governor rightly explained during the 2023 Lagos Chamber of Commerce and Industry International Conference and Expo in Lagos on Tuesday, Enugu is a land brimming with opportunities – agriculture and agro industry, real estate, logistics and aviation, tourism, real estate, mineral resources, and Information Communication Technology (ICT), among others – begging to be harnessed and exploited.

    In the area of agriculture and agro industry, for instance, Enugu is positioning to take advantage of our proven strong factor productivity in the areas of some key segments of agriculture by opening up another 300,000 hectres of farmland for cultivation of focus crops and animal production. Talking about crops, Enugu, under the administration is focusing on opportunities in cassava, soybeans, palm oil palm production, cashew (which global market size is predicted to hit $7bn by 2025), and Nsukka pepper, which has become a veritable export commodity as well as an industrial raw material for various spice brands. Likewise, investment opportunities in poultry, piggery, and fishery are quite large, as even local needs are not met at the moment.

    Enugu’s geographical position as the gateway to the North makes it attractive for agro-processing investments to process agro products from both Enugu and the North to service the South East and South South.

    It is noteworthy that the South East and the South South are the final destinations of 40 per cent of the air cargo imported through Lagos. This makes investments in logistics and aviation quite lucrative. Thus the Mbah administration is investing extensively in our logistics and aviation to make transit through and to Enugu efficient and seamless. It is prioritising development of a cargo terminal for the Enugu International Airport to facilitate the direct receipt of cargo in Enugu as opposed to the current practice of shipping into Lagos airport and then undertaking the arduous and expensive overland journey to the South East by truck. The terminal, according to the governor, will equally facilitate the export of agro-produce direct from Enugu.

    There are also opportunities in the light rail, which the state plans to develop in collaboration with other South East governments. Economic growth and investment opportunities also abound in the development of modern logistics centres at key crossroads like Obollo-Afor and Ninth Mile Corner as other investment opportunities as marshalled by the government.

    In the tourism industry, the state intends to develop world-class theme parks and is in the process of refurbishing and reactivating the Presidential Hotel, Enugu and completing the long abandoned International Conference Centre.

    In the area of real estate, the state would be developing a New Town, in response to the high demand for housing in the state. That alone would offer 60,000 household living spaces. In fact, real estate opportunities in Enugu are limitless.

    Meanwhile, whereas Enugu is popularly known as the Coal City State, the truth is that the state is blessed with natural gas. In fact, the state has joined the ranks of oil producing states. Furthermore, it has solid minerals such as ironstone, zinc, lead, limestone, and kaolin, among others, in abundance. The administration is therefore working with the federal government to bring in investors to produce them.

    The present administration priotises youth development so they can easily fit into and also reap bountifully from the world of robotic science, artificial intelligence, virtual reality, augmented reality, mechatronics, e-commerce and Fintech. It wants to transform the youths from job seekers to wealth creators and employment generators. Therefore, it seeks to build a Tier-4 Hyper scale Data centre that that will not only service local needs, but also offer hosting and other services to major businesses like Google and Facebook.

    Making life easy for investors

    The other good thing is that being a businessman himself, Dr. Peter Mbah understands the serious challenges faced by setting up and running businesses in Nigeria, hence has promised to make life easy for investors.

    “Enugu is now open for business. We will make life easy for you. We are markedly revisiting our ‘ease of doing business’ indicators to ensure the environment is conducive for business. For example, our new land title processes will facilitate the issuance of Certificate of Occupancy in not more than three days or 72 hours.

    “Processes for the procurement of building approvals will also be revisited and markedly reduced to achieve improved efficiency.

    “We are automating all our major government processes to ensure transparency in all aspects of engagement with government and facilitate self-service by the public with little or no need for physical engagement with public servants.

    “We are also willing to de-risk business investment in key sectors by providing access to land, providing support infrastructure, handling engagement with host communities, among others”, the governor had equally told the business community at the Lagos Chamber of Commerce and Industry at the 2023 International Conference and Expo.

    But, perhaps, most significant is that the government made security and peace the number one on its agenda from day one. Not only has the government been able to end the illegal Monday sit-at-home, it has restored normalcy through massive deployment of technology, personnel, and hardware. Only recently, the state launched the pilot phase of the Distress Response Squad (DRS), which is going to consist of over a hundred vehicles with very highly sophisticated technological devises, including surveillance cameras capable of facial and number plate recognition. The state is currently constructing the Command and Control Centre. This way, every part of the state will be monitored.

    In view of all these, there is no doubt that Enugu is ready for business. As the Investment and Economic Growth Stakeholders Roundtable kicks off, it can only be seen as a catalyst for an economic revolution that lies ahead. So, let the transactions begin.

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    Woodhall capital partners with Afreximbank to launch $25 million SME export boost in Nigeria

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    Woodhall Capital and Afreximbank unveil a $25M facility to support Nigerian SMEs, marking a significant step toward bridging export barriers in Africa.

     

     

    In a pivotal move aimed at empowering Nigerian small and medium enterprises (SMEs) for export, Woodhall Capital, a leading financial services firm, has partnered with the African Export–Import Bank (Afreximbank) to introduce a $25 million loan facility.

    This initiative, formalised at the first-ever Afreximbank SME Development Workshop and Stakeholder Engagement Programme in Lagos, signifies a vital step in enhancing market access for SMEs in Africa.

     

    Also read: AFRIFF 2023 to spotlight African cinema with 150 films, global networking events

     

    Held at the renowned Zinnia Hall, Eko Hotels & Suites, Lagos, the workshop, themed “Nurturing African SMEs: Bridging the Barriers to Export,” saw over 400 attendees, including industry leaders, financial institutions, and government officials.

    In opening remarks, Kanayo Awani, Executive Vice President of Intra-African Trade & Export Development (IAED) at Afreximbank, underscored the importance of the event in supporting Nigerian SMEs to embrace trade and drive continental development.

    “Collaborating with Woodhall Capital enables us to build up SMEs, which are the backbone of Africa’s economy. Beyond financing, this partnership aims to identify financial institutions capable of fostering SME growth,” Awani noted.

    With SMEs constituting 90% of business activity in Africa, Afreximbank has observed that financial access remains a major challenge.

    Awani highlighted that around 60% of SMEs struggle to obtain necessary financing, limiting their potential in both local and international markets.

    By providing affordable and accessible funding, this partnership intends to create lasting growth for African SMEs, she added.

    In his remarks, Nigeria’s Minister of State for Finance, Dr. Doris Uzoka-Anite, represented by Alhaji Shekarau Umar, Executive Director of MSMEs at the Bank of Industry, emphasised the role of Nigerian SMEs in regional development.

    “Nigeria’s vast SME population, exceeding that of 39 other African nations combined, demonstrates the strategic choice of Nigeria as the workshop’s host. Afreximbank’s role in facilitating SME access to cross-border trade is invaluable,” Dr. Uzoka-Anite remarked.

    Uzoka-Anite also called on attendees to focus beyond financial barriers and address critical issues like market access and capacity-building. “Funds provided to SMEs are impactful only when paired with training that enables long-term success,” she stated.

    A wide array of experts further contributed to the discussions, including Oluranti Doherty, Afreximbank’s Managing Director of Export Development; Dr. Olayemi Cardoso, Nigeria’s apex bank governor, represented by Dr. Blaise Ijebor, Director of Risk Management at the Central Bank of Nigeria; and Ody Akhanoba, Head of SME Development at Afreximbank.

    Also participating were Will Stevens, the US Consul General, represented by Daniele Jean-Pierre, Managing Director of Trade at Prosper Africa, and Fola Olowu, founder of Oriki Group, who discussed the African Growth and Opportunity Act (AGOA) and its benefits for SMEs.

    The workshop delivered a range of presentations aimed at equipping Nigerian SMEs with essential tools for scaling up export operations.

    Panel discussions focused on creating a supportive ecosystem for SME growth and improving finance accessibility for African SMEs, with valuable insights from key industry leaders.

    Speaking on Woodhall Capital’s journey, founder Mojisola Hunponu-Wusu explained how the firm evolved from a local entity into a global institution with Afreximbank’s support. “Afreximbank’s commitment allowed our small company to scale globally, underscoring the importance of guidance and training for any business,” she said.

    Highlighting the potential for African SMEs, Hunponu-Wusu encouraged participants to pursue success with a growth-oriented mindset.

    This collaboration between Woodhall Capital and Afreximbank symbolises a promising path forward for African SMEs, with the potential to transform the region’s economic landscape by bridging the financing and export barriers that have hindered SME growth across Africa.

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    Woodhall Capital unveils UAE-Nigeria investors’ forum

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    Nigeria and the United Arab Emirates (UAE) are eagerly making plans to explore the limitless business opportunities present in both countries.

    This was the talking point at an exclusive business forum organised by Consulate General of the United Arab Emirates in Lagos and the leading financial advisory firm in Nigeria, Woodhall Capital, at the prestigious Lagos Continental Hotel in Victoria Island, Lagos, recently.

    Themed “UAE-Nigeria: Investors’ 1st Meeting”, the objective of the forum was to create a platform for the government of the UAE to meet with top and carefully selected members of the Nigerian business community.

    The founder of Woodhall Capital, Moji Hunponu-Wusu, revealed to the top business leaders that the government of The UAE believes in Africa and is willing to continue supporting the continent.

    “Woodhall Capital is a financial services firm, which raises international funding for banks, corporates and governments. We set up in 2014 and the story of why we’re here began in 2020, when we took the leap to open an office in Dubai.

    “And the reason why we thought we should pull you into what we feel has been a monumental leap in the history of Woodhall Capital is what happened after we decided we were going to open in Dubai. I was reluctant because I’m European-based; I grew up in Europe.

    “We then decided at one point during COVID-19 to set up in Dubai, and just look at what it has taken us—four years under that; we raised just under half a billion dollars from the support that Dubai and Middle East banks have given to Woodhall Capital, believing in this Africa that so often the rest of the world has pulled out on. As a matter of fact, we closed a $150 million transaction last Friday with a corporate here in Nigeria.

    “The UAE government has decided that it would collaborate, not only with Woodhall Capital, but they are looking for captains of industry. And when we were given the brief to put this forum together, they wanted to show that if they can collaborate with us, they’re willing to have discussions not only with us, but they are also interested in the clients we represent,” she stated.

    While adding that the forum is an avenue for an open discussion about the best of Nigeria and Africa, Hunponu-Wusu also announced that the UAE government has welcomed the firm to open in Abu Dhabi, the capital of the UAE.

    In his speech, the Consul General of the UAE in Lagos, His Excellency Dr. Abdulla Al Mandoos, revealed that Nigeria is a key West African country with many opportunities and challenges.

    “I firmly believe that with the esteemed individuals gathered here today, we have an opportunity to accomplish significant achievements for both the UAE and Nigeria. Our vision is to engage with Nigeria and explore how we can contribute further to the growth and development of both countries,” Dr. Al Mandoos stated.

    The Consulate General of the UAE in Lagos also stated that its government has prioritised humanitarian activities and attracting FDI (Foreign Direct Investment). It has also identified Nigeria as a key and strategic partner because of esteemed investors like yourselves and several investment indicators, thus making the Consulate in Lagos and the Embassy in Abuja an extension of this objective.”

    While, the Consulate General is the official contact point assigned by the UAE government to help carry out its activities in Lagos, Nigeria, which include economic, cultural and humanitarian endeavours. However, it was emphasised that the consulate is also tasked with facilitating investment between Lagos- Nigeria and the UAE.

    While outlining reasons the UAE should be the preferred investment destination, it was mentioned that the UAE has a very strategic geographical location with access to over 200 cities, more than 400 direct shipping lines for import and export, and top-notch infrastructure.

    “The UAE is also the first in the region to achieve macroeconomic stability, earning an Aa2 Moody’s rating. This became more evident in 2022, when we attracted over $20 billion in terms of FDI” he said.

    During the open discussion, the industry leaders as well as Woodhall Capital were given the opportunity to present their capabilities, their concerns and deliberations on how they would want the Consulate General of the UAE in Lagos to support the establishment and operations of their businesses in the UAE.

    In his words, the founder of A2Energy Limited, Abdul Abiola, believed that the forum provided a platform for the exchange of ideas from masters in different industries, and that the UAE’s partnership with Nigerian businesses would go a long way in fostering innovations useful to both countries.

    “We focus on clean energy and our goal is to accommodate innovation for energy transition. For Africa to grow, we need energy, and as much as we’re still focusing on fossil fuels, climate change is real. For A2Energy, our focus is on how we can develop innovation for the growth of Africa, and coming to this event has been really exciting because we’ve received different ideas from different counterparts from different industries to unlock investments,” he added.

    Akinsola Akeredolu-Ale, Chief Executive Officer of Lagos Commodities and Futures Exchange (LCFE), believed that the efforts of the Nigerian government in attracting investments into the country are beginning to bear fruit.

    “Market infrastructure, where we operate, is a particular sector of the market that allows you to use templates and mediums for people to engage in trades with each other, which is called a commodity exchange; and that’s why we are here today.

    “What the UAE delegates have been able to do underscores the fact that some of the roadshows the federal government has held are bearing fruit now, and they are coming home to establish that the UAE is ready to do business with Nigeria. They have a consulate and embassy that handle their economic affairs here.

    “I’m happy to be part of this conversation because for the market infrastructure that creates enablement for capital mobilisation, particularly in the agricultural and solid minerals sectors, we’ve been able to move the conversation to a very high level today,” Akeredolu-Ale emphasised.

    For Woodhall Capital, having benefited so much from establishing its roots in Dubai by telling the African story to the international community, Nigerian businesses can dare and be bold enough to set up in the financial markets of the world, connecting the world to Nigerian captains of industry with integrity as its primary objective.

    “We proudly say to the world that there are Nigerians we can showcase—Nigerians with integrity and serious about doing business. And that there are global captains of industry emerging from the continent of Africa, and particularly my home country, Nigeria,” Hunponu-Wusu announced.

    The resumption of Emirates Airline’s daily flights in and out of Nigeria is further evidence that the business communities of Nigeria and the United Arab Emirates (UAE) are ready and willing to explore the limitless business opportunities present in both countries.

    Mojisola Hunponu-Wusu, Founder of Woodhall Capital with HE Dr. Abdulla Al Mandoos, The Consul General of the United Arab Emirates

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    UK-Nigeria bilateral relations strengthened during high commissioner’s visit

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    UK-Nigeria Bilateral Relations

    The British High Commissioner, Dr. Richard Montgomery, visited Nigeria to strengthen UK-Nigeria bilateral relations and support economic development.

     

    The UK is reaffirming its commitment to developing bilateral relations with Nigeria. British High Commissioner Dr. Richard Montgomery recently concluded a four-day visit to Lagos and Ogun States.

    During this trip, he met with Governors Dapo Abiodun and Babajide Sanwo-Olu. The discussions focused on enhancing economic ties and encouraging investments between the UK and Nigeria.

     

    Also read: Ogun governor, Dapo Abiodun, honours Olota of Ota on his 58th birthday

     

    A highlight of the visit was the announcement by Hinckley Recycling. They will establish a $5 million battery recycling facility in Ogun State, using UK-patented technology.

    This facility will be Africa’s first lithium-ion and lead-acid battery recycling centre, creating 100 new jobs.

    In Lagos, Dr. Montgomery met with notable Nigerian business leaders. He engaged with executives from firms like Standard Chartered and KPMG West Africa.

    The High Commissioner expressed that the visit reinforced the strong ties between the UK and Nigeria.

    He stated, “Both states are vital for boosting Nigeria’s economic prosperity. The UK is dedicated to driving that growth and supporting development.

    ” Dr. Montgomery also emphasised the importance of the new facility and its potential for job creation in Ogun State.

    The UK Government continues to support Nigeria’s development goals. British International Investment recently invested $15 million in Ogun State.

    Furthermore, the UK’s Manufacturing Africa programme aids local companies in raising capital.

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