The four co-operation agreements signed between FSD Africa and the African Private Equity and Venture Capital Association (AVCA) and East Africa Private Equity and Venture Capital Association (EAVCA) and Southern Africa Venture Capital and Private Equity Association (SAVCA) and the Private Equity and Venture Capital Association Nigeria (PEVCA) will help to ensure local expertise and tailored delivery for regional and country mandates.
FSD Africa today announces the signing of co-operation agreements with AVCA, EAVCA, SAVCA and PEVCA to coincide with the launch of the Africa Private Equity and Private Debt Programme. The programme is a new initiative to support the development of private capital markets in Africa as a complement to public capital markets. It will work to improve the long-term financing options available for businesses across key sectors in Africa’s economy, including healthcare, climate and agriculture.
Access to long-term finance has continued to be a challenge for small and medium-sized businesses across the continent. The economic impact of COVID-19 has only exacerbated the strain on Africa’s formal public markets aiming to provide long-term finance options to businesses desperately in need of capital. This alongside increased risk averseness by lending institutions has left few options for SMEs to access long term financing, in many cases resulting in business closures and job losses.
Through the Africa Private Equity and Private Debt Programme FSD Africa aims to leverage various tools including grants, technical assistance, advocacy and investment capital to support the growth of private capital markets. The partnership aims to support growth in a way that is uniquely African in character, tailored to the local context and delivering long term financing options for SMEs.
FSD Africa, AVCA, EAVCA, SAVCA and PEVCA will work with policymakers, regulators, industry associations, institutional investors and other market operators to encourage and advocate for changes that promote increased flow of institutional capital into private capital markets. Through the programme FSD Africa and its partners will seek to create a knowledge sharing environment by working with regulators to put in place regulatory provisions and/or incentives, build capacity and understanding of relevant market stakeholders.
Mark Napier, CEO at FSD Africa, said:
“Supporting the development of private equity and private debt markets in Africa will provide a boost to small and medium-sized businesses and local economies. We believe this will be greatly welcomed in the short term, ensuring that more jobs are saved, but it will also provide long-term benefits and improve access to capital. Globally, there has been a secular shift towards private capital markets and it is appropriate that, as part of our response to COVID-19, we pay enough attention to the development of private markets, allowing for more local capital to be channelled into essential sectors including health, agriculture and climate.”
Evans Osano, Director, Capital Markets at FSD Africa, said:
“By encouraging long-term investment capital to Africa’s private sector, real impact can be delivered, including creating and sustaining jobs, and increasing access to services like healthcare. We urge local investors, regulators, and other relevant individuals to come forward to be a part of this programme and look forward to working with them on this exciting next step.
Ify Ossi, Executive Secretary, PEVCA, said:
With the unprecedented economic shocks brought on by the pandemic, the case for mobilizing private capital in our clime has become more evident. In the face of the huge funding gap and growth lag facing sectors across Nigeria, long-term access to local financing coupled with structural adaptations, were necessary, are key to our economic growth and sustainability. Interventions that address industry gaps and challenges must be both private sector and policy driven guided by suitable strategic partnerships and alliances, among other factors. We are excited about PEVCA’s partnership with FSD Africa, particularly its pan African approach towards capital market development, and look forward to jointly facilitating solutions for our industry.
Tanya van Lill, CEO, SAVCA, said:
“SAVCA is looking forward to partner with FSD Africa on this initiative to support the development of private capital markets in Africa. This Programme has the potential to unlock much needed catalytic capital for businesses and industries that have the potential to not only create and preserve jobs, but also contribute to much needed economic growth given the impact of COVID-19.“
Eva Warigia, Executive Director, EAVCA, said:
“For the EAVCA, FSD Africa is a natural partner given their in-depth knowledge of local markets. We see this as a strategic partnership that will advance EAVCA’s commitment to increase local participation in financing private business- both mature and early stage- in East Africa by providing alternative sources of capital”.
Abi Mustapha-Maduakor, CEO, AVCA, said”
“In addition to facilitating greater inflow of private investment to the continent, advocacy is at the centre of our work at AVCA. This collaboration with FSD Africa is timely, and I look forward to working with our colleagues at EAVCA, SAVCA and PEVCA to support investors, businesses and governments in their efforts to strengthen Africa’s economy over the coming years.”
Over 8,000 Nigerian Doctors Now Work In UK, 353 Registered In The Last 100-Day
The United Kingdom (UK) registered about 353 Nigerian doctors in the last 100 days, according to data from the General Medical Council – the body which licenses and maintains the official register of medical practitioners in the UK.
The GMC licensed at least 353 Nigerian-trained doctors between June 10, 2021, and September 20, 2021.
The statistics also showed that between July 24, 2020, and September 21, 2021, about 862 Nigeria-trained doctors were licensed in the UK despite the COVID-19 pandemic.
The data also showed that 8,737 doctors who obtained their degrees in Nigeria currently practice in the UK.
Officials of the National Association of Resident Doctors are speculating that the rate of migration might double in the coming weeks since doctors were not given the right remuneration.
They said that many Nigerian doctors are migrating to Saudi Arabia, which might be more than those moving to the UK.
A poll by NOI in 2018 showed that 88 percent of Nigerian doctors were considering work opportunities abroad, but experts say the figure may be higher due to the rising insecurity and economic crunch.
Elections in Africa Must Follow Democratic Process – Osinbajo
Africans must continue to make the extra effort in ensuring that elections in the continent go through the democratic process, remain transparent and fair, according to Vice President Yemi Osinbajo, SAN.
He said this yesterday while receiving the President-elect of Sao Tome and Principe, Mr. Carlos Manuel Vila Nova who paid him a courtesy visit at the Presidential Villa.
On the 18th of July, 2021, elections were held in Sao Tome to replace President Evaristo Carvalho, whose tenure expired on 3rd September, 2021. Based on constitutional provisions, an outright winner did not emerge from the polls and a run-off led to the emergence of Mr. Vila Nova, who would be sworn in 2nd October, 2021.
According to Prof Osinbajo “there is no question at all that for those of us in Africa, we must make the extra effort to ensure that the democratic process is very transparent. It is such a pleasure to see that that was what took place in your country which led to your election.”
Speaking about areas of cooperation between both countries, the Vice President said, “we already talked about some of the areas of cooperation…your tenure might be an opportunity to bring some of those things to fruition.”
Prof Osinbajo reassured Mr. Manuel Vila Nova of Nigeria’s support to ensure that “your tenure is as comfortable and effective as possible as partners and friends.”
In his own remarks, President-elect Vila Nova expressed appreciation to President Muhammadu Buhari for supporting Sao Tome and also thanked the Vice President for his attention, stating that Nigeria is a “friendly country” and the relationship between both countries dates back many years.
In attendance at the meeting were the Minister of State for Foreign Affairs, Ambassador Zubairu Dada, and a member of the Sao Tome and Principe’s cabinet, Mr. Americo de Oliveira Ramos.
Ethiopian Airline To Resume Flight To Enugu Oct. 1st
The Ethiopian Airline said on Sunday it would resume flights to Enugu as from Oct. 1, two years after it suspended flight to the South-Eastern state.
The airline’s General Manager, Shimeles Arage, who confirmed the proposed resumption in a statement issued in Lagos on Sunday, said that every week there would be a flight on Wednesday, Friday and Saturday, with B787 Dreamliner.
“Oct. 1 is Nigeria’s Independence Day and the flight to Enugu on that day will reinforce Ethiopian Airline good relations with Nigeria since the first flight to Nigeria in 1960,” he said.
Arage recalled that the airline stopped flights to Enugu in 2019 when the Nigerian aviation authorities closed the airport to refurbish the runway.
He said before the closure of the airport for runway repairs, Ethiopian was the only international airline flying to Enugu.
The airport was officially re-opened to domestic flights in 2020 and to international flights in Aug. 2021.
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