From 9 to 13 September 2024, Boost Africa and AfricaGrow will host 44 leading fund managers from 33 African venture capital (VC) funds, including Partech, AfricInvest, TLcom, Norssken, Speedinvest, and others at Oxford university’s Saïd Business School.

The Africa Venture Finance Programme (AVFP), a week-long, in-person course, has been developed specifically for VC fund managers investing in early and growth-stage technology companies in Africa.

Attendees from across the continent will participate, with half of them being women, highlighting the industry’s need for greater inclusion of women at senior levels.

The programme supports the growth of Africa’s technology venture capital sector. Fund managers will be equipped to identify and fund innovative solutions, addressing Africa’s unique challenges. They will share expertise and facilitate discussions to drive rapid growth in Africa’s technology venture capital sector.

“The EIB is committed to financing new technology and ideas that will address the global challenges we all face,” said EIB Vice-President Ambroise Fayolle. “We are proud of Boost Africa’s role in supporting a vibrant and resilient VC ecosystem in Africa and helping African entrepreneurs transform their ideas into successful businesses.”

Oxford Programme Director Aunnie Patton Power commented, “The African Venture Finance Programme exemplifies the kind of impactful, high-caliber initiatives we strive to offer at Saïd Business School. We take pride in our deep connections with the African continent, reflected in our students, alumni, and faculty, and we are excited to continue fostering the growth of emerging leaders through our programmes.”

Martin Ewald, Lead Portfolio Manager Impact Investments at Allianz Global Investors, commented, “At AfricaGrow, we are proud to serve as a catalyst for private capital into the African venture capital ecosystem. Our investments and technical assistance programs are designed to empower local first-time funds, extending our impact beyond our immediate portfolio. The Africa Venture Finance Program offers a unique opportunity for fund managers to exchange knowledge, create strong networks and forge valuable partnerships.”

In addition to Oxford academic staff, prominent investors and technology experts from around the world will engage with participants on various topics. This includes renowned African investors and AVFP alumni Khaled Ben Jilani from AfricInvest, Keet van Zyl from Knife Capital, and Ido Sum from TLcom.

Attending fund managers will also have the opportunity to interact with representatives not only from the programme sponsors, the European Investment Bank and AllianzGI/ KfW/ DEG Impact, but also from development banks and international organizations such as the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), British International Investment (BII), the Dutch Entrepreneurial Development Bank (FMO), the French Proparco development finance institution, and others.

Additionally, the Alliance for Entrepreneurship in Africa and the Investing in Young Businesses in Africa (IYBA) initiative supported by the European Union (EU), will conduct a workshop to increase the coordination and cooperation between programmes helping investment funds and technology companies in Africa.

Boost Africa and AfricaGrow aim to have a catalytic effect on the emerging African start-up ecosystem by investing in and technically supporting VC funds in Africa. This week at Oxford Saïd Business School is unique in creating a platform for leading African VC managers to come together, learn from each other and be exposed to the latest theory and practices on venture funding.

The Africa Venture Finance Programme is supported by the EU via the Boost Africa programme and by the AfricaGrow Technical Assistance Facility.

Stakeholders unanimously called for concerted efforts towards adding value to non-oil export products by processing them into semi-finished and finished goods in order to unlock significant economic benefits for the nation.

This clarion call was made at the 9th Edition of the Annual Zenith Bank International Trade Seminar themed “Nigerian Non-Oil Export Industry: Awakening the Giant”, which was held on Wednesday, September 4, 2024, at the Civic Centre, Victoria Island, Lagos and virtually.

In her welcome address, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, highlighted the importance of non-oil export as a catalyst for job creation.

According to her, “Our theme “Awakening the Giant,” speaks directly to the untapped potentials within the non-oil segment of the economy and how to optimize them. This involves an increase in the number and volume of exportable non-oil items and value addition to exportable items into finished products. Increasing the number and volume of exportable non-oil products implies more business for you, our esteemed exporters, and increased foreign exchange earnings for our country. In addition, this sector will drive employment generation for Nigerian youths who constitute 60% of the estimated 233 million population, and Zenith Bank is committed to being at the forefront of these efforts.”

Delivering his keynote address, the Secretary, National Action Committee, AfCFTA, Mr. Segun Awolowo, commended Zenith Bank and its leadership led by the Founder and Chairman of the Board, Jim Ovia, CFR, for its laudable initiative in organizing an annual export seminar targeted towards exploring opportunities for growth in Nigeria’s non-oil export industry and for its consistent exploits in supporting the implementation of the AfCFTA.

Commenting on the theme of this year’s export seminar, he added that “In awakening the giant, we must focus on scaling production, productivity and value addition for some specific export products with high potential across three main sectors – solid minerals, agriculture and petro-chemicals. We should also aim to capture at least 5% of the global trade and export volumes for these products. Additionally, in the genie bottle is the services sector, which is not only a major contributor to Nigeria’s GDP but also a key driver of economic diversification, job creation, and innovation.”

Also in his keynote address, the Managing Director of Nigerian Export Import Bank (NEXIM), Alhaji Abba Bello, emphasized the need to amplify the export of services in order to facilitate economic growth.

In his words, “A key area that needs mentioning is the need to intensify efforts to support the promotion of export of services to leverage on the sector’s economic strength in which the services sector annually contributes over 50% to the GDP. Specifically, strategic frameworks need to be developed to complement current Government’s US$620 million programme under the Digital and Creative Enterprise (IDiCE), which is designed to empower youths to create IT and skilled / technical jobs that could promote and expand export of ICT and creative industries products and services.”

In his goodwill message, the Governor of Lagos State, His Excellency Babajide Olusola Sanwo-Olu, represented by The Honourable Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, highlighted the efforts of the Lagos State Government in facilitating non-oil export for the growth of the Nigerian Economy.

He said, “This seminar’s theme resonates deeply with the strategic objectives of the Lagos State Development Plan 2052. Nigeria’s creative economy is a powerful engine of growth and a key pillar of our export diversification strategy. Our focus is on value addition—transforming raw agricultural products into finished goods that command higher prices in international markets. For instance, Lagos State is rapidly becoming a hub for the processing of cocoa, cashew nuts, palm oil, and sesame seeds.

These products, when processed and packaged to international standards, can significantly boost our export revenues and create thousands of jobs for our citizens. The manufacturing sector offers another promising avenue for export diversification. Our vision is to transform Lagos into a global manufacturing hub, where high-quality, made-in-Lagos products are exported to every corner of the globe.

Also in his goodwill message, the Governor of Kano State, Engr. Abba Kabir, represented by the Special Adviser, State Affairs, Usman Bala Muhammad, emphasized strategic advantages in economic diversification in non-oil exports.

In his words, “Our strength begins with agriculture, which has been the cornerstone of our economy for decades. Kano’s agricultural sector has a strong base that we are leveraging for diversification. However, diversification is not just about increasing crop yields; it is about adding value. Through strategic investments in agro-processing, we are converting raw agricultural products into finished goods, creating jobs, and enhancing local consumption. By aligning our export diversification strategies with global market trends and standards, and leveraging opportunities such as the African Continental Free Trade Area (AfCFTA), we can significantly expand Nigeria’s non-oil exports to African markets and beyond.

Speaking on diversification, the Governor of Zamfara State, Dr. Dauda Lawal, represented by the Commissioner of Finance, Abdullahi Bello Auta, urged stakeholders to explore other untapped areas for export.

According to him, “One major important sector which contributes to non-oil export which is not harnessed and which is giving us a lot of trouble simply because it is not organized is the mining sector. I can tell you with all sincerity and courage that once we are talking of mineral resources in Nigeria, Zamfara state is the hub. There is no single solid mineral that you can talk of that you cannot find here in abundance and in good quality.”

Zenith Bank launched the Non-Oil Export Seminar in 2015 as an initiative to deepen the discourse on promoting the non-oil export business in Nigeria, and remains committed to promoting the non-oil export sector in Nigeria by identifying emerging opportunities which help stimulate non-oil exports and develop robust financial products as well as incentives for operators in the sector.

Stanbic IBTC Holdings Plc, one of the leading financial institutions in Nigeria, on Tuesday announced a 77.44 percent increase in its gross earnings for the first half (H1) of 2024 to N378.548 billion, up from N213.334 billion reported in H1 2023.

This was disclosed in the lender’s audited financial statement obtained via the Nigerian Exchange Limited (NGX) website.

In the period under review, interest income stood at N246.13 billion, a 123 percent increase from N110.26 billion filed in the corresponding period.

The bank’s interest expenses expanded by 91.2 percent from N37.6 billion in H1 2023 to N71.83 billion declared in H1 2024.

The group declared N6.1 trillion in total assets in the correspond, a 19 percent increase from N5.15 trillion reported in the 2023 full financial year.

Profit before tax grew to N147.002 billion in the period under review, representing an increase of 77.14 percent from N82.985 billion in 2023.

The lender paid N30.645 billion in incoming tax while profit rose by a whopping 71.32% from N67.919 billion in 2023 to N116.357 billion.

The bank proposed an Interim dividend of N25.914 billion.

Chief Executive of Stanbic IBTC, Dr Demola Sogunle who commented on the company’s performance in 2023 said with the trends in the Nigerian operating environment, “we were able to record remarkable progress in our key focus areas.

“We recorded an increase in profitability, growth in assets under management (AuM) while our loans and advances and customer deposits also grew during the year, showing growth in clients franchise and our ability to support our customers in meeting their financial needs.”

“Looking ahead, our vision for 2024 is one of continued innovation, growth, and unwavering commitment to our clients and stakeholders”.