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AfDB approves $15m equity investment in Nigeria, others

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The African Development Bank (AfDB), says it has approved 15 million dollars for equity investment in Verod Capital Growth Fund III, a private equity fund for investments in high growth middle market companies.

The bank said on Friday that the figure was approved by its Board of Directors for companies in in Nigeria, Ghana, Liberia, Sierra Leone and the Gambia.

The bank said the fund’s investments would be in companies in consumer driven sectors including light industrials, fast moving consumer goods, education, financial services and agro processing.

It also said the ticket size for each investment would be between 5 million dollars and 20 million dollars.

Mr Abdu Mukhtar, the African Development Bank’s Director of Industrial and Trade Development, AfDB, said the fund would help accelerate investments in small and medium scale enterprises (SMEs) in the West African region.

“This is key to job and wealth creation, knowledge transfer and scaling up of local businesses.

“The Fund will provide an important vehicle to growing SMEs in Africa, which are a key pillar to the continent’s industrialization drive,” Mukhtar added, in a statement posted on the bank’s website.

It was reported that the fund’s target size is 150 million dollars.

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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