Connect with us

Economy

Finance expert charges local entrepreneurs on partnership 

Published

on

Finance expert charges local entrepreneurs on partnership 

Mr Robert Hersov, Founder, Invest Africa, has urged local entrepreneurs to leverage partnership in order to scale up businesses and attract capital.


Hersov said this during an international web conference organised by the Lagos Chamber of Commerce and Industry (LCCI) on Tuesday.

The News of Nigeria reports that the conference had as its theme: “Access to International Capital and Funding Solutions for Nigerian Businesses”.

Hersov said the development of strong business relationships with the right funding partners would encourage investors provide further opportunities and create room for regional expansion.

He said that a Strength, Weakness, Opportunity and Threat (SWOT) analysis revealed that Nigeria had an advantage of a huge population with over 60 per cent young and active persons providing services.

He also noted that huge investment opportunities abound in the financial sector and processing value chain of the agricultural sector.

Hersov added that the nation possessed a largely well educated workforce, high urbanization, robust banking and financial sectors, improving electricity regulatory situation, strong expatriate sector with huge diaspora remittance and fantastic entrepreneurial culture.

He, however, advised Nigeria to improve on its poor reputation and

image problem, unemployment, poverty, policy inconsistency, high operational cost, lack of beneficiation on raw materials, bureaucracy, undeveloped transport and energy infrastructure.

“Nigeria should be the top of the list for investors as it has the draw for foreign investors.

“However, threats such as high costs of doing business, lack of access to capital by over 90 per cent of Small and Medium Enterprises (SME), low budget allocation for health and education sectors existed.

“Also, currency depreciation and convertibility challenges and tough processes hindered foreign direct investment,” he said.

He listed transparent reporting and governance, track record of performance and growth, aligned management teams as standard requirements to accessing international funding.

In her remarks, the LCCI President, Mrs Toki Mabogunje, represented by Mrs Mojisola Bakare, her Vice President, said the size of credit to private sector (as percentage of GDP) was largely insufficient to meet the demand for finance by private sector.

This, Mabogunje explained, created a huge funding gap and liquidity challenge to meet working capital requirements and finance new projects and expansion of existing ones.

“Prior to the COVID-19 pandemic, businesses were increasingly finding it difficult to access finance through the domestic financial system given the high borrowing costs associated with credit facility in conventional banking system.

“Moreover, COVID-19 has elevated the risks and uncertainties around capital and finance generally in view of deteriorating business and economic outlook.

“This scenario therefore reinforces the need for businesses to explore alternative funding solutions available on global as well local space,” she said.

Edited By: Wale Ojetimi (NAN)

Rukayat Moisemhe: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

Israeli jeweller creates world’s most expensive coronavirus mask Sri Lanka’s former PM quits party leadership after election defeat NUPENG scribe wants LASG’s intervention in Petroleum Tanker Drivers’ strike Hausa language tops articles content on Wikipedia writing contest Few students turn up as schools resume in Edo WAEC: Kano Govt to deploy more teachers for revision in schools FRSC impounds 3 articulated vehicles as ” Operation Scorpion II” begins in Oyo New daily virus cases fall below 30 as church-linked infections again loom larger Coy pump oil from stranded freighter in Mauritius Netanyahu’s Likud party gives unity government ‘last chance’ Iran warns foreign powers against interference after Lebanon blast French, Nigerien soldiers hunt for gunmen who killed aid workers Coronavirus: Namibia’s dairy industry fighting for survival Environmentalist calls for adoption of eco-friendly products to curb plastic pollution Oyo State CAN mourns death of cleric China sanctions 11 United States officials over Hong Kong affairs Lebanon’s justice minister resigns in wake of blast, protests Face mask now mandatory on Paris river banks, streets United States health secretary meets Taiwan’s leader, praises pandemic response Kwara Govt. lauds ophthalmologists for assisting blue-eyed family Malaysia’s chief diplomat fined for vaping in parliament Israel strikes Hamas post in response to incendiary balloons Sri Lanka re-opens schools amid COVID-19 caution NMA condemns disruption of election in Enugu Skills acquisition : Dangote refinery group, NDE train 200 Ibeju-Lekki youths Indonesia’s Mount Sinabung erupts for third time in a week Petroleum tankers drivers begin strike 4 drown in dangerous currents on Dutch coast  NDLEA seizes 3,546kg hard drugs, arrests 205 suspects in FCT Iran says GCC call for Tehran arms embargo extension is ‘unrealistic’ Poland’s PM wants special EU summit on Belarus Port Harcourt DisCo revokes electric bill distribution by contractors Six killed in south-western Pakistan blast, multiple wounded New CAMA will boost foreign direct investment — Capital market operators Driver bags 14 imprisonment for stealing tricycle windshield, stereo Kyrgyzstan cancels virus tests for arrivals, COVID-19 cases reach 40,177 Centre calls for renewed commitment to anti-corruption fight Oil rises 1% on Saudi Aramco’s upbeat demand view, Iraq supply cut New Zealand to start charging people in managed isolation Arms embargo: Germany, France, Italy to push ahead with sanctions for Libya COVID-19: Pakistan lifts restrictions in spite of concerns from medics School closure: Nasarawa govt to revoke operational licences of erring private schools Schools reopening: JAMB to give new commencement date for admission PDP BoT Chairman commends INEC over peaceful conduct of Nasarawa bye election Tanker drivers start strike Monday as talks with LASG end in deadlock NCDC confirms 437 new COVID-19 case, total of infection hits 46,577 Apapa will open to traffic in October — LASG Halep to decide on United States Open after Prague event Gov. Fayemi mourns ex-Ekiti lawmaker, Fakiyesi Vettel says Ferrari messed up with nonsensical strategy