The executive vice chairman of EAG ,Oluwatoyin Sanni, disclosed this in an interview with reporters during the launch of EAG regional office in Abuja recently. She stressed that the North requires huge financing especially in infrastructure in order to speed up development in the region.
“There can’t be development or growth without adequate infrastructure, so what we aim to do is to help them raise funds for infrastructure development. As we speak, we have gone on four different exercises to raise funds for road development in Niger state,” Sanni said. “So, first of all, we offer Northern states an opportunity to raise funds from the capital market, by private bonds and notes for all their different infrastructure needs. We are also involved in raising funds for some state-backed initiatives. We also provide Micro and SME finance for these small businesses that ordinarily struggle to raise capital and we have many of them both in the North and the rest of Nigeria and Africa,” she further said.
The executive vice chair said the group has now set a fresh target to raise $4 billion over the next five years for businesses in Africa. When asked how the group raises capital, she said, “When we target to raise this capital, what we do is that we match-make between the surplus segment of the economy and the deficit segment. We look for partners, local banks, international banks, development finance institutions, similar investment banks like us, institutional investors and wealthy families. We crowd them all in, to invest in segments and sectors that we think can have a catalytic effect for the development of our economy.
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