Emerging Africa to raise billions

Emerging Africa Group (EAG), an African investment banking franchise, plans to raise a minimum of N250 billion over the next two years to fund infrastructure development and Micro, Small and Medium Enterprises (MSMEs) in Northern Nigeria.

According to Oluwatoyin Sanni, the executive vice chair of the EAG, the North requires significant funding, particularly in infrastructure, to accelerate development in the region.

Sanni revealed that when Emerging Africa first began out, it set a goal of raising $1 billion for businesses in Nigeria and the rest of Africa over a five-year period, but that the company met the goal three and a half years later.

According to the executive vice chair, the Group has established a new goal of raising $4 billion for African enterprises over the next five years.

Concerning infrastructure investment for the development of Niger State, Sanni stated that the Group held a final signing ceremony for a N13.2 billion private bond it had raised.