The Federal Government has inaugurated a Committee for the development of a Private Equity and Venture Capital framework for Nigeria.
While inaugurating the 19-man committee in Abuja, on Thursday, the Minister of Trade and Investment, Mr. Olusegun Aganga said that the Ministry was committed to building a credible and vibrant Equity and Venture Capital sector to boost investment, provide equity capital and business development support services for Micro, Small and Medium Enterprises across the country.
The Terms of reference of the committee include: to access the current regulatory environment and legal framework for Private Equity and Venture Capital in Nigeria; provide recommendations regarding changes necessary for catalyzing development of the industry to compete with others in Africa in terms legal and regulatory framework and fund administration capacity, and provide recommendations regarding changes necessary to either funds geared towards start-ups and SMEs or take investments in SMEs more attractive to existing funds, among other things.
Aganga said,"We want to attract credible venture and equity capital investors into the country so that they can help to provide equity capital and business development support services to our small and growing businesses across the country. Our immediate objective is to develop a strategy, including a targeted and comprehensive legal, taxation and regulatory framework for further development of the domestic and international private equity and venture capital sector in Nigeria in particular, as an effective vehicle for attracting investments into Small and Medium Enterprises in other to create jobs and generate wealth for our country."
He also said that "Our long term vision is to a greater level of international investment into Nigerian businesses and entrepreneurs, infrastructure projects and the economy in general and to establish Nigeria as the leading centre for fund formation in Africa.
"This initiative is a new way of developing a new fund administration and management sector that will strategically position Nigeria as the leading destination for fund formation in Sub-Sahara Africa in terms of venture and equity capital. We have the people, the experience and the knowledge in this committee to make that happen."
While speaking during the event, the Director General, Securities and Exchange Commission, Ms Arunma Oteh said that SEC would partner Trade and Investment Ministry to ensure the success of the programme.
She said, "We are very honoured to be associated with the Minister of Industry, Trade and Investment. This initiative is very much in line with President Goodluck Jonathan's desire to create jobs and ensure that we have an economy that can compete with the comity of economies around the world."
Print PDF
Federal Ministry of Information (FMI) Nigeria