Red Cross Nigeria, Afrexim To Invest Over $100m To Develop The African Entrepreneurship Space

Africa Export and Import Bank (Afrexim) and Red Cross Nigeria have made commitments to invest over $100 million to develop the African entrepreneurship space.

Afrexim’s Director and Global Head, Human Resources, Stephen Kauma, on the panel of “Capital-Destination Africa; Financing Africa’s future” at the just concluded 2017 Tony Elumelu Foundation (TEF) Entrepreneurship Forum on Saturday, announced the commitment of $100 million which will kick off in 2018 to support development the entrepreneurship space in Africa.

Africa Export and Import Bank (Afrexim) was established in Abuja, Nigeria in October, 1993 by African Governments, African private and institutional investors as well as non-African financial institutions and private investors for the purpose of financing, promoting and expanding intra-African and extra-African trade.

Eloin Filon, Head of Delegation, Red Cross Nigeria also announced a commitment of $1 million to support Nigerian entrepreneurs on the Tony Elumelu Foundation (TEF) Entrepreneurship Programme on the panel of “Changing Africa’s Development Paradigm through Investments and Entrepreneurship”.

However, there was no indication as to when the commitment goes into effect.

“Red Cross Nigeria’s $1 million commitment is targeted towards entrepreneurs working in conflict areas in Nigeria”, Filon was quoted saying. He also said that there is a possibility of scaling this across Africa to help develop and grow entrepreneurs working in conflict areas in other African countries.

The Nigerian Red Cross Society (NRCS) was established through an Act of the Parliament in 1960. The National Society has its Headquarters in Abuja, the Federal Capital Territory, 37 States’ Branches and Divisions in Local Government Areas.

The third annual Tony Elumelu Foundation Entrepreneurship Forum, held in Lagos, Nigeria from 13-14 October 2017. TEF Entrepreneurship Forum is the most inclusive gathering of African entrepreneurs, where over 54 African countries represented will meet with business leaders, established entrepreneurs and policymakers to forge partnerships, share insights and fashion Africa-made solutions to accelerate the transformation of Africa.

Source: Lyfe



About Gbolagade O. Adebisi 1575 Articles
For over 25 years, (Gbola)’s focus has been on Government and Institutional Business. His involvement has ranged from the Federal, State and Local Governments as well as Donor – funded programmes and projects. [...]

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