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FG sets up committee for private equity development

By BusinessNews Staff on August 3, 2013

The Federal Government on Thursday inaugurated a committee to develop a framework for attracting private equity and venture capital in the country.

The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, who inaugurated the committee in Abuja, said that the ministry was committed to building a credible and vibrant equity and venture capital sector.

A statement from the ministry said the move would help 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, according to the statement, are to assess the current regulatory environment and legal framework for private equity and venture capital in Nigeria; and make recommendations regarding changes necessary for catalysing development of the industry to compete with others in Africa.

The committee, headed by the Chief Executive Officer, Henshaw Capital Partrey, Barbara James, will also make recommendations regarding changes that are necessary to make investments in SMEs more attractive.

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 order to create jobs and generate wealth for our country

“Our long term vision is to attract 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.”

[Punch]

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