Nigeria Needs More Local Private Equity Groups to Support The Growth of Businesses - Joseph Agunbiade
There is need for more Local Private Equity Groups, that can increase investments in Nigerian businesses.
The Founder of Univelcity an Ed-Tech solutions firm Mr. Joseph Agunbiade made this point as a guest on the "Economy and Politics" show anchored by Ottoabasi Abasiekong, which discussed "State of the Nation: Prospects for Private Equity Investments In Nigeria".
Mr. Agunbiade called on top Nigerian business leaders to join or form Investment Groups that can finance emerging businesses in the country that covers segments like Fintech, Ed-Tech, Health-Tech, Agri-Tech and even Digital Manufacturing amongst others.
He cited the example of Paystack a Fintech company that was recently acquired by Stripe (A Global Online Payment and Processing Firm) for $200m.
Paystack got initial support from Y Combinator (A US based Angel Investor group). Agunbiade believes it is time for more local investments in the Private Equity space in the country.