Norfund Targets Increased Investments in Nigeria’s Private Sector

Gilbert Ekugbe 

The Norwegian Investment Fund, Norfund has announced plans to increase investments in private sector organisations in Nigeria and West Africa at large in its bid to create job opportunities for the nation’s teeming unemployed youths.

At a stakeholders forum and luncheon in Lagos recently, the Business Counsellor, Royal Norwegian Embassy in Abuja, Eivind Fjeldstad who represented the Ambassador of Norway to Nigeria, Knut Eiliv Lein, said owned and funded by the Norwegian government, Norfund is the government’s most important instrument for strengthening the private sector in developing countries, by providing capital through its investments, whilst creating jobs and improving lives.

According to him, set to become the world’s third most populated country, Nigeria is Norway’s most important market on the African continent, adding that there is a huge opportunity for growth in Nigerian industries. 

“We are impressed by the measures taken by the government to strengthen the startup community especially, as underlined by The Startup Act signed by former President Muhammadu Buhari in October.

He said, “Moreover, Norway is in the process of updating its African strategy and I’m proud that the Norway-Nigeria relations reflect this with business and investments taking centre stage. We thank Norfund for its role in strengthening Nigerian-Norway relations in the most meaningful way.”

Also speaking, the Executive Vice-President, Scalable Enterprises, Ellen Cathrine Rasmussen, spoke about Norfund’s mandate to assist in building sustainable businesses and industries. 

She said at the core of Norfund’s operations is the mission to create jobs, improve lives, and invest in sustainable businesses. 

On her part, Norfund’s Regional Director for West Africa, Naana Winful Fynn, said Norfund looks to add value outside of its provision of investment capital in many ways, including supporting companies to institutionalise by developing on the governance, risk management and systems and processes fronts.