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Nigeria

The difficulties for SMEs in Africa and the rest of the world in accessing finance have been well documented. The causes are equally well known: First, traditional bank financing (secured or cash-flow based) is often not available due to the lack of adequate collateral or the opaque modus operandi of many SMEs as well as access barriers due to the often rural base of SMEs. Furthermore, African financial markets are not sufficiently well developed to facilitate traditional private equity (PE) financing of SMEs. If those constraints can be overcome, Private Equity can offer a much needed stimulus to SME finance. Private Equity targets established high-end small to medium sized companies and are believed to offer trickle down effects to a much larger sector of the economy and create employment.

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“My lord,

We all stand before history. Appalled by the denigrating poverty of my people who live on a richly endowed land, distressed by their political marginalization and economic strangulation, angered by the devastation of their land, their ultimate heritage, anxious to preserve their right to life and to a decent living, and determined to usher to this country as a whole a fair and just democratic system which protects everyone.” 

This is an excerpt of Kenule Beeson Saro-Wiwa’s last statement before a Nigerian military-appointed tribunal executed him in November 1995 as one of the nine leaders of the struggle of the Ogoni people. It seems that not much has changed in the past twenty years.

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