Gives economic Outlook for 2024
56 Capital Ltd, a Nigerian impact investment firm, has indicated its resolve to continue to invest in businesses across Africa and empower young entrepreneurs, to drive sustainable growth and competitiveness on the continent.
The impact investment firm in a statement on its 2023 business year review, signed by its Managing Partner, Kelvin Obasuyi disclosed that the company experienced significant growth across all its business segments and remained committed to driving growth in Nigeria in the long term.
Obasuyi added that 56 Capital financed real sector businesses with over $1.5m in equity and debt to scale their growth and optimise their business processes.
According to him, among the business funded in the year 2023 were Logistics and Haulage, Real Estate and Properties Management, Agriculture and Food Retail, Fashion and Clothing Production.
He added that the firm gave micro-credits to budding Small Medium Enterprises (SMEs ) across these segments in 2023.
He said: “Our impact in 2023 speak volumes about our desire to strengthen the African real sector economy because we believe that it is the backbone for the future of development and growth of the ecosystem.
“The choice of these industries is deeply rooted in our understanding of the market and how it has a great potential to deliver long term returns to our investors while ensuring that risk remains minimal.”
Other milestones Obasuyi pointed out in addition to financing of real sector businesses was the creation of YAF Community Fund with $150,000 dollars.
“The YAF fund is niche product that provides community support for entrepreneurs and SMEs.
Additionally, the launch of the 56 Capital Podcast as a knowledge sharing platform to empower African entrepreneurs on investment practices and business growth system.”
He further disclosed that one of the Company’s milestones in 2023 was the progress recorded with Vector Logistics Fleet, one of their investee Companies.
Speaking on the Company’s 2024 outlook, Obasuyi said the company would capitalise on the successes of the 2023 business year, by ensuring it deepens its footprint in industries across Africa.
