Economy
Nigerian Startups to Benefit from IFC $225m Venture Capital Funding
By Adedapo Adesanya
Nigerian tech startups will be among the many eligible parties that can get funding from the International Finance Corporation (IFC), a subsidiary of the World Bank, new $225 million platform.
In a release seen by Business Post, IFC has launched a new $225 million platform to strengthen venture capital ecosystems and invest in early-stage companies addressing development challenges through technological innovations in climate, health care, education, agriculture, e-commerce, and other sectors.
The platform will strengthen digital economies in Africa, the Middle East, Central Asia, and Pakistan.
According to the IFC, in 2021, these regions collectively received less than 2 per cent of $643 billion of global venture capital funding. Access to capital has been exacerbated by a slowdown in global venture capital investment, the COVID-19 pandemic, the rise in food and supply chain costs, higher interest rates, and currency depreciation.
The growth potential, however, is enormous across these regions. In Africa, for example, the digital economy has the potential to contribute $712 billion to the continent’s gross domestic product (GDP) by 2050.
Meanwhile, in the Middle East and North Africa (MENA), technology could boost GDP by 40 per cent, or $1.6 trillion, and create 1.5 million manufacturing jobs in the next 30 years. In Pakistan, the digital transformation can unlock up to $59.7 billion in annual economic value by 2030, equivalent to about 19% of the country’s GDP.
According to Mr Makhtar Diop, IFC’s Managing Director, the platform aims to strengthen these regions’ nascent venture capital markets, which have demonstrated early growth potential but face challenging global economic conditions.
“Support for entrepreneurship and digital transformation is essential to economic growth, job creation, and resilience. IFC’s Venture Capital Platform will help tech companies and entrepreneurs expand during a time of capital shortage, creating scalable investment opportunities and backing countries’ efforts to build transformative tech ecosystems.
“We want to help develop homegrown innovative solutions that are not only relevant to emerging countries but can also be exported to the rest of the world.”
IFC will make equity or equity-like investments in tech startups and help them grow into scalable ventures that can attract mainstream equity and debt financing.
The financer will also use the platform to collaborate with other teams in the World Bank Group to create and bolster venture capital ecosystems through regulatory reforms, sector analyses, and other tools. The platform will also focus on investments in low-income and fragile countries and help generate a pipeline of credible early-stage companies.
The platform will be backed by an additional $50 million from the Blended Finance Facility of the International Development Association’s Private Sector Window, which helps de-risk investments in low-income countries.
IFC will also mobilize capital from other development institutions and the private sector to support entrepreneurs and tech companies in those countries.
By Aduragbemi Omiyale
The Series II of the Coronation Infrastructure Fund (CIF) has received the approval of the Securities and Exchange Commission (SEC).
This was confirmed by Coronation Asset Management, which is floating the investment tool, which attracted N8.79 billion from 33 investors across four investor categories during its Series I issuance.
Business Post gathered that the net proceeds from the Series II offer will be deployed to provide debt financing for infrastructure and infrastructure-related projects, companies and Special Purpose Vehicles in line with the fund’s investment objectives and policies.
Already, about N3.31 billion has been distributed in income to unit holders, reflecting its disciplined investment approach and ability to originate, structure, and manage infrastructure credit investments that deliver sustainable, risk-adjusted returns while preserving capital.
A signing ceremony was recently held at Coronation Plaza in Lagos to formally bring together the fund’s transaction parties, marking the completion of a critical regulatory milestone and paving the way for the opening of the Series II offer for subscription. The next phase will see the fund complete the remaining regulatory notification requirements ahead of the public offer.
“Today’s signing marks an important step towards the launch of the Series II offer. It reflects the strength of our partnerships, the confidence of our regulators and the disciplined approach we have taken in managing the fund since inception.
“Series I demonstrated strong demand for well-structured infrastructure investment opportunities that deliver attractive risk-adjusted returns alongside real economic impact.
“With Series II, we are building on that track record by connecting long-term capital with infrastructure projects that support Nigeria’s growth while creating lasting value for our investors,” the chief executive of Coronation Asset Management, Mr Aigbovbioise Aig-Imoukhuede, said.
Also commenting, the Head of the Coronation Infrastructure Fund, Mr Mayowa Ikotun, said, “Series II is designed to build on the strong foundation established by the inaugural issuance. The Fund will continue to target a diversified portfolio of infrastructure debt opportunities across telecommunications, transport, energy, utilities, social infrastructure and real estate, investing in projects with resilient cash flows and strong credit fundamentals.
“Our objective remains to provide investors with attractive long-term risk-adjusted returns while helping to bridge Nigeria’s infrastructure financing gap.”
By Adedapo Adesanya
The Emir of Kano, Mr Muhammadu Sanusi II, has commended the Central Bank of Nigeria (CBN) for its economic reforms, saying they have restored macroeconomic stability and driven economic growth beyond the country’s population growth rate.
Emir Sanusi, a former Governor of the central bank, made the remarks while speaking at the ongoing 31st Nigerian Economic Summit in Abuja.
According to the former banker, the apex bank inherited an economy weakened by years of excessive liquidity and rapid money supply growth but had succeeded in reversing the trend through tighter monetary policies.
“I have nothing but positive words for what the central bank has done. We are coming from the background of a very high level of instability as a result of loose money and uncontrolled growth in money supply.
“The central bank has taken one year to mop up all that money,” the monarch said, according to a video from the event that has circulated widely.
Speaking on the impact of the reforms, Mr Sanusi added: “This is the first time that this economy will be growing faster than the population.”
The remark suggests that the country’s gross domestic product (GDP) growth is expected to outpace its population growth rate of about 2.1–2.5 per cent annually, implying an increase in per capita income.
This means the economy is expanding fast enough to raise average output and income per person, rather than merely keeping pace with population increases.
The reforms introduced by the Yemi Cardoso-led CBN have centred on restoring macroeconomic stability and rebuilding investor confidence. Key measures include adopting a more market-driven foreign exchange regime, tightening monetary policy through successive interest rate hikes to curb inflation, and clearing a significant portion of the foreign exchange backlog owed to businesses and investors.
The apex bank has maintained that these policies are designed to stabilise the naira, improve liquidity in the FX market, attract foreign investment, and lay the foundation for sustainable economic growth.
Running low on data with no airtime to spare, but you’ve got an unused gift card sitting in your email or phone? You’re not alone.
A lot of Nigerians receive gift cards from friends, family abroad, or clients, but have no real use for them. Meanwhile, data is one of those everyday needs that can’t wait. So the question comes up often: can you actually use a gift card to buy data in Nigeria? Let’s get into the answer.
Is It True That You Can Use Gift Cards to Buy Data in Nigeria?
Yes, you can buy data using your gift cards, but not directly.
Let’s clear up the confusion first. You cannot hand your Apple or Amazon gift card code directly to MTN, Airtel, or Glo and expect them to accept it as payment for data. Telecom networks don’t have any system for redeeming gift cards. They only take cash, bank transfers, USSD payments, or app-based payments.
So where does the idea come from? It comes from the workaround that’s become common practice: converting the gift card into cash first, then using that cash to buy data the normal way. This is where a gift card trading platform like Cardgoal comes in. Instead of a gift card sitting unused because you have no matching account to redeem it on, or no interest in what the card offers, you trade it in for real Naira. From there, buying data is as simple as it always is.
In other words, “buying data with a gift card” isn’t a direct swap. It’s a two-step process that takes just a few minutes when you use the right platform. And once you understand this, it opens up a genuinely useful way to make idle gift cards work for you.
How to Buy Data in Nigeria with a Gift Card? Step-by-Step
Here’s exactly how the process works from start to finish:
Step 1: Sell Your Gift Card on Cardgoal
- Download the Cardgoal app from Google play store or Apple App store
- Sign up and select the gift card you’re holding
- Enter the card’s value and code
- Get the details verified
Step 2: Get Paid Instantly
Once your card is verified, your payout is sent straight to your Cardgoal Wallet. This is the core value of using a trading platform over trying to sell a card informally to a stranger online. You can use this value to pay bills including data and airtime purchases. You get your gift card value quickly and securely, without the risk of being scammed or shortchanged.
Step 3: Use the funds to Top Up Data
With your gift card value in Naira now in your account, you can top up data directly within the Cardgoal app.
- Go to Pay Bills
- Tap on “Buy Data”option
- Select your network: — MTN, Glo, Airtel, or 9mobile.
- Enter the phone number to recharge.
- Input the amount you want to buy.
- Confirm the transaction — and your preferred data arrives almost instantly.
By this method, you can;
Whichever network you’re on, the cash from your gift card sale spends exactly the same as money from any other source, because at this point, that’s exactly what it is.
Why Use Cardgoal To Buy Data in Nigeria Instead of Other Methods?
There are informal ways to try converting a gift card into value, like posting it in a WhatsApp group, negotiating with a random buyer on social media, or asking around for anyone willing to take it off your hands. None of these are reliable, and most come with real risk of being underpaid or scammed outright. Here’s why selling gift cards through a proper platform makes more sense:
- Instead of waiting days for someone to respond to a post, verification and payout on a dedicated platform typically happen within minutes.
- Fair, transparent rates. You can see the going rate for your specific card before you commit to the trade, rather than negotiating blindly with a stranger.
- Verification checks confirm your card is valid and correctly priced, protecting you from common scams like fake buyers or already-redeemed codes.
- Convenience of one app. Beyond gift card trading, Cardgoal also supports airtime and data purchases, bill payments, and rewards. So once your card is converted to cash, you not even need to leave the app to complete your data top-up.
- No back-and-forth. There’s no haggling, no waiting for a buyer to “confirm” payment, and no uncertainty about whether the trade will actually go through.
For anyone who regularly ends up with gift cards they don’t need, this turns what would otherwise be a stagnant asset into something genuinely useful like data, airtime, bills, or straight cash.
Turn Your Unused Gift Card Into Data Today
If you’ve been sitting on a gift card with no real use for it, there’s no reason to let it go to waste. Selling it for cash and buying data with the proceeds is quick, safe, and puts real value back in your hands
Download the Cardgoal app today, sell your gift card, and buy data on your preferred network in minutes.
