Musa Capital, the financial advisor to Bayelsa State, has recently facilitated the historic signing of a Memorandum of Understanding (“MOU”) between the Industrial Development Corporation of South Africa (“IDC”) and the Bayelsa State Development and Investment Corporation (“BDIC”).
BDIC is in the process of establishing a development finance institution in Baylesa to provide tangible and significant investment in enterprises that will lead to socio-economic development and growth for benefit of the State’s citizens.
Tamunoye Alazigha, the Chief Economic Adviser to Bayelsa State, described the partnership as “a testament to uplifting the economic development of Bayelsa State.”
The IDC has committed in the 5-year MOU to provide operational support skills, such as human resources capacity building as well as technical and other support skills. Further, the institutions will cooperate in the key areas of global best practices and will enter to into investment partnerships in the State.
Bayelsa State, located in the Southern Delta region of Nigeria, contributes approximately 30% to Nigeria’s total oil production, and has the largest crude oil and natural gas deposits in the country. Yet, it lacks the basic social infrastructure required for its development, including the lack of an adequate road network, airport facilities, health care services, and recreational facilities to address the needs of its population.
Musa Capital is actively working to source funding for several of these key projects, as well as to find African-based investment partners to satisfy the State’s needs.