Vantage Capital, Africa’s largest mezzanine fund manager, announced on Wednesday that it has committed $20 million to Landmark Africa, one of Nigeria’s leading property developers.
Ask most people what they think of Nigeria and the answer will likely include references to oil, population and corruption.
Cosmetics giant L’Oréal is eyeing up fast-growing economies such as Rwanda and Ghana as the European markets are reported to be experiencing shrinking revenues.
The Nigerian economy is being challenged by crashing oil prices despite the central bank’s best efforts to stem outflows.
At the turn of the century well-off Nigerians struggled to shop in style. Most had to jostle in local markets to buy food or travel to the UK, US or Middle East to replenish their wardrobes.
IN 2001 MTN, a fledgling telecoms company from South Africa, paid $285m for one of four mobile licences sold at auction by the government of Nigeria.