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Palladium Impact Investing: Nigeria Trip Review

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Palladium Impact Investing: Nigeria Trip Review Palladium Impact Investing: Nigeria Trip Review October 2015 Contents 1. Palladium Impact Investing Post- Nigeria Trip Review ........................................................... 1 1.1 Context and Background ..................................................................................................... 1 1.2 The First ‘Next Step’ ............................................................................................................. 3 2. Detailed Findings Nigeria Visit .................................................................................................. 4 2.1 Trip Findings - Potential Impact Investment Opportunities ............................................... 4 2.1.1 Key Partners .................................................................................................................. 6 2.1.2 The need to connect at a grass- roots level, as early as possible, to bring the (impact) investor’s perspective to bear ................................................................................. 7 2.2 Key Challenges and Reoccurring Observations ................................................................ 8 2.2.1 Limitations regarding finance ....................................................................................... 8 2.2.2 Government intervention has often been misplaced or unreliable ............................ 9 2.2.3 Aggregation, as a point of facilitating access to goods/services to the northern regions, remains a challenge ............................................................................................... 10 2.2.4 Physical challenges ..................................................................................................... 10 2.2.5 A distinctive lack of any sector/market data .............................................................. 11 2.3 Balancing Present Challenges: Necessary Considerations to Entice Private Impact Co- Investors .................................................................................................................................... 11 2.3.1 Providing ‘Intelligent Capital’ ...................................................................................... 11 2.3.2 Finding the most appropriate and efficient legal mechanisms to deploy capital to the sector ............................................................................................................................... 12 2.3.3 The market requires enhancement structures i.e. guarantees, interest rebate mechanisms, blended capital pools or first loss facilities in order to mobilise private capital ..................................................................................................................................... 12 2.3.4 There remains a distinctive disconnect to provide evidence of successful pilots with potential to scale across the agricultural value chain in Nigeria. .............................. 13 2.3.5 Creating successful, alternative aggregation mechanisms...................................... 13 2.3.6 Building the wider impact investing space in Nigeria ............................................... 14 2.4 Pulse of Impact Investing in Nigeria ................................................................................. 14 2.5 Macroeconomic Considerations ........................................................................................ 16 2.5.1 General overview ......................................................................................................... 16 2.5.2 Government’s continued focus on the agricultural sector ........................................ 17 2.6 Building the Intermediary Market to support Impact Investing in northern Nigeria across value chains: Evidenced by Palladium’s Approach ................................................... 18 2.7 Conclusion .......................................................................................................................... 19 i Palladium Impact Investing: Nigeria Trip Review 3. Appendices ............................................................................................................................... 21 Appendix 1 – Definitions and Acronyms ................................................................................. 22 Appendix 2 – Palladium’s Structure ........................................................................................ 25 Appendix 3 – Palladium Impact Investment Strategy ............................................................ 26 Appendix 4 – Macroeconomic Indicators, Treasury Bill Rates, and Nigerian Banks’ Maximum Loan Tenors ............................................................................................................. 27 Appendix 5 – Meetings and Summary Status ........................................................................ 29 ii Palladium Impact Investing: Nigeria Trip Review 1. Palladium Impact Investing Post- Nigeria Trip Review 1.1 Context and Background Palladium recently created a new proposition to focus on Impact Investing (“II”), with the intent of becoming an impact investor itself and ultimately becoming an intermediary to facilitate the flow of capital into impact investing opportunities. Palladium is well placed to do so, as it is able to build off its existing International Development (“ID”) component of its business. For clarity, an abridged organogram of Palladium’s newly created organizational structure has been provided illustrating various business components at Appendix 2. This provides a robust proposition of ‘boots-on-the-ground’ synonymous with impact investing and necessary to execute a multitude of development projects globally in emerging markets. Over time, Palladium will build its own track record and credibility in the impact investing space with the intention of ultimately becoming an intermediary to capitalise on and address one of the key challenges in impact investing within emerging markets, namely the lack of sufficient intermediaries. This issue is widely considered a critical factor for both scale and facilitating large institutional investor participation.1 As an aspirational impact investor, Palladium will seek to invest and steadily build its track record by deploying discrete amounts of its own capital into investment opportunities that generate both a financial and predefined social return. The exact parameters of the II strategy are still being refined; however, Palladium’s reflection on key market findings such as the recent trip to Nigeria will inform its II strategy. Palladium will seek to build and enhance its core competencies around sector knowledge and geographic connectivity. An overview of the Palladium II is detailed in Appendix 3. The Palladium II team visited Nigeria—specifically, Abuja, Kaduna, Kano and Lagos—during August 19- 29, 2015. The visit was jointly led by Chris Hirst, Managing Director, Strategy and Corporate Development; and Tracey Austin, Director, Impact Investing. The team was also joined by summer associate Jeff Osowski2. The trip was facilitated and supported extensively by the Propcom Mai-karfi (“Propcom”) and GEMS13 project teams and by a wider group of Palladium staff. The areas visited and agricultural players met included: 1 JPMorgan Spotlight on the Market, May 2014 and Social Impact Investment Taskforce G8 Report Sep. 2014 2 Trip costs borne by Palladium exclusively 3 The GEMS1 project has since come to an end 1 Palladium Impact Investing: Nigeria Trip Review Itinerary: August 19 – 29, 2015 Key Players visited The purpose of the trip was to assess the Nigerian agricultural landscape and to see what impact investment (potential) opportunities may exist – specifically, in the northern regions4 – relative to project activities currently being managed by Propcom and GEMS1. More precisely, the project activities examined were based on the Propcom and GEMS1 projects, and itinerary co-ordinated to maximize time spent in-country. The intention was also to determine how defined the impact investing market is and who the key players are to assist with co-investment on the ground and specifically within the small holder agricultural sector. The visit provides a snapshot and is not representative of the entire country and sector; however, Palladium took as comprehensive a view as possible in the limited time frame of 9 days, focusing on meeting as many of the following players: 1. Agriculture/value chains across the various sub-sectors 2. Ventures, partners/individuals at the grass-roots level (i.e. SMEs/entrepreneurs) 3. Government officials/ministries (albeit temporary in nature on account of recent election) 4. Aggregators (of the few that exist) 5. Banks 6. NGOs 7. Private Equity (“PE”) investors 8. Other active players (i.e. Nigerian Sovereign Investment Authority (“NSIA”) and Aspen Network of Development Entrepreneurs (“ANDE”) In total, 37 meetings were conducted in 9 consecutive days while in-country. A snapshot of these meetings/outcomes is provided in Appendix 5, including extensive details of all meetings held in country (beyond SMEs/entrepreneurs/etc.). One key outcome of these meetings was that while most of these SMEs/entrepreneurs are at an early stage or not robust enough yet to be considered for direct investment at this time by Palladium – the visit and meetings resulted in establishing the backbone of Palladium’s Nigeria pipeline, which will serve as a co-ordination tool to convene interested players and co-investors/partners alike. The Palladium II team wishes to express
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