Inside Lagos

Lagos Crescent

2 Mins read

There are no traffic snarls, no Danfo with aggressive conductors chanting various destinations for passengers, no LASTMA to pick erring pedestrians, yet it has few unique resemblance with the state called the Centre of Excellence despite the location in the heart of Nigeria, Centre of Unity- Lagos CRESCENT is a replica of the usual Lagos night life. As you take a stroll into this street off the Ladoke Akintola Boulevard, no matter the time of the day, you are welcome to a place where the sun rises at night.

Located in the heart of Garki district,  the crescent welcomes visitors to the aboriginal Garki village.  Snaked off the Ladoke Akintola Boulevard that itself host the popular Garki Market; Office of the Accountant General of the Federation and the Nigeria Minting and Printing Press Limited, the crescent rejoined Enugu Street,  another street off the Boulevard.

Lagos crescent has the perfect silhouette of a night-life Lagos. A visitor from the commercial capital of the country who by chance finds himself on Lagos Crescent would fit-in with less ado. Unlike other streets of Abuja, that are active in the day, Lagos crescent dwellers and visitors alike make hay when the moon shines.

From the palace of Sagbeyi of Garki Village, where the street  links  up with Enugu street up to the main entrance from the beginning of the crescent opposite Regina Pacis School, night crawlers are welcome with various activities accustom to nightlife.

From the entrance, blast  of music from different genres oases from all angles.  Sound systems of disc marketers provide visitors sensual red carpet to a long, long night of fun and adventure. Joints dotted every space on the pedestrian path while spaces not occupied by these alcohol vendors are taken up by food vendors.

“Ladies of the night” adorned in different shades of fashion dot  the street, although not unexpected. Visitors should not get it twisted, a typical lady standing on the street or seated at a joint (with no male companion) could be active in this regard. Interestingly, due to the proscription of prostitution in the FCT and the strict enforcement by the Social Development Secretariat, a good number of these ladies devise covert means to attract attention. Interestingly, some are dressed with conscious regard to womanhood inspite of the social stigma that goes with the enterprise. Others invite customers boldly with their dresses and loose fashion comportment.

These ladies of different shape, size, height and colour line the street in various considerate positions strategic enough to bait philanderers, yet safe to keep an eye on law enforcement agents assigned to implement the ban on prostitution.

You may wonder how they provide abode for their trade; a range of hotels along the street avail  these  ladies lucrative enterprise. Of the 26 one-storey buildings on the street more than six  are hotels, meaning out of every three  one-storey building on the street one is an hotel, guest-house, or inn, (at least from the signpost on the houses), while a keen  observer would know that there are some of the other buildings that operate covertly.

To some, the night life is a necessary distraction, stress reliever and the antidote for a stressful day. This is otherwise for another group of people; those who are there to render services  and sell their products. They  see the night as the right time to cash in money that is not forthcoming during day time. Fruit sellers, departmental stores, and service providers like barbers, disc jockeys are at their peak  in the  late hours and early hours of the morning.

   

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Time Nigeria is a general interest Magazine with its headquarters in Abuja, the nation’s Capital.
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The Missing Middle of Infrastructure Finance: Why Capital Still Fails to Become Infrastructure

6 Mins read
  By Chidi Nwafor  In October 2023, a Gulf sovereign wealth fund quietly closed a $2 billion allocation to global infrastructure, earmarked in part for emerging-market energy and transport assets. The announcement drew the usual applause: another sign, commentators said, that institutional capital was finally waking up to the infrastructure opportunity in the Global South. Eighteen months later, less than a tenth of that allocation had actually left the fund’s balance sheet. Not because the mandate had changed. Not because the fund had lost appetite. According to two people familiar with the portfolio, the constraint was simpler and more uncomfortable: there were not enough investable projects to put the money into. This is not a story about a reluctant investor. It is a story about capital that wants to move, cannot find enough places willing and able to receive it in a form it can underwrite, and quietly waits instead. Multiply that fund by the hundreds of pension schemes, sovereign wealth vehicles, commercial banks and infrastructure funds now carrying dedicated allocations for emerging-market infrastructure, and a pattern emerges that rarely makes it into a headline: the world is not short of capital for infrastructure. It has capital in historic abundance, sitting adjacent to a historic infrastructure gap, unable to cross the distance between the two. The Comfortable Explanation  The explanation on offer at every major infrastructure summit is a familiar one. Global infrastructure investment needs run into the tens of trillions of dollars over the coming decade; committed capital falls well short; therefore, the problem is one of insufficient funding, and the solution is more of it: more pledges, more blended-finance facilities, more climate funds, more multilateral capital increases. It is a comfortable explanation because it assigns responsibility clearly to governments who under-fund, institutions who under-commit, and it offers a clean remedy: raise more. It is also, on close inspection, not what the evidence shows. Pension funds globally hold trillions in assets under management with explicit infrastructure allocations that remain structurally underweight, not because trustees have rejected the asset class but because deal flow meeting their risk and governance thresholds has not materialised at the pace their mandates assume. Sovereign wealth funds report the same pattern. Commercial banks with dedicated project finance desks describe pipelines that look full at the term-sheet stage and thin dramatically by financial close. Development finance institutions, whose entire purpose is to absorb risk that commercial capital will not, routinely report that their binding constraint is not capital adequacy but the volume of bankable transactions their teams can originate and structure in a given year. None of this fits the scarcity narrative. All of it fits a different one. Availability Is Not Deployability  Capital availability and capital deployability are not the same condition, and the conflation of the two is doing real damage to how the world thinks about the infrastructure gap. Availability asks whether money exists somewhere with a mandate that could, in principle, be pointed at infrastructure. Deployability asks something much narrower and much harder: whether a specific project, at a specific moment, has been engineered, structured, documented and de-risked to the point where an investment committee can approve it without exception. The first condition is met, overwhelmingly, across nearly every category of capital that matters to infrastructure. The second is met by only a small fraction of the projects competing for it. The result is a market that looks, from the outside, like a financing gap, and functions, from the inside, like a conversion problem: an abundance of capital on one side, an abundance of infrastructure need on the other, and an underbuilt set of mechanisms in between capable of turning one into the other at any meaningful scale. Where the Conversion Breaks  The break does not happen at the ends of the process. It happens in the middle, in the unglamorous sequence of work that turns a plausible concept into an instrument a fiduciary can sign. A promising transmission project needs a feasibility study rigorous enough to survive institutional scrutiny rather than optimistic enough to attract early interest. It needs offtake arrangements that hold up under real counterparty and currency risk, not the counterparty risk assumed in a base case. It needs environmental and social documentation calibrated to the standards of the institutions being asked to fund it, not the standards of the jurisdiction hosting it. It needs a legal and commercial structure that allocates risk in ways a commercial lender, not only a development financier, will accept. It needs a sponsor capable of executing what has been proposed, not merely capable of proposing it. Each of these is ordinary project finance discipline. None of it is exotic, and in mature infrastructure markets it happens as a matter of course, absorbed into systems built over decades: specialist advisers, standard-form contracts, established procurement norms, deep pools of transaction expertise. What is missing in the markets where the infrastructure gap is largest is not the standard itself but the machinery that meets it. Projects arrive at investment committees with ambition intact and preparation incomplete, and that gap is treated, again and again, as an individual project’s failure rather than what it actually is: a structural absence in the systems responsible for producing investable transactions at scale. The Missing Middle  This is the Missing Middle of Infrastructure Finance: the institutional architecture that sits between capital that wants to move and infrastructure that needs building, and whose incompleteness explains far more of the global infrastructure gap than any shortfall in committed funds. It consists of project preparation facilities able to fund feasibility and structuring work before commercial viability has been proven. Transaction advisers capable of building deals that satisfy development mandates and commercial return thresholds at once, rather than treating the two as separate constituencies to be managed sequentially. Risk-sharing and guarantee instruments that convert political, regulatory and currency risk into something a commercial balance sheet can underwrite. Aggregation platforms that bundle smaller, individually sub-scale projects into portfolios large enough to justify institutional transaction costs. Standardised documentation that reduces the bespoke legal cost of every new deal. And coordination across ministries, regulators and financiers robust enough that a technically sound project does not die in bureaucratic sequencing after the money has already been found. None of these are new ideas in isolation. What is missing is their assembly into a coherent system, deliberately funded and institutionally accountable, rather than scattered across donor-funded pilots that end when the grant does. The African Dimension  Africa makes this dynamic unusually visible, and consequently offers an unusually clear opportunity to correct it. The continent’s infrastructure financing need, by any measure, is vast. Less understood is that the shortfall is disproportionately one of preparation rather than capital. Nigerian gas-to-power, off-grid solar and mini-grid developers have each demonstrated that individual projects can clear the bankability bar; what has not emerged is systemic pipeline scale, a steady stream of comparably prepared projects large enough to absorb the capital already circling the sector. The pattern repeats, with local variation, from grid infrastructure in East Africa to transport corridors in West Africa. Interested capital is rarely the scarce input. Investment-ready projects are. The Global Comparison  Mature markets solved this problem gradually and mostly invisibly, through decades of institution-building that predates the current infrastructure conversation: specialist project finance units inside banks, standardised PPP frameworks, established regulatory playbooks, deep benches of transaction lawyers and engineers who move between deals rather than between one-off assignments. Emerging and frontier markets are not being asked to meet a lower standard. They are being asked to meet the same standard without having built the same machinery, and then being told, when deals fail to close, that the problem is insufficient funding….
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