Investor Presentaiton
Nigeria
Sovereign
Bridge International Academies (Nigeria)
Project Background
Bridge is the largest chain of low cost private schools in Africa, operating
500+ schools and teaching over 100,000 students in Kenya, Uganda,
Nigeria, Liberia and India.
Bridge has developed a unique and scalable 'Academy-In-A-Box' business
model that leverages innovative, low-cost technology to centrally control
and drive efficiencies into every segment of the process of delivering
education.
Investors include IFC, Gates Investment, Zuckerberg Education Ventures,
DfID, Learn Capital, Omidyar Network, New Enterprise Associates, and
Khosla Ventures.
NSIA closed a US$5m investment in Bridge International Academies
(Nigeria) in 2017 with the following objectives:
o Improve the quality of education for Nigerian students that would either
not attend school or attend individually owned and operated schools.
О
Provide affordable education. The company charges fees on average
of US$6-10 per month depending on the market.
О Provide quality education. Third-party assessments demonstrate that
Bridge students outperform peers.
о Ensure uniform and high quality education throughout Nigeria's states,
and in partnership with state governments where possible.
As at the time of investment, Bridge Nigeria was already operational in
Lagos State with plans to expand across Nigeria (in partnership with state
governments where possible).
The company operates under 2 distinct markets and business models:
О Parent Paid Market
o Publicly Funded Charter School Market - PPP Model
General Update
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■
Investment
Authority
Bridge currently operates 59 schools in Nigeria, with approximately 11,400
active pupils.
О 54 academies in Lagos across 8 LGAs (Agege, Alimosho, Badagry, Epe,
Ibeju-Lekki, Ifako-ljaye, Ikorodu, and Ojo) with Epe being our newest
LGA.
О
○
4 academies in Osun state across 4 LGAs
1 Partnership academy in Borno State (launched in Oct. 2017 in
partnership with Nigeria Stock Exchange (NSE) and Borno State Govt.
Although Bridge had initially set a target of 80 schools by the end of 2017,
the company faced delays hiring.
The company is aiming to open approximately 60 new academies by
September 2018.
Bridge has plans to establish a c.US$30m Real Estate Fund. Through this
platform, the company will fund CAPEX requirements and acquire land.
It remains to be seen whether Bridge can effectively outsource CAPEX risk
to 3rd party investors, as Bridge has not yet implemented this in other
markets.
Publicly Funded Charter School Market Update
Edo State PPP
Bridge is in the final stages of closing its first Publicly Funded Charter School
deal in Nigeria.
The PPP deal with Edo State will see Bridge manage 1,100 of Edo state's
public primary schools over a 5 year period.
Other Potential PPPs
The company is currently in intermediate stage of talks with Lagos, Kaduna,
Borno, and Osun state governments over possible PPP deals.
Preliminary exploration into a possible PPP deal with Delta state has
commenced.
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