UK finance agency invests $425m in Nigeria

A United Kingdom’s Development Finance Institution, CDC Group, said it has invested $425 million in Nigeria in the last few years, even as it plans more investments.

This was disclosed at a virtual meeting between the DFI and Vice President Yemi Osinbajo as well as some Nigerian business men and women, a statement from the British Deputy High Commission said on Wednesday.

The statement said the CDC during the meeting reiterated commitment to Nigeria’s economic development and growth recovery beyond COVID-19 crisis.

CDC Group is the UK’s development finance institution and impact investor. Funded by the UK Government, all proceeds from its investments are reinvested to improve the lives of millions of people in

Africa and South Asia.

CDC Group’s Chief Executive, Nick O’Donohoe and Chairman, Graham Wrigley, who led a delegation of its board members on the virtual meeting with Nigerian officials and business leaders said efforts must be doubled to increase investments after the crisis

O’Donohoe, said: “We are committed to supporting a deeper and more strategic bilateral partnership between the UK and Nigeria that is based on enhancing economic development, job creation, inclusion, trade and investment.”

British High Commissioner to Nigeria, Catriona Laing CBE said: “CDC’s commitment to the country signals to other UK investors that investing in Nigeria is possible and should be prioritised in order to help Nigeria and indeed, Africa, mitigate the impact of Covid-19.”