UK Group supports 100 Nigerian businesses with $425m

CDC Group, a UK development finance institution, says it is currently investing US$425 million to support 100 businesses and 38,000 jobs in Nigeria.

The UK Group disclosed this during a virtual visit to Nigeria by its board led by Chief Executive, Nick O’Donohoe and Chairman, Graham Wrigley.

According to a statement by British Deputy High Commission in Lagos, CDC also partnered with 40 investment funds, which included Afreximbank, African Capital Alliance and Indoram.

The UK Government-funded institution says all proceeds from its investments are reinvested to improve the lives of millions of people in Africa and South Asia.

“Nigeria plays a key part in our strategy of partnership and investment for economic growth in West Africa. “Hosting our 2020 board trip– albeit virtually – in both markets is a testament to our commitment.

“Looking forward, we will continue to prioritise the post COVID-19 recovery as part of the Build Back Better agenda.

“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,” O’Donohoe said.

It said that the CDC team also paid a virtual visit to the Vice President Prof. Yemi Osinbajo, and British High Commissioner to Nigeria, Catriona Laing, to understand the impact of CDC’s support to its investees through the COVID-19 crisis and understand how to stimulate recovery and growth.

The discussions also focused on CDC’s own response to the pandemic through its preserved, strengthen and rebuild programme, the statement said.

In her response, British High Commissioner to Nigeria, Catriona Laing CBE said CDC played important role in creating jobs and supporting the growth of businesses by investing in the poorest countries across Africa, including Nigeria.

“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,” the envoy said.

During the virtual tour, CDC also met local businesses leaders, learning more about what they need to grow their companies and how investors can support their ambitions.