UK DFI Holds Virtual Visit to Nigeria, Assesses Covid-19 Impact
CDC Group reiterates commitment to economic development and growth recovery beyond crisis.
CDC Group’s Chief Executive, Nick O’Donohoe and Chairman, Graham Wrigley, led a delegation of its Board members on a virtual visit to Nigeria on the 21st and 22nd of September.
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.
The delegation had the pleasure of meeting His Excellency, the Vice President of the Federal Republic of Nigeria, Professor Yemi Osinbajo the British High Commissioner to Nigeria, Catriona Laing, and others, to understand the impact of CDC’s support to its investees through the Covid-19 crisis and understand how to stimulate recovery and growth.
Discussions also focused on CDC’s own response to the pandemic through its preserve, strengthen and rebuild programme. And, CDC’s continued role in supporting the economic ecosystem of Nigeria, particularly through the imperative lens of a green recovery.
During the virtual tour, CDC met local businesses leaders, learning more about what they need to grow their companies and how investors can support their ambitions.
CDC is an active investment partner in Nigeria and has over 70 years’ experience investing across Africa.
Nigeria represents a key market for CDC which has US$425 million currently invested in the country. Its portfolio of nearly 100 businesses supports nearly 38,000 jobs; CDC also partners with 40 investment funds. Benson Adenuga is CDC’s Head of Office & Coverage Director in Nigeria. Investment partnerships include Afreximbank, Africa Capital Alliance and Indorama.
Nick O’Donohoe, Chief Executive Officer, CDC Group said “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.”
British High Commissioner to Nigeria, Catriona Laing CBE said “CDC plays an important role in creating jobs and supporting the growth of businesses by investing in the poorest countries across Africa, including Nigeria, to help develop economies and improve people’s lives. 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 CDC Group is the UK’s first impact investor with over 70 years of experience of successfully supporting the sustainable, long-term growth of businesses in South Asia and Africa. It is a leading player in the fight against climate change and a UK champion of the UN’s Sustainable Development Goals – the global blueprint to achieve a better and more sustainable future for us all.
The company has investments in over 1,200 businesses in emerging economies and a total portfolio value of £5.8bn.
According to the UK embassy, this year, the CDC will invest in companies in Africa and Asia with a focus on fighting climate change, empowering women and creating new jobs and opportunities for millions of people.
The company is funded by the UK Government and all proceeds from its investments are reinvested to improve the lives of millions of people in Africa and South Asia.