UK DFI Plans To Invest Over 360 Billion Naira In Nigeria
The United Kingdom is leaving the European Union and that has serious economic implications for the former colonial empire.
They are now forced to make new friends including fresh investments to make up for the investment losses that could accompany Brexit.
Part of the new destinations they have decided to invest include Africa, where they plan to invest in Nigeria, Kenya, South Africa and even Zimbabwe.
The country, through its development finance arm, CDC Group Plc, plan to invest more than $1 billion, about 360 billion naira in Nigeria over the next four years.
CDC already has investments in some of Nigeria’s top banks including Diamond Bank, Guaranty Trust Bank and Zenith Bank.
“A reasonable figure for Nigeria, given the size of its economy, would be about $1.2 billion,” Nicholas O’Donohoe, CDC’s chief executive officer, said in an interview in Lagos, reports Bloomberg.
CDC will also open offices in Lagos and Nairobi, Kenya’s capital, adding to one it has in Johannesburg. The Nigerian office will open early next year and have around 10 people, O’Donohoe said.
The group has been active in Nigeria, where it has $400 million of investments, for 70 years. It injects money into companies directly as equity or debt, or through private-equity funds.
This year it loaned $100 million to the Nigerian unit of Indorama Corp., which is building a fertilizer factory in Port Harcourt.
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