CDC Group Plc to invest $1bn in Nigeria, $4.5bn across Africa – Finance

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A development finance firm, owned by the UK government, CDC Group Plc, is planning to invest $1 billion in Nigeria and as much as $4.5 billion in the continent next year.

Nicholas O’Donohoe, CDC’s chief executive officer, told Bloomberg News in Lagos on Wednesday, November 28, 2018, that the firm is looking at increasing its business ties with Africa over the next four years after UK leaves EU in March 2018.

Bloomberg quoted Donohoe as saying that, “a reasonable figure for Nigeria, given the size of its economy, would be about $1.2 billion.”

The development finance company will open offices in Lagos and Nairobi and employ about 10 people for the Nigerian office early next year.

Commonwealth Development Corporation, popularly known as CDC, has investments across African countries. Some of its stakes are in Nigerian lenders, Diamond Bank Plc, Guaranty Trust Bank Plc and Zenith Bank Plc. It also has stakes in Ethiopian wine-maker and a safari lodge in Zimbabwe.

In August, UK leader, Theresa May, canvassed for more economic ties with Nigeria following the exit of UK from Economic Union. During her visit, both countries signed bilateral agreements on Defence and Security as well as Economic Development.

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