Banks, telecoms, power sectors get $1bn UK investment
The British International Investment (BII), the UK Government’s Development Finance Institution (DFI), is investing $1 billion in Nigerian banks, infrastructure and power in the next five years.
Chief Executive Officer, British International Investment, Nick O’Donohoe, made this known at a briefing in Lagos on Thursday.
He said the BII has invested $100 million in FirstBank; $75 million in Stanbic IBTC; $15 million in CardinalStone Capital Advisors and $162.5 million syndicated loan package in Access Bank.
Azura Power also got $30 million debt finance to support the construction of the 461 mega wats Azura-Edo power plant.
He said the investments reflect BII’s focus on mobilising capital to build self-sufficiency and market resilience in Nigeria, and improve access to inclusive economic opportunities while helping to catalyse Nigeria’s boundless entrepreneurial ambition.
O’Donohoe said: “Investing in the prosperity of Nigeria’s growing population requires innovative new partnerships that can leverage the country’s abundant capabilities and expertise.’’
He said investments in key segments of the economy are evaluated based on sustainability, inclusion and productivity.
“I am delighted that not only will BII’s investment help to create jobs and provide entrepreneurial self-starters with the means to own their vehicles,” he added.
British High Commissioner, Catriona Laing CB, said: “It’s a pleasure to be in Lagos to mark the launch of British International Investment. BII forms an important part of UK’s package of tools and expertise to help Nigeria build their pipeline for investment and scale up infrastructure investment, in particular to achieve clean, green growth.”
Source: The Nation
