CDC Group to invest $5bn in Nigeria, others

The United Kingdom development finance arm, CDC Group, is set to invest $5 billion in Nigeria and other African countries in a bid to create impact in line with the United Nations Sustainable Development Goals.

The group, which announced the investment in a statement on its website, also announced the appointment of Seema Dhanani and Benson Adenuga as new Heads of Office for Kenya and Nigeria, respectively.

According to CDC, Dhanani and Adenuga were appointed because of their deep investment experience and strong local networks which would be instrumental in advancing and accelerating the group’s commitment to invest US$4.5 billion from 2018 – 2021 across Africa.

The CDC Group Managing Director for Africa, Tenbite Ermias, while commenting on the development, said that CDC has been investing and creating impact in Africa for over 70 years. He made known that the group aims to create jobs, advance gender equality and strengthen governance standards with its resources and influence.

“The appointment of Seema and Benson adds powerful depth to our in-country presence in two leading African markets. Their expertise and insights will be critical in guiding our origination efforts, portfolio management and stakeholder relationships, ultimately accelerating the pace and scale at which we can act.

“It deploys capital and technical expertise to support the responsible and commercial growth of businesses in some of the world’s most challenged markets where the potential for transformation is significant. CDC works across multiple sectors including financial services, infrastructure, food and agriculture and real estate.

“By creating jobs, advancing gender equality, strengthening governance standards and optimising environmental impact, CDC is making a significant and meaningful contribution to Africa’s development,” Ermias said.

About CDC Group: CDC Group Plc is a development finance institution owned by the UK Government. The Department for International Development is responsible for CDC, with shareholder duties managed by the Shareholder Executive.