CDC Group, the UK’s publicly owned impact investor, on Monday said it had signed a Memorandum of Understanding (MoU) with Nigeria Sovereign Investment Authority (NSIA) to strengthen collaboration.
CDC Group, in a statement, said the strategic investment partnership was designed to facilitate long-term inclusive growth.
It is also to encourage private capital to scale up their participation in high-impact sectors of the Nigerian economy, according to the statement.
“The agreement includes information sharing on prospective projects in Nigeria and Africa at large with the ambition to co-invest in sectors such as healthcare, agriculture, infrastructure and climate-resilience. The partnership will foster collaboration on areas of knowledge sharing with an explicit objective of creating jobs and generating impact in Nigeria and across Africa. This strengthened partnership builds on the relationship CDC and NSIA have developed since NSIA’s inception, having both invested in Africa-focused private equity funds managed by CardinalStone, Helios and Sahel Capital. The announcement builds on CDC’s January 2020 commitment to invest an additional £2 billion
in African companies between 2020 and 2022”.
Commenting, Nick O’Donohoe, Chief Executive Officer, CDC Group, said CDC and NSIA had a shared vision and ambition for Nigeria’s large economy, diverse market and exciting entrepreneurial talent.
O’Donohoe said the partnership demonstrated CDC’s continued motivation to act at scale and actively expand its presence and portfolio in Nigeria.
“We are confident that our strengthened relationship will unlock new investment opportunities in sectors that promote human capital development and accelerate economic growth and job creation. Our collaboration with NSIA is more vital than ever before, as CDC’s key priority for the country is to support Nigeria to build back better, a more resilient economy beyond the COVID-19 crisis”.
Mr Uche Orji, Managing Director and CEO, NSIA, is quoted as saying they were delighted to have signed the agreement with CDC, with whom they had worked closely for a number of years.
Orji noted CDC’s investment rigour and high environmental, social and governance (ESG) standards, combined with NSIA’s institutional mandate to support the prosperity of future generations of Nigerians.
He said these present a powerful opportunity to drive sustained economic development and enhance infrastructure development for the benefit of all Nigerians.
CDC Group is the world’s first impact investor with over 70 years of experience of successfully supporting the sustainable, long-term growth of businesses in Africa and South Asia.
NSIA is an investment institution of the Federation set up to manage funds in excess of budgeted hydrocarbon revenues.
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