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CDC Group to invest $5 bn in Nigeria, other African countries by 2022

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By Peter Egwuatu

CDC Group, the UK’s development finance institution, yesterday announced that it will consolidate its investment in Nigeria and other African countries to $5 billion by the year, 2022.

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The CDC Group has also announced the appointment of Seema Dhanani and Benson Adenuga as Heads of Office for Kenya and Nigeria, respectively.

The CDC in its website explained that  the appointees’ deep investment experience and strong local networks will be instrumental in advancing and accelerating CDC’s commitment to invest US$4.5 billion from 2018 – 2021 across Africa, creating impact that contributes directly towards the UN Sustainable Development Goals.

Commenting on this development, Tenbite Ermias, CDC’s Managing Director for Africa, said: “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.”

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He further stated that CDC has invested for impact in Africa for over 70 years. “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” he noted.

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