British International Investment Plc, the United Kingdom government’s development finance institution, has opened its Nigerian office this week, affirming its intent to inject $200 million into the Nigerian economy by year-end.
“We intend to invest about a billion dollars every year in Africa, and a larger proportion of that investment will come to Nigeria,” Benson Adenuga, who will lead the new office, said in an interview on Wednesday in Lagos.
“When you have that focus and you have that level of exposure you want to ensure that you have the people on ground who are going to push that investment agenda.”
Benson Adenuga, the appointed head of the newly established office, unveiled plans during an interview in Lagos.
He said, “We intend to invest approximately one billion dollars annually in Africa, with a substantial portion of this investment earmarked for Nigeria. When you possess such a laser focus and heightened exposure, it becomes imperative to have a local team that can actively champion the investment agenda.”
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Situated in Lagos, the commercial heart of Nigeria, the office will serve as the regional hub for British International Investment Plc’s West African operations.
This marks the institution’s fourth office on the continent, joining existing branches in South Africa, Kenya, and Egypt.
Last year, British International Investment Plc unveiled its commitment to invest $6 billion in Africa over the next five years, spanning diverse sectors such as renewable energy and digital infrastructure, as well as bolstering women-owned enterprises.
In Nigeria, the institution plans to bolster the government’s developmental initiatives by directing investments into crucial sectors like food security, power infrastructure, and manufacturing, as emphasized by Adenuga.
Since assuming office in May, Bola Tinubu has undertaken a comprehensive effort to reinvigorate one of Africa’s largest economies following a period of economic stagnation.
Measures include discontinuing costly fuel subsidies, easing foreign exchange controls, initiating a substantial overhaul of Nigeria’s chronically underdeveloped power sector, and declaring a state of emergency to address food security concerns exacerbated by surging inflation.
British International Investment Plc is set to finalize investments in two Nigerian agriculture and processing companies by year-end, following agreements to allocate $26.5 million to AFEX Commodities Exchange Ltd., Adenuga disclosed. He underscored the organization’s commitment to addressing the pressing issues of food security and infrastructure gaps within Nigeria, emphasizing the substantial work that lies ahead.