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.
The BII’s investment strategy was announced yesterday by the Chief Executive Officer, British International Investment, Nick O’Donohoe, at a briefing in Lagos.
He said the BII has invested $100 million in FirstBank; $75 million in Stanbic IBTC; $15 million in CardinalStone Capital Advisors and a $162.5 million syndicated loan package in Access Bank.
Azura Power also got $30 million in debt finance to support the construction of the 461 mega wats Azura-Edo power plant.
He said 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 said.
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.”
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Nigeria Identifies $23 Billion Investment Opportunities in Energy Transition Plan
The Federal Government of Nigeria has pinpointed approximately $23 billion in investment opportunities in the nation’s Energy Transition Plan (ETP), according to Minister of Power, Adebayo Adelabu.
Speaking at the 2nd German-Nigerian Symposium on Green Hydrogen, Adelabu emphasized the potential for these opportunities not only to bolster electric power for economic development but also to generate a substantial net job creation, reaching up to 340,000 jobs by 2030.
Adelabu outlined the broader impact of the ETP, projecting the creation of up to 840,000 jobs by 2060, predominantly driven by the power, cooking, and transport sectors.
Gas, identified as a crucial transition fuel in Nigeria’s net-zero pathway, plays a pivotal role, particularly in power and cooking.
“The ETP creates significant investment opportunities, such as the establishment and expansion of industries related to solar energy, green hydrogen, and electric vehicles,” stated Adelabu.
He highlighted the financial commitment required to achieve Nigeria’s Net Zero target by 2060, emphasizing a $23 billion investment opportunity based on current in-country programs and projects linked to the Just Energy Transition.
Addressing the importance of gas as Nigeria’s transition fuel, Ogbonnaya Orji, the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, emphasized its potential to produce blue hydrogen. While not as clean as green hydrogen, it aligns with Nigeria’s pursuit of cleaner energy sources.
Orji acknowledged the need for efficient gas commercialization policies and transparent implementation to counter challenges such as gas flaring.
Ambassador of Germany to Nigeria, Annett Günther, affirmed the commitment of both nations to driving hydrogen production and use.
Markus Wagner, Country Director of GIZ Nigeria and ECOWAS, highlighted the transformative potential of green hydrogen in reducing carbon emissions, diversifying energy sources, and fostering economic growth, reinforcing the enduring partnership between Nigeria and Germany in the energy sector.
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