CDC Group Signs MoU with Nigeria Sovereign Investment Authority on Prospective African Investments
Posted on 10/05/2020
U.K.-based CDC Group signed a Memorandum of Understanding (MoU) with the Nigeria Sovereign Investment Authority (NSIA). The strategic investment partnership is designed to facilitate long-term inclusive growth and encourage private capital to scale up their participation in high-impact sectors of the Nigerian economy.
According to the press release, “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.”
CDC Group and NSIA have 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.
NSIA’s US$ 685 million Future Generations Fund invests in a diversified portfolio of asset classes, including private equity and venture capital, in order to provide future generations of Nigerians a savings base in the context of declining domestic oil reserves, mirroring CDC’s long-term commitment to sustainably investing in Nigeria.
CDC is funded by the U.K. government.