CDC Group to invest $1 billion in Nigeria and other African countries
Having invested $425 million in Nigeria in the previous year, CDC Group, a UK owned development finance institution, is set to invest $1 billion in Africa targeting Egypt, Ethiopia, Kenya and Nigeria.
According to Nick O’Donohoe, the Chief Executive Officer of CDC, the institution will concentrate on critical areas such as infrastructure, climate projects and finance.
In his words: “The two areas we will be particularly focused on this year are accelerating our climate-related.”
“In addition to that, we are a big investor in infrastructure and will continue to be,” he added.
This investment is coming as a boost, as the United Nations conference on trade and development report revealed that direct foreign investment has declined by 25% to 40% in the previous year as a result of the pandemic and drop in oil price.
In another report, Africa development bank’s president Akinwumi Adesina, during a Federal Inland Revenue service tax dialogue, noted: “Out of 38 African countries for which Debt Sustainability ratings are available, 14 are in high risk of debt distress, while 6 are already in debt distress.”
“We estimate that 28-40 million people in Africa are projected to fall into extreme poverty and 30 million jobs would be lost due to the pandemic.”
O’Donohoe further noted that attention will be given to health, claiming that “private sector has a bigger role to play”.
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