Nick O’Donohoe, Chief Executive Officer, British International Investment (BII) has announced a $20 million investment in Moove, a mobility fintech for democratising access to vehicle ownership in Africa.
O’Donohoe made this known at a press briefing held at the British Deputy Commissioner’s residence on Wednesday night.
He said the investment reflected the company’s commitment to mobilising capital to build a self-sufficient and resilience market in Nigeria which would improve access to inclusive economic opportunities.
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He added that the organisation was striving to deliver productive, sustainable and inclusive investment that would support Nigeria’s business and provide solutions to development challenges.
“Investing in prosperity of Nigeria’s growing population requires innovative new partnership that can leverage the country’s abundant capabilities and expertise.
“In Moove, BII has a partner that aligns with the commitment to back dynamic tech-enabled businesses that can help accelerate and impact in Nigerian by strengthening the country’s transport industry.
“I am delighted that only will the investment help to create jobs and provide entrepreneurial self-starters with the means to own vehicles, but Moove’s clear focus on gender diversity will foster inclusive opportunities for women,” he said.
He noted that Nigeria remains BII’s biggest investment market in Africa with a portfolio of nearly $570 million through over 100 businesses and 43 funds.
He said that the organisation had bolstered Nigeria’s financial institutions through a U.S. $100 million loan to First Bank of Nigeria to support women and small business owners.
He added that support for the country’s food and agricultural sector had come through a U.S. $140 million investment in Indorama Eleme Fertilisers which was boosting production in Nigeria and supporting local jobs.
Catriona Laing, United Kingdom High Commissioner, reiterated the government’s commitment to strengthening bilateral relations with Nigeria.
She noted that the government would ensure that it continued to improve the country’s economy.
“BII forms an important part of UK’s package of tools and expertise to help Nigeria build its pipeline for investment and scale up infrastructure investment in particular to achieve clean, green growth.
“This marks a continuation of this partnership and we look forward to seeing BII’s support expand and diversify in Nigeria,” she said.
Mr Ladi Delano, Co-founder, Moove said that partnership with BII would help in creating an inclusive financial ecosystem and tackle unemployment in the country.
He added that the move would help bridge the transportation gap in the country.
“This partnership would play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs.
“We will use our technology and productivity data in creating a more inclusive financing ecosystem while tackling the unemployment problem affecting over a third of Nigerians,” he said.
The News Agency of Nigeria (NAN) reports that British International Investment is the UK’s development finance institution and impact investor.
Moove is an African born global start up and world’s first mobility fintech which provides revenue based vehicle financing and financial services to mobility entrepreneurs. (NAN) fintech
