British International Investment (BII), the UK government’s development finance institution, has made a $20 million, four-year structured credit investment in Moove – a mobility fintech democratising access to vehicle ownership in Africa.
The investment is said to 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 the country’s boundless entrepreneurial ambition.
Last night, the British high commissioner in Nigeria, Catriona Laing, and BII chief executive Nick O’Donohoe co-hosted a business reception in Lagos to reiterate the institution’s continued ambition to scale up investment that will boost key economic sectors in Nigeria.
The event was held at the British deputy high commissioner’s residence in Ikoyi, bringing together key leaders in business and BII’s investment partners from across the country.
BII’s leadership outlined the organisation’s strategy to deliver productive, sustainable, and inclusive investment and pledged to deepen its capital commitments to support the emergence of more breakthrough Nigerian businesses providing progressive solutions to urgent and complex development challenges.
Laing said, “BII forms an important part of the 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.
“The launch of BII marks a continuation of this partnership, and we look forward to seeing BII’s support expand and diversify in Nigeria.”
In his keynote address, Nick O’Donohoe highlighted BII’s 74-year history in Nigeria, from its first investments in 1949, in West African Fisheries and Cold Store, to the organisation’s pioneering role in supporting Nigeria’s first private equity fund – African Capital Alliance’s Capital Alliance Private Equity Fund I (CAPE I).
On how BII’s new five-year strategy is driving its investment in the world’s first mobility fintech, Moove, O’Donohoe commented: “Investing in the prosperity of Nigeria’s growing population requires innovative new partnerships that can leverage the country’s abundant capabilities and expertise.
“In Moove, BII has a partner that aligns with our commitment to back dynamic tech-enabled businesses that can help accelerate impact in Nigeria by strengthening the country’s informal transport industry.
“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, but Moove’s clear focus on gender diversity will foster inclusive economic opportunities for women, both within the company’s workforce and among its drivers.”