, British International Investment , has announced a $20 million investment in Moove, a Nigerian mobility fintech firm.
They also reiterated the DFI’s continued ambition to scale up investment that will boost key economic sectors in Nigeria. In her remarks, the British High Commissioner, Catriona Laing, said: “It’s a pleasure to be in Lagos to mark the launch of British International Investment, and to host Nick O’Donohoe during his visit to Nigeria.
In his keynote speech, Mr 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 .
“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.”
The funding from BII will enable Moove to purchase and import brand new fuel-efficient cars into Lagos, which will be leased to drivers who can then earn their way to asset-ownership, over a three to four-year period. This will also alleviate one of the key blockages to the development of ‘ride-hailing’ transportation infrastructure in Nigeria’s commercial capital.
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