The British International Investment (BII), the United Kingdom government’s development financing organization, has granted a $20 million, four-year structured loan to Nigerian mobility fintech firm Moove.
The investment is stated to demonstrate BII’s commitment to raising capital to support Nigeria’s unbridled entrepreneurial ambition; expand access to inclusive economic opportunities, and strengthen market resilience.
With the help of the BII funds, Moove will be able to buy and import brand-new, fuel-efficient automobiles into Lagos; which will then be leased to drivers over a three-to-four-year period; who may then work their way up to asset ownership.
This will also remove a major obstacle to the establishment of a “ride-hailing” transportation network in the commercial hub of Nigeria.
BII announced the investment at a business reception in Lagos co-hosted by the British High Commissioner in Nigeria; Catriona Laing, and BII chief executive Nick O’Donohoe to reiterate the institution’s continued ambition; notably its plans to scale up investment that will boost key economic sectors.
Speaking at the event, Laing said; “BII forms an important part of the UK’s package of tools and expertise to help Nigeria build their pipeline for investment; scale up infrastructure investment, in particular to achieve clean, green growth. The launch of BII marks a continuation of this partnership…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.”
Also commenting on the investment, Ladi Delano, co-founder and co-CEO at Moove, said;
“We’re incredibly proud to welcome onboard a world-class partner such as BII; whose strategic support will play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs.
“With our new funding, we’re now in an even stronger position to use our technology and productivity data in creating a more inclusive financing ecosystem; whilst also tackling the unemployment problem affecting over a third of Nigerians by generating the opportunity for more seamless and sustainable employment.”
Lagos Post Online,
Lagos Post is an online publication that seeks to provide fair, unbiased, credible, balanced and useful information about Corporate Organisations, Governments and the General Public by breaking news in Business, Politics, Arts, Entertainment, Culture, and Sports in Nigeria, Africa and the World. As a global news portal, we continually stand for responsible journalism and sound media practice.