UK agency reveals five-year investment plan for Nigeria, others

The CDC, a bilateral development finance institution of the United Kingdom, has unveiled a new five-year strategy for investment in Nigeria and other eligible countries in sub-Saharan Africa and South Asia.

The organisation, in a statement on Thursday, said the strategy would direct more investments to conflict and fragile states, drive innovation and improve its development impact and accountability.

It added that the investments would create the jobs and opportunities needed to fight poverty in the hardest-to-reach places, and promote responsible private investment to stimulate economic growth in the poorest countries.

According to the CDC, businesses that received its support in the past three years in Africa and South Asia have created over three million new jobs and generated over $9bn worth of local tax revenue.

In its 2016 annual report, the finance institution said it had investments in 75 countries, with Nigeria accounting for seven per cent and among the top five countries with the highest portfolio exposures.

UCJ, UNILORIN.