(Bloomberg) — British International Investment Plc, the UK government’s development finance institution, opened an office in Nigeria this week and said it aims to commit $200 million before the end of the year.
“We intend to invest about a billion dollars every year in Africa and a larger proportion of that investment will come to Nigeria,” Benson Adenuga, who will lead the new office, said in an interview on Wednesday in Lagos. “When you have that focus and you have that level of exposure you want to ensure that you have the people on ground who are going to push that investment agenda.”
The office will be located in Lagos, Nigeria’s commercial hub, and will serve as regional headquarters for BII’s West African operations. It will be the agency’s fourth office on the continent and joins operations in South Africa, Kenya and Egypt.
The lender said last year it plans to invest $6 billion in Africa over the next five years in areas ranging from renewable power and digital infrastructure to supporting women-owned businesses. In Nigeria, it will support government’s development initiatives through investments in key sectors such as food security, power infrastructure and manufacturing, according to Adenuga.
Read More: UK’s BII to Provide $26.5 Million to Nigeria-based AFEX Group
Since taking office in May, Nigerian President Bola Tinubu has been on a drive to revive one of Africa’s biggest economies after years of economic stagnation. He has ended costly fuel subsidies, eased foreign-exchange controls, begun overhauling Nigeria’s chronically inadequate power sector, and declared a state of emergency to improve food security threatened by surging inflation.
BII plans to complete investments in two Nigerian agriculture and processing firms by year-end after signing deals to invest $26.5 million in AFEX Commodities Exchange Ltd., Adenuga said. “We see the emergency on Nigerian food security; we see the infrastructure gap, so there’s a lot that needs to be done.”
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
