British International Investment
28 September 2020

CDC Group and Nigeria Sovereign Investment Authority sign Memorandum of Understanding to strengthen collaboration

CDC Group, the UK’s publicly owned impact investor, has signed a memorandum of understanding with the Nigeria Sovereign Investment Authority (NSIA). The strategic investment partnership is designed to facilitate long-term inclusive growth and encourage private capital to scale up their participation in high-impact sectors of the Nigerian economy.

The agreement includes information sharing on prospective projects in Nigeria and Africa at large with the ambition to co-invest in sectors such as healthcare, agriculture, infrastructure and climate-resilience. The partnership will foster collaboration on areas of knowledge sharing with an explicit objective of creating jobs and generating impact in Nigeria and across Africa.

This strengthened partnership builds on the relationship CDC and NSIA have developed since NSIA’s inception, having both invested in Africa-focused private equity funds managed by CardinalStone, Helios and Sahel Capital. The announcement builds on CDC’s January 2020 commitment to invest an additional £2 billion in African companies between 2020 and 2022, building on CDC’s 70-year track record of making successful impact-led investments in Africa.

In line with CDC’s capital partnerships approach, the partnership represents CDC’s broader ambition to accelerate capital mobilisation and accelerate the flow of capital into high-impact sectors in Nigeria.

NSIA’s US$685 million Future Generations Fund invests in a diversified portfolio of asset classes, including private equity and venture capital, in order to provide future generations of Nigerians a savings base in the context of declining domestic oil reserves, mirroring CDC’s long-term commitment to sustainably investing in Nigeria.

Nick O’Donohoe, Chief Executive Officer, CDC Group commented:

“CDC and NSIA have a shared vision and ambition for Nigeria’s large economy, diverse market and exciting entrepreneurial talent. This partnership demonstrates CDC’s continued motivation to act at scale and actively expand our presence and portfolio in Nigeria, and we are confident that our strengthened relationship will unlock new investment opportunities in sectors that promote human capital development and accelerate economic growth and job creation. Our collaboration with NSIA is more vital than ever before, as CDC’s key priority for the country is to support Nigeria to build back better, a more resilient economy beyond the COVID-19 crisis.”

Uche Orji, Managing Director and CEO, NSIA added: “We are delighted to have signed this agreement with CDC, with whom we have worked closely for a number of years. CDC’s investment rigour and high environmental, social and governance (ESG) standards, combined with NSIA’s institutional mandate to support the prosperity of future generations of Nigerians, present a powerful opportunity to drive sustained economic development and enhance infrastructure development for the benefit of all Nigerians.”




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About CDC Group

CDC Group is the world’s first impact investor with over 70 years of experience of successfully supporting the sustainable, long-term growth of businesses in Africa and South Asia.

CDC is a UK champion of the UN’s Sustainable Development Goals – the global blueprint to achieve a better and more sustainable future for us all.

The company has investments in over 1,200 businesses in emerging economies with total net assets of £5.8bn and a portfolio of £4.3bn. This year CDC will invest over $1.5bn in companies in Africa and Asia with a focus on fighting climate change, empowering women and creating new jobs and opportunities for millions of people.

CDC is funded by the UK government and all proceeds from its investments are reinvested to improve the lives of millions of people in Africa and South Asia.


CDC’s expertise makes it the perfect partner for private investors looking to devote capital to making a measurable environmental and social impact in countries most in need of investment.


CDC provides flexible capital in all its forms, including equity, debt, mezzanine and guarantees, to meet businesses’ needs.  It can invest across all sectors, but prioritises those that help further development, such as infrastructure, financial institutions, manufacturing, and constructions. Find out more at


About NSIA


The Nigeria Sovereign Investment Authority (NSIA) is an investment institution of the Federation set up to manage funds in excess of budgeted hydrocarbon revenues. Its mission is to play a leading role in driving sustained economic development for the benefit of all Nigerians through building a savings base for the Nigerian people, enhancing the development of Nigeria’s infrastructure, providing stabilisation support in times of economic stress.


The NSIA is empowered to receive, manage and invest funds in a diversified portfolio of medium- and long-term assets on behalf of all three tiers of government including the Federal Capital Territory, in preparation for the eventual depletion of Nigeria’s hydrocarbon resources. To give effect to the mandates, the NSIA established three main funds: the Stabilisation Fund, the Future Generations Fund and the Nigeria Infrastructure Fund.

The NSIA is a signatory to the Santiago Principles of the International Monetary Fund / International Forum of Sovereign Wealth Funds (IFSWF), which are a set of 24 voluntary guidelines that assign best practices for the operations of Sovereign Wealth Funds including transparency and governance.

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