Paul Wallace(Bloomberg) — The U.K.’s development finance arm, CDC Group Plc, may invest more than $1 billion in Nigeria over the next four years as the government looks to increase business ties with Africa after it leaves the European Union in March. CDC will also open offices in Lagos and Nairobi, Kenya’s capital, adding to one it has in Johannesburg. The group has been active in Nigeria, where it has $400 million of investments, for 70 years. U.K. Prime Minister Theresa May visited South Africa, Nigeria and Kenya earlier this year, saying she wanted the country to become the G7’s biggest investor on the continent by 2022. Here’s what else CDC said:CDC, which has stakes in Nigerian lenders including Diamond Bank Plc, Guaranty Trust Bank Plc and Zenith Bank Plc, will probably invest more in the banking sector, according to O’Donohoe.

Source: Ethiopian News November 29, 2018 03:22 UTC