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Thursday, May 19, 2022

UK Minister for Africa, Vicky Ford, seeks more investment partnerships in Nigeria

UK Minister for Africa, Vicky Ford, on Wednesday, February 23, 2022, visited Nigerian e-mobility platform and an electric vehicle assembler, MAX, to highlight the UK’s commitment to the transition to green manufacturing in Africa and the strong economic links between the British and Nigerian economies.

UK-Nigeria
L-R: UK’s Deputy High Commission in Lagos, Ben Llewellyn-Jones; Chief Financial Officer, MAX, Guy-Bertrand Njoya; UK’s High Commissioner to Nigeria, Catriona Laing CB; CEO and CO-Founder, MAX, Adetayo Bamiduro; UK’s Minister for Africa, Vicky Ford; and the Chief Growth Officer and Co-Founder MAX, Chinedu Azodoh, during the UK Minister’s visit to MAX office, on Wednesday in Lagos

With support from the UK Foreign, Commonwealth and Development Office’s (FCDO) Manufacturing Africa programme, MAX recently raised about £23 million to ramp up the assembly of electric two-and three wheelers. MAX plans to deploy 24,000 of these green vehicles across its markets in the next three years, helping to reduce both greenhouse gas emissions and urban pollution.

Firms like MAX, according to the British High Commission, demonstrate that “we don’t have to choose between growing Nigeria’s economy and protecting the environment”. It added that the work done by Manufacturing Africa (MA), a programme funded entirely by UK Aid, is just one of the many ways the UK is working to help accelerate global action to tackle climate change.

“UK’s support for Nigerian firms through FCDO programming further emphasises our commitment to bilateral trade and investment in Nigeria; UK-based financiers are backing MAX’s growth and MAX has found a UK business partner in Field Ready.”

The Commission noted that support for investment in Nigerian firms would also help by creating quality jobs – MAX hopes the money raised will allow it to create 1,600 direct jobs and about 27,500 indirect jobs, which will be essential to meet the 5 million jobs the IMF estimates will be essential to meet Nigeria’s unemployment gap.

UK Minister for Africa, Vicky Ford, said: “It was a pleasure to meet the team at MAX and to see first-hand how the UK is helping these dynamic entrepreneurs attract investment, create jobs and produce the innovative electric vehicles the world needs to meet our climate challenge.”

Chief Executive Officer and Co-Founder of MAX, Adetayo Bamiduro, said: “At MAX, we believe that e-mobility holds the key to unlocking Africa’s incredible potential. When people and goods can move reliably and predictably, we can unlock economic opportunities. When they can move sustainably- we can secure the future of millions.

“We’re deeply appreciative of the continued support of the United Kingdom’s government to the e-mobility industry in Africa, and for the opportunity to share our work with Minister Ford today.” 

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