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.

Source: Bloomberg