Though dominated by fintech, Africa’s tech economy is carving out a new market that is showing signs of massive growth. The mobility sector is increasingly attracting investment interests from around the world.

Moove, Nigerian mobility startup has secured $20 million, 4-year structured credit investment from the British International Investment (BII), the UK government’s Development Finance Institution (DFI), formerly known as CDC Group.

Founded in 2019 by British-born Nigerians Ladi Delano and Jide Odunsi, Moove is democratizing vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs.

BII said the new funding would enable Moove to purchase and import brand new fuel-efficient cars into Lagos, which will be leased to drivers who can then earn their way to asset-ownership over a three to four-year period. It added that the funding is aimed at alleviating one of the key blockages to the development of ride-hailing transportation infrastructure in Nigeria’s commercial capital.

The investment was announced at a business reception co-hosted by Catriona Laing, British high commissioner to Nigeria and Nick O’Donohoe, chief executive officer of BII, on Wednesday in Lagos.

The event was held to celebrate the launch of DFI’s new name and reiterate its ambition to scale up investment that will boost economic sectors in Nigeria.

Speaking at the event, Laing said BII formed an important part of the UK’s package of tools and expertise to help Nigeria build their pipeline for investment and scale up infrastructure investment, in particular to achieve clean, green growth. She added that the UK government looked forward to seeing BII’s support expand and diversify in Nigeria.

In his keynote speech, O’Donohoe highlighted BII’s 74-year history in Nigeria, from its first investments in 1949 in West African Fisheries and Cold Store, to the organization’s pioneering role in supporting Nigeria’s first private equity fund — African Capital Alliance’s Capital Alliance Private Equity Fund I (CAPE I).

On how BII’s new five-year strategy is driving its investment in Moove, O’Donohoe said: “Investing in the prosperity of Nigeria’s growing population requires innovative new partnerships that can leverage the country’s abundant capabilities and expertise.

“I am delighted that not only will BII’s investment help to create jobs and provide entrepreneurial self-starters with the means to own their vehicles, but Moove’s clear focus on gender diversity will foster inclusive economic opportunities for women, both within the company’s workforce and among its drivers.”

In 2020, the transportation services industry group in Nigeria, Africa’s largest economy, had total revenues of $5.1bn, representing a compound annual growth rate (CAGR) of 5.4% between 2016 and 2020, according to data from market research firm Research And Markets.

Road transport accounted for 99.1% of the overall revenue, making it the most valuable segment of the market.

With a growing population of over 200 million people, whose mobility is narrowed to road transport, investors are seeing untapped goldmines in the emerging transportation market.

“We’re incredibly proud to welcome onboard a world-class partner such as BII, whose strategic support will play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs,” Delano, co-CEO at Moove said about the investment.

“With our new funding, we’re now in an even stronger position to use our technology and productivity data in creating a more inclusive financing ecosystem, whilst also tackling the unemployment problem affecting over a third of Nigerians by generating the opportunity for more seamless and sustainable employment,” he added.

A tech hub is a community that fosters innovation, and offers support, facilities to tech entrepreneurs, consisting of incubators, accelerators, technology parks, etc.

Tech hubs have continued to gain massive recognition in so many countries across the globe, which is a potential catalyst for the promotion of economic growth across all sectors.

According to findings, there are about 50 technology tech hubs in Nigeria, as technology in the country continues to expand.

Just like Silicon Valley which is the world’s tech powerhouse, home to the world’s biggest technology companies. Establishing tech hubs in Nigeria will no doubt develop the tech sector which will give room for the creation of more start-ups that will positively impact the country’s economy.

These hubs create an environment that encourages experimentation with certain technological advancements which also help firms to network efficiently. Currently, Nigeria is the continent’s leading home of tech hubs that nurtures economic growth through creativity, innovation, and entrepreneurship.

With the number of tech hubs in the country rapidly increasing, it has no doubt transformed business operations in the country, as different disruptive technologies are evolving with a newer approach to solve age-old problems of business operations.

It is interesting to note that Nigeria has recently been witnessing a significant increase in the number of tech hubs in the country, which has led to the creation of so many tech startups. In the process, these have created a lot of jobs for unemployed youths in the country.

Recall that the bank of industry (BOI) last year announced its plans to establish tech hubs in the country to tackle the issue of unemployment in the country.

The bank further disclosed that it would sponsor tech hubs in recognition of talented youths in the society, which will channel these youths to be more productive and impactful to society, rather than subscribing to social vices.

Infusing technology into business in this present digital world will no doubt make businesses and the country more competitive, also the tech industry can be a major pillar of a diversified economy.

These tech hubs will provide spaces where high-tech business growth would be accelerated, thereby bringing prosperity to communities. A Forbes report disclosed that Africa has over 643 tech hubs that have spearheaded the launch of hundreds of tech start-ups. Impressive!

Once these start-ups are created, they can play a very significant role in the economic growth of the country. Start-ups no doubt create more jobs for a lot of unemployed youths.

When a large percentage of youths are actively engaged it automatically means an improved economy. These start-ups also inspire individuals to be more inventive thereby creating more entrepreneurs.

An innovative society is important to the advancement of the country’s economy, as It’s responsible for solving collective problems in a sustainable and efficient way, usually with new technology.

Good People, I hope to do justice for the honour which HIS HIGHNESS, H.H Sheikh Ahmed Faisal Al-Qassim, and organizers, bestowed on me to keynote  the Leadership Agenda Summit 2022 in Dubai. I hope to connect with all  at Harbour Palace Hotel Dubai UAE. Get ready for tomorrow!

(There is also going to be a sync-webcast in Lagos)

If you can, join us. You can attend free here 

—Press Release

[London , United Kingdom] – Brian Reuben Organisation dedicated to facilitating strategic conversations, connections, and collaborations among leaders around the world is bringing together hundreds of senior leaders from the public and private sectors for the 2022 edition of the Leadership Agenda Summit scheduled to hold on the 30th of June, 2022 concurrently at the Harbour Palace Hotel Dubai UAE and BWC HOTELS, Victoria Island Lagos Nigeria.

According to Dr Brian Reuben, the summit aims to  facilitate new investments, encourage business development, share best practices, guarantee peer-to-peer networking, offer new industry insight, showcase excellence and promote thought leadership across the world.

“We approach the design of the Summit each year with sophistication, discipline and most importantly, shared vision. In 2022, we look forward to an extraordinary assemblage of leaders from all walks of life who will come together to create A BRAND NEW WORLD” said Dr Reuben.

Confirmed speakers include Rt Honorable Lord Michael Howard, former opposition leader of UK and member of the House of Lords, Sayed Zafar Islam, member of the Upper House of India Parliament, Prof Ndubuisi Ekekwe, Founder of Tekedia Institute, His Excellency Tomasz Zaleski, Chairman of the Private Office of His Highness Sheikh Ahmed Bin Faisal Al-Qassimi, Dubai, Mazi Sam Ohuabunwa, Former Chairman Nigeria Economic Summit Group, Dr Cosmos Maduka, Chairman of Coscharis Group, Nigeria. Others include brand strategist Charles O’Tudor, Amb Dr Hillary Emoh, Dr Austin Tam-George, Tunde Falase among other senior leaders.

The 2022 edition of the Leadership Agenda Summit is hosted under the grand patronage of the Private Office of His Highness Sheikh Ahmed Bin Faisal Al-Qassimi. The Leadership Agenda Summit brings leaders together to discuss emerging and re-emerging global issues and how to collaborate in solving them. It provides unrivalled access to an influential network of leaders in the public and private space. Closing with a big reception, it offers the ideal setting for business introductions, investment meetings and more.

To register to attend this summit free of charge please email projects@brianreuben.com.