World Bank’s IFC Plans to Invest $3 Million in Nigeria’s Kobo360 Logistics, IFC Filing Shows.
IFC is considering an equity investment of up to US$ 3 million in Kobo360 Inc (“Kobo”).
Kobo is a long-haul e-logistics B2B platform utilizing an “Uber for trucks” model to develop a marketplace matching cargo owners with long-haul freight needs and truck owners who are able to service them.
Through its internally-developed digital platform, Kobo is disrupting the transportation and logistics market in Nigeria offering a strong value proposition to key stakeholders in the sector including cargo owners, transporters (and drivers) and cargo recipients.
Kobo optimally matches demand and supply of trucks, providing predictability, reliability, price transparency, and increased utilization of otherwise idle assets in the highly fragmented trucking market in Nigeria.
Given the strong population growth expected (Nigeria will be the third largest country in the world by 2050), logistics will become even more important to support booming sectors such as manufacturing, agriculture, commodities, fast moving consumer goods (FMCG), etc.