UK Government to Boost Funding Support for Max Nigeria
By Adedapo Adesanya
The United Kingdom government has reiterated promises to boost investment in sustainable industries in Nigeria and other African countries, with such plans to support the Nigerian e-mobility platform and electric vehicle assembler, MAX Nigeria.
This was the point of call as the UK Foreign Secretary, Mr James Cleverly, visited the company, which has gained support from the UK government-funded Manufacturing Africa programme.
MAX has raised $31 million to ramp up the assembly of electric two- and three-wheelers, and with the visit, the e-mobility firm is now gearing up for a third capital raise to fund its expansion to become a regional e-mobility player.
Speaking on this, Mr Cleverly said British funds continue to support game-changing entrepreneurs and companies in Africa. It was revealed that British International Investment manages a $4.7 billion investment portfolio in Africa, including 86 companies and 43 funds in Nigeria alone.
Other funding sources include Infracredit, which provides local currency guarantees to unlock long-term infrastructure financing in Nigeria as well as FSD Africa Investments, which invests in order to improve the financial instruments supporting Africa’s green economic growth.
It also funds the Climate Finance Accelerator, a public-private finance initiative that supports low-carbon projects.
The UK also provides support for companies to access investment, whether from the UK or elsewhere. The Manufacturing Africa programme is supporting 22 manufacturers to land investments in Nigeria, with a pipeline of over $664 million in Foreign Direct Investment (FDI). The programme supports over 120 companies across five countries in Africa, which are mitigating 239,000 tonnes of carbon dioxide while creating 14,000 new jobs.
With its support to MAX Nigeria, it has helped to empower over 21,000 drivers operating in eight cities within Nigeria and has contributed to cutting 52 metric tons of CO2 emissions from the environment.
UK-linked financiers, including Novastar (backed by British International Investment) and Shell Foundation, are some of the organisations financing MAX’s growth. MAX has also found a UK business partner in Field Ready to support them with recruitment.
Work with MAX is part of the UK’s support for economic growth, job creation and value-addition in Africa that aligns with global climate priorities.
On his part, British High Commissioner to Nigeria, Mr Richard Montgomery, said: “I am delighted to visit MAX Nigeria with our Foreign Secretary James Cleverly. MAX are truly innovative and entrepreneurial, solving a thousand problems at once to bring affordable electric vehicles to West African riders.”
“It is fantastic that a combination of UK public and private sector support is helping MAX to create jobs, bring new skills into the market, and solve climate change challenges. We will continue to support companies doing this groundbreaking work on the continent.”
The Chief Executive Officer and Co-Founder of MAX Nigeria, Mr Adetayo Bamiduro, said MAX will continue scaling as “the impact of our vehicle subscription platform across Africa and to deliver on our commitment to provide sustainable income to millions of mobility entrepreneurs by enabling them to access income-generating, energy-efficient, and electric vehicles that meet the essential needs of Africans.”