Rolling out electric forklifts

Nigeria is Africa’s largest economy and most populous nation, with a population estimated at over 230 million that is projected to surge to nearly 400 million by 2050. Over the last decade, Nigeria has been characterized by limited reforms, muted growth, security challenges and now high inflation, all of which have contributed to food insecurity and poverty.

In the third quarter of 2024 we disbursed our first investment of USD 1m out of a USD 4m committed facility to Bisedge, a company that sells, leases and operates electric forklifts for commercial and industrial clients across Nigeria, Tanzania and South Africa. Electric forklifts are projected to reduce CO2 emissions by more than 65% compared to conventional forklifts that use diesel or liquefied petroleum gas (LPG) for fuel. With its electric forklift logistics as a service solution, Bisedge is a first mover in the market. However, it odes not have the long operational track record that would be required for local banks to finance such a project and, as the model of offering a sale or lease plus service solution is relatively new, international investors are not yet showing strong interest. Our first investment will be used exclusively in Nigeria.

Bisedge’s innovative business model is based on the purchase, operation and maintenance of a fleet of electric forklift trucks, which removes these costs from their customers.

Bisedge’s innovative business model is based on the purchase, operation and maintenance of a fleet of electric forklift trucks, which removes these costs from their customers. Its clients are mostly multinational corporations that need forklifts to move their goods within their warehouses. They value Bisedge as a reliable partner that ensures the machines are working, well-maintaned and in good condition, and are keen on outsourcing operational services to a partner like Bisedge.

Beyond the numbers

We are financing a sector and business model that do not have a strong track record in Sub-Saharan Africa. With our support, we hope that companies like Bisedge will be able to scale their businesses by attracting financing from local banks and other actors.

GCPF partner since: 2021

NIGERIA – Bisedge

Rolling out electric forklifts