UK FDI deals to yield $300m for Nigeria

Agency Report
Agency Report
UK Minister for Trade Policy, Penny Mordaunt; and Nigeria's Minister of Industry, Trade and Investment, Niyi Adebayo signed the seventh Economic Development Forum Communiqué on Monday in London

The United Kingdom and Nigeria on Tuesday held trade and investment talks at the Economic and Development Forum in London, to promote trade and boost a partnership worth over £3bnn.

At the forum, both countries marked increased support for small and medium-sized enterprises in Nigeria including the UK Manufacturing Africa programme, which has helped 12 firms in Nigeria secure foreign investment.

The forum includes a tech matchmaking event for technology businesses from both nations hosted by venture capitalist firm LocalGlobe, in collaboration with TheCityUK, TechNation and Innovate UK.

A statement by the British High Commission said the deals are expected to generate over $300m in foreign direct investment for Nigeria and directly create 5,000 jobs.

Nigeria, UK’ll strengthen bilateral trade relations – Adebayo

Meanwhile, Nigeria and the United Kingdom have expressed their determination to remove barriers to the bilateral trade relationships between the two countries.

The two countries pledged to establish an official working group to enhance trade partnership for their mutual benefit.

They also plan to focus on how Nigeria’s present trade relations could be enhanced, given the present level of development in the country.

A statement from the Special Assistant on Media to the Minister of Industry, Trade and Investment, Ifedayo Sayo, said these were parts of the communique that was issued at the end of the 7th Ministerial meeting of the UK-Nigeria Economic Development Forum which was held in London on Tuesday.

The statement said the Nigerian delegation was led by the Minister of Industry, Trade and Investment, Adeniyi Adebayo.

Part of the delegation included the Minister of State for Finance, Budget and National Planning, Mr Clem Agba, and Nigeria’s Chief Trade Negotiator, Dr Yonov Agah.

The UK delegation was led by the Minister for International Trade, Penny Mordaunt, and accompanied by the United Kingdom’s Trade Envoy to Nigeria.

According to the statement, the goal of the ministerial meeting is to deliberate on specific economic challenges faced by both countries and how to remove critical market access barriers to trade relations.

The meeting, it added, also provided an opportunity for trade ministers of both countries to be updated on the outcome of a lower-level business dialogue between UK business operators in Nigeria and the Federal Government.

It also helped to share relevant updates on the implementation of commitments by both countries to address challenges faced by UK investors in Nigeria.

Speaking at the forum, Adebayo, said, “The Nigerian government is committed to implementing reforms that can attract more foreign direct investment into key industries, boost trade and development and create employment opportunities for Nigeria’s youth by leveraging on technology.

“We welcome the commitment to enhancing the relationship between our two countries today and underscore the significance of deepening our bilateral trade policy relationship in a mutually beneficial manner.”

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