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Nigeria, UK move to boost N2.3trn bilateral trade

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By Babajide Komolafe

Nigeria and the United Kingdom (UK) have commenced measures to boost bilateral trade between the two countries which reached N2.3 trillion in 2018.

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Disclosing this at a press briefing in Lagos yesterday, British Deputy High Commissioner, Nigeria, Harriet Thompson, said part of these measures include the inaugural U.K Africa Investment Summit, designed to showcase the investment opportunities in Nigeria.

The summit, she said is about exposing the real and genuine opportunity that exists in Nigeria.

Speaking further, Thompson said: “The UK-Africa Investment Summit is a major opportunity to support growth, development and job creation in Nigeria, including President Buhari’s commitment to expanding agriculture and manufacturing.”

“Nigeria will be highly visible,  the only country to participate in every AIS event, and Nigeria’s companies will be out in force. One in seven of the African companies attending will be Nigerian.  Every session of the summit will feature Nigerian participants.  We want them to come back with new partnerships that will boost investment and create jobs and sustainable economic growth in Nigeria

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“This is a prime opportunity for Nigeria to make its pitch to quality British companies and investors, demonstrating not only the scale and breadth of commercial opportunities here in Nigeria, but also Government’s commitment to improving the business environment.  Global competition for investment is fierce.  Nigeria will need to compete for its share, addressing those areas that businesses still find a challenge, such as customs and tax procedures.  “The UK Government stands ready to assist, and to bring our companies here to be part of the growth story we want to see. That’s ultimately the goal of the summit: to attract investors for the mutual benefit of Nigeria and the UK.”

Vanguard

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