Post-COVID-19: Increase FDI in non-oil sectors, UK tells Nigeria -GCFRNG
ABUJA – 10-15-21: The UK has urged Nigeria to increase the increase in Foreign Direct Investment (FDI) in non-oil sectors in the post-COVID era.
The Prime Minister’s Trade Envoy to Nigeria, Helen Grant, gave advice during the sixth biannual session of the UK-Nigeria Economic Development Forum (EDF), held virtually with Nigeria’s Minister of Industry, Trade and Investment, Mr. Adeniyi Adebayo on Friday.
He said the need to increase Nigeria’s FDI in the post-Covid period became imperative for restoring the economy in part of growth and reiterated the UK government’s commitment to a partnership based on mutual economic benefit of both. countries.
The meeting was joined by Her Majesty’s Acting Trade Commissioner for Africa, Alastair Long, the Comptroller General of the Nigerian Customs Service, Colonel Hameed Ibrahim Ali (Rtd) and other senior Nigerian and UK government representatives.
The agenda outlined opportunities for a broader partnership between the UK and Nigeria, as discussions focused on the state of bilateral trade; future challenges and priorities; opportunities to “build back better” from COVID-19; the Nigerian Government’s preparations to attend the 2021 United Nations Climate Change Conference (COP26) and plans to implement the revised Nationally Determined Contributions (NDCs).
Confirming the strategic importance of the economic development forum, representatives from the UK and Nigeria agreed that in the post-COVID era, there is a need to increase Foreign Direct Investment (FDI) in non-oil sectors in Nigeria.
They welcomed continued efforts to encourage UK trade and investment in Nigeria, resulting in a series of business victories for UK companies, including a £ 10.56 million deal in the healthcare sector as part of a newly built hospital project, and others in the pipeline (including over £ 60m of potential FDI in the renewable energy sector.
The UK Prime Minister’s trade envoy to Nigeria said: “I am delighted to have had the opportunity to speak with Nigerian representatives as we deepen our business relationship with a key partner for us in Africa. The Economic Development Forum remains central to our efforts to address barriers to bilateral trade and investment between our two countries. It is good to have made progress in financial services and the legal sector, which are two great strengths of the UK. “
In a presentation to mark the upcoming launch of its Entrepreneurship Center in Nigeria, the Generate team of the London School of Economics and Political Science (LSE) said the goal is to contribute to the entrepreneurial ecosystem in Nigeria through corporate and startup programs. on going. The Hub, he said, will consist of a physical coworking space, as well as various entrepreneurship programs.
The recent launch of the UK’s Skills for Prosperity program, in partnership with the Industrial Training Fund (ITF), to support formal learning and internship pathways that enable the private sector to access a skilled workforce and provide meaningful employment to young people in Lagos and Kaduna was also recognized.
In his own remarks, Nigeria’s Minister of Industry, Trade and Investment, Mr. Adeniyi Adebayo, said: “I am pleased to announce the sixth edition of the UK-Nigeria Economic Development Forum. Commitments like these are crucial in; promote bilateral trade and investment; implement strategic initiatives; and assess our current economic and commercial relationship. This platform will also provide us with the opportunity to take stock of the progress made on our commitments in previous EDFs and will allow us to work together to ensure that our bilateral agreements are properly implemented and beneficial to both parties.