Nigeria bilateral trade with UK hits £4.2 billion per annum

Britain’s Minister for Africa, Harriet Baldwin has disclosed that the yearly trade between Nigeria and the United Kingdom (UK) is currently worth £4.2 billion.

Baldwin said this during the visit of the British Prime Minister, Theresa May to Nigeria.

While heaping praise on the two countries’ trade relations, Baldwin said more business partnerships would soon be announced to the public.

According to her, the British Government was already partnering with Nigeria in the area of green financing, along with other partnerships with the Nigerian Government, which she said would create over 100,000 jobs in the country.

Also, Nigeria’s Minister of Finance, Kemi Adeosun encouraged investors from the UK to take advantage of the country’s improved business environment by investing in key sectors of the economy.

“There are lots of business opportunities in Nigeria and the government is addressing assiduously the impediments to the ease of doing business in Nigeria.”

The Nigerian Minister further noted that investments will make it easier for businesses to grow and contribute to sustainable economic activities in the country, as well as create jobs.

Recall that the British Prime Minister on Wednesday, August 28, met with President Muhammadu Buhari in Abuja during her first-time visit to Africa as Prime Minister.

May visited Nigeria as part of her first-time visit to three African countries since she resumed office.

The Prime Minister embarked on the ambitious three-nation trip with senior British ministers and a business delegation made up of 29 representatives from UK business – half of which are SMEs – from across all regions of the UK and its devolved administrations.

National Daily had earlier reported the hard words from May before she visited the country. In a speech given in South Africa, she highlighted the high level of poverty in Africa and Nigeria specifically.

“Most of the world’s poorest people are Africans. And increasing wealth has brought rising inequality, both between and within nations. For example, much of Nigeria is thriving, with many individuals enjoying the fruits of a resurgent economy. Yet 87 million Nigerians live on less than $1.90 a day – making it home to more very poor people than any other nation in the world.”