The United Kingdom Prime Minister’s Envoy to Nigeria, Helen Grant, and Nigeria’s Minister of Industry, Trade, and Investment, Mr. Adeniyi Adebayo, held the sixth bi-annual meeting of the UK-Nigeria Economic Development Forum (EDF), reiterating their commitment to a partnership based on mutual economic benefit that will increase Foreign Direct Investment (FDI) in Nigeria’s non-oil sector.
According to a statement issued by the British Deputy High Commission’s Press and Public Affairs Officer, Ndidiamaka Eze, the agenda outlined opportunities for a broader UK-Nigeria partnership as discussions focused on the state of bilateral trade; challenges and priorities ahead; opportunities to ‘build back better from COVID-19; the Nigeria Government’s preparations to attend the 2021 United Nations Climate Change Conference (COP26); and plans to implement the revised (NDCs).
“They welcomed the continued efforts to encourage UK trade and investment into Nigeria, which resulted in a number of commercial wins for UK companies, including a £10.56m deal in the healthcare sector as part of a new-build hospital project, and others in the pipeline (including more than £60m of potential FDI in the renewable energy sector,” according to the statement.
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Grant stated at the meeting that the EDF was still critical to the UK’s efforts to address barriers to bilateral trade and investment between the two countries.
“I am delighted to have had the opportunity to speak with Nigerian representatives as we strengthen our trade relationship with a key African partner.” The Economic Development Forum continues to play an important role in our efforts to remove barriers to bilateral trade and investment between our two countries. “It’s encouraging to see progress on financial services and the legal sector, both of which are strongholds for the UK,” Grant said.
“I am pleased to herald the 6th Edition of the UK-Nigeria Economic Development Forum,” Adebayo said. Such engagements are critical in promoting bilateral trade and investment, implementing strategic initiatives, and assessing our current economic and trade relationship. This platform will also allow us to assess progress made on previous EDF commitments, as well as collaborate to ensure that our bilateral agreements are properly implemented and beneficial to both parties.”
The meeting was also attended by Her Majesty’s Acting Trade Commissioner for Africa, Alastair Long, the Comptroller General of the Nigeria Customs Service, Col. Hameed Ibrahim Ali (Rtd), and other senior government representatives from Nigeria and the UK, according to the statement.
According to the statement, the London School of Economics and Political Science (LSE) Generate team also made a presentation to mark the upcoming launch of its entrepreneurship Hub in Nigeria, with the goal of contributing to the Nigerian entrepreneurial ecosystem through corporate and start-up programs.
According to the statement, the Hub will include a physical co-working space as well as several entrepreneurship programs.
It also revealed the recent launch of the UK’s Skills for Prosperity programme, in collaboration with the Industrial Training Fund (ITF), to support formal apprenticeship, as well as “traineeship routes that enable the private sector to access a skilled workforce and offer meaningful employment to young people in Lagos and Kaduna.”
