By Ben Kerrigan-
Prime Minister Theresa May has met with President Muhammadu Buhari of Nigeria in Abuja today during her three-day visit to Africa.
The City of London is to play a greater role in financing the fastest-growing economies across Africa and the world, Prime Minister Theresa May has said today in Nigeria.
The prime minister was speaking as she met with president Muhummadu Buhari in Abuja during her three day visit in Abuja, Nigeria. UK-Nigeria trade was worth £4.2 billion last year and British companies including British Airways, GSK, Shell, Diageo, Unilever and Standard Chartered have successful and long-established operations in Nigeria, many of which date back to the 1930s.
Today the Prime Minister and International Development Secretary welcomed announcements from two African companies to list on the London Stock Exchange.
As she announced a deeper collaboration between London and Lagos, she said it would set up the first UK-Africa FinTech partnership which will use the City’s expertise to support African entrepreneurs, improve access to financial services for consumers and encourage new investment.“The leaders agreed that the UK and Nigeria are strong partners bilaterally and in the Commonwealth, and that our mutual security and prosperity is strengthened by our close cooperation.
May and Buhari spoke about the growing commercial ties between the Uk and Nigeria including through a new Economic Development Forum to help identify and overcome barriers to trade and investment. She also spoke about how the UK will step up investment into Nigeria as part of its ambition to be the G7’s number one investor in Africa by 2022, including through CDC.
investment into oil and gas also ranked high on her list of discussions.
Secretary of State for International Development Penny Mordaunt said:
These exciting new African listings on the London Stock Exchange and first UK-Africa FinTech partnership are indicative of the City’s position as the world’s leading financial centre.
With the help of the City of London to raise capital and share expertise, Nigeria and other African nations can support their entrepreneurs to develop successful businesses, stimulate growth and create jobs. Supporting economic growth across Africa will in turn boost prosperity globally, which is in all our interests.
Britain is a leading global hub for FinTech which contributes over £5 billion to the UK economy every year and Lagos is at the forefront of FinTech innovation in Africa. The first UK-Africa FinTech partnership will use the UK’s unique expertise to support African entrepreneurs; improve access to financial services for consumers; and encourage new investment, via the Department for International Trade’s existing FinTech Board.
African entrepreneurs will be connected with UK FinTech investors and business mentors to access the finance and advice they need to start and grow their companies, while a dedicated fund worth up to £2 million will support Nigerian innovators as they turn their ideas into successful businesses.
To support African entrepreneurs and help British companies enter this rapidly expanding market, the UK’s Financial Conduct Authority (FCA) will work with regulators in Africa to share the UK’s successful experience of developing regulation and policies that encourage innovation and protect consumers. FCA and Central Bank of Nigeria have today agreed to explore the potential for deeper engagement and cooperation in developing the best possible regulatory frameworks to allow fintech to flourish in Nigeria.
Today’s announcements highlight the mutual benefits of closer financial co-operation to both the UK and Africa.
It builds on the existing partnership between the London and Nigerian stock exchanges, and the recent visit of the Lord Mayor of London to Nigeria which has created momentum and willingness for closer partnerships.
It also highlights how the UK aims to be Africa’s financial partner of choice as we continue to help African nations to benefit from increased access to international finance, while investors benefit from access to new investment opportunities.
Pic credits: Bellanaija.com
“The leaders agreed that the UK and Nigeria are strong partners bilaterally and in the Commonwealth, and that our mutual security and prosperity is strengthened by our close cooperation.
“The leaders agreed to build on our growing commercial ties, including through a new Economic Development Forum to help us identify and overcome barriers to trade and investment.
“The PM talked about how the UK will step up investment into Nigeria as part of its ambition to be the G7’s number one investor in Africa by 2022, including through CDC.
“The Prime Minister welcomed the progress towards securing a significant investment into oil and gas in Bonga South West, and reiterated the importance of the President’s continued leadership in securing the final agreement.
“Nigeria’s stability matters to the UK, and the work we’re doing together to tackle shared threats helps to keep our people safe. Today the leaders witnessed the signing of the first UK-Nigeria security and defence partnership which will formalise and expand this cooperation.
“They also discussed the importance of human rights and the need to ensure our joint work on security is in line with international standards.
“The Prime Minister welcomed Nigeria’s efforts at a national and regional level to combat illegal migration and human trafficking, and their support for the Call to Action to end modern slavery which was launched by the PM at UNGA last year.
“She thanked President Buhari for championing this agenda, including through his chairing of the Economic Community of West African States and his commitment to use Nigeria’s influence to promote African leadership on these issues.
“Finally, the leaders discussed Nigeria’s forthcoming elections and agreed they must be fair, credible and peaceful, and free from interference.
“The Prime Minister and President agreed to continue working in partnership to ensure our bilateral relationship and regional cooperation go from strength to strength in the years ahead.”