Nigeria Seals $300 Million FDI Deal With UK

 

Nigeria has signed a $300 million Foreign Direct Investment inflow deal with the United Kingdom.

 

According to Vanguard, when concluded, the deal which is coming as a support for small and medium sized enterprises in Nigeria, is expected to generate over $300 million in foreign direct investment (FDI) for Nigeria and directly create 5,000 jobs.

 

The deal was sealed by both the Governments of the United Kingdom and its Nigerian counterpart at the Economic and Development Forum (EDF) held today in London to promote trade as a force for good and boost a partnership worth over £3 billion.

 

At the Forum, both countries marked increased support for small and medium sized enterprises in Nigeria, including the UK Manufacturing Africa programme, which has helped 12 firms in Nigeria secure foreign investment.

 

Both parties agreed to start discussions on an Enhanced Trade Partnership (ETP) to strengthen trade and high value investment across both countries.

 

Part of the agreement is to set up an official working level group to explore the benefits of an ETP in priority sectors.

 

DIT officials said they expect the increased ambition to build on long standing economic ties between the UK and Nigeria which is already worth £3.2 billion in 2021.

 

UK Minister for Trade, Penny Mordaunt said:“Nigeria is one of our long-standing and strategic part