The British government has called on international businesses to invest in the long-term potential of the Nigerian market.
The call was made on Friday by the United Kingdom International Development Secretary, Priti Patel, as she opened the London Stock Exchange just as she welcomed London’s first African convertible bond at the LSE.
In an address to investors from London and Lagos, Patel said that “trade, investment, and finance have helped to transform the prospects for the world’s poorest countries.”
While addressing the Nigerian Capital Markets and Banking Forum, a day-long conference held in London by the LSE in collaboration with the Nigerian Stock Exchange and Afrinvest, Patel said, “The City of London leads the world in supporting the high-growth economies of the future, with the London Stock Exchange supporting job creation and opportunities in Nigeria. I am urging the international private sector to lead the new job-creating economic revolution by investing in the long-term potential of the Nigerian market.
“Ending aid dependency and creating new markets for trade, investment, and inclusive growth will lead to a more prosperous world for us all.”
In her keynote speech, the UK development secretary highlighted achievements made since the launch of the DFID’s Economic Development Strategy in January.
The DFID document sets out the UK government’s priorities for establishing new trade, investment and economic relationships with a focus to end poverty and support job creation in the world’s poorest countries.
According to a statement issued by the spokesman for the British High Commission in Nigeria, Joe Abuku, the achievements included: “DFID’s continued commitment to CDC, allowing the UK’s Development Finance Institution to invest much-needed capital into thousands of African and South Asian businesses, to create millions of jobs and generate taxes; the partnership between DFID -backed Private Infrastructure Development Group and the Nigerian Sovereign Wealth Authority to create InfraCredit Nigeria – providing guarantees to encourage Nigeria’s pension funds to invest long-term, and local currency finance into infrastructure projects.
“Others are a £15m-investment by Financial Sector Deepening Africa, a Nairobi-based non-profit funded by the DFID , in a fund allowing African firms to issue bonds in their own currencies for the first time, so they can invest, expand and create jobs, safe from the risk of currency fluctuations.
