UK Export Finance (UKEF), the export finance agency of the UK government recently confirmed that it has doubled the country limit for UK companies wanting to do business with Nigeria from £750m to £1.25billion.
A statement from the UK Department for International Trade and made available to BusinessDay stated that UKEF had also entered into a strategic partnership with the Nigeria Export -Import Bank (NEXIM) on plans to forge stronger relationships in promoting investment, regional and global trade between Nigeria and the United Kingdom, signing an MOU that will foster greater co-operation in trade through co-financing in the form of guarantees and insurance.
Her Majesty’s Trade Commissioner for Africa at the UK Department for International Trade, Emma Wade-Smith said: “Nigeria is the UK’s 38th largest trading partner in the world and one of our most strategically important markets on the African continent. The UK’s finance-led export and investment promotion work, supported by the work of UKEF, supports more deals to drive greater value to the UK economy and is instrumental in supporting African markets, such as Nigeria to grow. That’s why I am particularly excited about this MOU agreement between UKEF and NEXIM as it demonstrates the UK government’s long-term commitment to our trading partnership with Nigeria.”
Abba Bello, MD of NEXIM bank said: “NEXIM is delighted with this collaboration and transactional partnership opportunity that will further foster commercial exchanges between the countries as well as promote cooperation on technical assistance related to trade towards broadening Nigeria’s export basket, especially of value-added services and solid minerals in line with President Muhammadu Buhari’s administration ERGP strategic objectives of economic diversification and building of a globally competitive economy.”
Both parties have committed to working together to identify opportunities for exporters in the UK and Nigeria, as well as in third party countries outside of Nigeria.
