Four deals worth more than N152bn (or £322mn) have been signed between Nigeria and United Kingdom companies, the British government announced Monday at the ongoing maiden edition of the UK-Africa Investment Summit.
The summit comes amid UK’s move to exit the European Union and is aimed at promoting stronger trade with Africa, where Nigeria is the continent’s biggest market.
“We are announcing 27 deals worth over £6.5bn from across the African markets invited to this Summit and we are aware of further UK commercial investment into Africa that will be committed at the Summit,” the UK government said.
The deals between UK companies and their Nigerian partners according to the press statement, include:
· Low Energy Designs wins an export contract to install street lighting for Oyo state in Nigeria.
· Savannah invests £315m in the acquisition and investment of ingas assets in Nigeria.
· Tex ATC installs 5 Airport control room towers worth £2m in Nigeria.
· Trilliant installs £5m of Smart Metering to Abuja DisCo In Nigeria.
According to Britain, the diverse and fast-growing economies of Africa offer huge potentials to UK business.
“Over £36 billion worth of trade is already happening between the UK and Africa. The deals today show how we are building on that to secure a lasting commercial partnership of mutual benefit,” the government said.
