• Saturday, February 24, 2024
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UK Trade Minister, Badenoch seeks deeper ties with Nigeria, eyes new investments

Kemi Badenoch re-appointed as trade minister

The UK’s Minister for Business and Trade, Kemi Badenoch, has embarked on a three-day visit to Nigeria, aiming to further strengthen the economic partnership between the two nations and unlock new investment opportunities. This trip follows the visit of the former Foreign Secretary in August 2023 and recent security and defence talks, showcasing a multi-pronged approach to deepen UK-Nigeria relations.

Boosting trade and investment

Minister Badenoch, alongside the Prime Minister’s Trade Envoy to Nigeria, Helen Grant, will hold key meetings with the Nigerian government, state officials, and business leaders from both countries. Discussions will focus on exploring current and potential investments across diverse sectors, including education, infrastructure, and energy. These projects have the potential to generate thousands of jobs, contributing to economic growth in both nations.

Removing barriers, expanding opportunities

The visit also aims to address existing obstacles to trade and investment. Minister Badenoch will advocate for policies that facilitate smoother business operations between the UK and Nigeria, potentially leading to increased trade volumes and foreign direct investment. Additionally, she will explore ways to make the City of London’s financial expertise more accessible to Nigerian businesses, unlocking new avenues for capital and growth.

Optimism on the rise

British High Commissioner to Nigeria, Dr Richard Montgomery, highlighted the recent economic reforms implemented by the Nigerian government and Central Bank, which have instilled optimism among international investors. These changes are perceived as creating a more favourable environment for business expansion and attracting foreign capital.

Badenoch’s background

Appointed Secretary of State for Business and Trade in February 2023, Kemi Badenoch holds multiple ministerial positions, including International Trade and President of the Board of Trade. This visit underscores the UK government’s commitment to fostering strong economic ties with Nigeria and its strategic importance as a partner in Africa.