UK: We’ll provide support to make Nigeria more attractive to investors

The United Kingdom government says it is working to ensure Nigeria becomes more competitive to attract sustainable investments.

Ben Llewellyn-Jones, British deputy high commissioner, said this when Chidiebere Onyia, managing director, UK Nigeria Infrastructure Advisory Facility (UKNIAF), paid him a visit in Lagos.

The UKNAIF is a UK-funded demand-driven technical assistance programme that helps the federal government deliver socially-inclusive, climate-smart infrastructure.

Llewellyn-Jones noted that the country must have a competitive edge in order to attract potential investors.

“We live in a competitive world where investors are looking for a location that provides adequate return on investments,” he said.

“It is important, therefore, to make Nigeria as competitive as possible to attract those investments. There is a lot of goodwill, effort and application. Consequently, we must work with the Nigerian leadership while also highlighting this to potential investors.

“This is one of the UKNIAF’s key component areas which is infrastructure finance.”

On his part, Onyia said data compilation is critical for regulators and investors so as to highlight the impact of relevant policies.

“The UKNIAF’s effort to assist the regulator in developing evidence-based regulatory practices are critical in raising climate awareness and will go some way to aligning the federal government’s priorities with climate-smart principles,” he said.

“Looking at government’s priorities through the lens of climate sensitivity does not preclude seeing the broader issues that require attention such as bankability, efficiency and access.

“Data is always critical for regulators and investors and understanding the impact of policy and allowing data to inform predictable regulation is vital.”