UK will be the ‘number one investor in Africa by 2022’

Catriona Lang, United Kingdom high commissioner to Nigeria, says her country is planning to increase its investment opportunities in Nigeria.

Speaking on Tuesday at the 18th edition of the Nigeria Oil and Gas Conference in Abuja, she said the UK will be the number one investor in Africa by 2022.

She said the UK continues to promote the merits of Nigeria and the broader African continent as an economic partner of choice.

The high commissioner said Nigeria’s foreign direct investment (FDI) strategy was very much in line with the UK government’s trade and investment strategy of increasing investment opportunities across the broader African continent to meet the ambition of making the UK the number one G7 investor on the African continent by 2022.

“The city of London has unparalleled expertise in the services that enable companies to access capital, along with a range of specialist legal and professional services,” Lang said.

“The London Stock Exchange is home to 7 of the largest 10 listed oil & gas companies globally, and proud to say, home to quite a few Nigerians ones as well like Seplat and Vivo Energy.”

A spokesperson of the UK Department for International Trade in Nigeria, said bilateral trade and investment between the UK and Nigeria had increased by nearly 40% from 2017, and was on course to double by 2030.

“The UK already benefits from our strong connections – between families, governments and businesses – with African nations,” he said.

“And the Africa Investment Summit is intended to celebrate and build on these common links and forge new bonds.”