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UK Offers Lagos Access to 750m Pounds Finance

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British Prime Minister Theresa May on Wednesday told the Lagos State Government of the availability of 750 million Pounds export credit finance to benefit from.

Theresa May

Speaking during a whistle-stop visit to Lagos, Mrs May pointed out the important role a stable government in Lagos had played in giving confidence to investors.

The prime minister arrived at the Presidential Wing of the International Airport at about 4:30pm. She was received by Governor Akinwunmi Ambode, Deputy Governor Oluranti Adebule, Secretary to the State Government Tunji Bello and Special Adviser Overseas Affairs and Investment Ademola Abass.

She hinted of her interest in the development of the technology industry in Lagos, adding that an expert in Fintech was on her delegation.

.She also noted the special strength of the London City as a financial hub that could be of considerable importance to Lagos State. She urged the sustainability and growth in the UK/Lagos relationship.

Ambode said Nigerian education, cultural and political systems were largely influenced by Britain and that there are more Nigerians living in the UK than elsewhere outside Nigeria.

He told the prime minister that Lagos remained a place of choice for British investors especially given that stability in the government, the size of the Lagos economy and population, the particular focus of his administration on the rule of law and justice sector reform.

He said it would be of particular importance to Lagos State if British investors could explore the various opportunities in the areas of energy, technology, export finance, infrastructure and the creative industry.

Ambode said “the important part of this visit to us about how investment in Lagos can be improved upon by British investors and you would realize that Lagos is the commercial capital of Nigeria and a whole lot of British investments are domiciled in Lagos.  We spoke about how we can improve the investment climate in Lagos and then the other parts of what Lagos has been doing to attract investors. You know we have been doing a lot in judicial sector reforms and security sector reforms.”

Giving her impression of the visit, Mrs May told reporters: “I have had a fantastic visit to Nigeria and we have outstanding relationship between UK and Nigeria but there is much more that we can do in the future. I enjoyed being able to come to Abuja and also to Lagos to see the thriving business community here.

“We want to see increased trade between Nigeria and UK; increased investment; bringing jobs here to Nigeria, jobs in the UK being good for both countries and I have had an excellent time here and I am very pleased to being able to be here and thank you Governor (Ambode).”

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