UK Raises Financing Limit For Nigeria Focused British Businesses To £1.25bn

UK Raises Financing Limit For Nigeria Focused British Businesses To £1.25bn

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Post Views: 282 UK Export Finance (UKEF), the export finance agency of the UK government, on Tuesday, confirmed that it has raised the funding limit f...

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UK Export Finance (UKEF), the export finance agency of the UK government, on Tuesday, confirmed that it has raised the funding limit for UK companies wanting to do business with Nigeria from by 66.66% from £750m to £1.25bn.
A statement by Gbemi Sikuade, Engagement & Communications Manager, West Africa, at the UK Department for International Trade (UKDIT), said UKEF has also entered into a strategic partnership with the Nigeria Export-Import Bank (NEXIM) to ensure stronger relationships in the area of investment promotion, as well as regional and global trade between both nations.
UKEF and NEXIM signed a Memorandum of Understanding (MoU) expected to foster greater co-operation in trade through co-financing in the form of guarantees and insurance.
The statement quoted Emma Wade-Smith, the Trade Commissioner for Africa at the UK Department for International Trade, as expressing excitement at the agreement with Nigeria which “is the UK’s 38th largest trading partner in the world and one of our most strategically important markets on the African continent.
“The UK’s finance-led export and investment promotion work, supported by the work of UKEF, supports more deals to drive greater value to the UK economy and is instrumental in supporting African markets, such as Nigeria to grow.
The agreement, he added, “demonstrates the UK government’s long-term commitment to our trading partnership with Nigeria.”
Also commenting, Abba Bello, Managing Director of NEXIM said his organization is delighted at “this collaboration and transactional partnership opportunity that will further foster commercial exchanges between the countries as well as promote cooperation on technical assistance related to trade towards broadening Nigeria’s export basket, especially of value-added services and solid minerals in line with President Muhammadu Buhari’s administration ERGP (Economic Recovery and Growth Plan) strategic objectives of economic diversification and building of a globally competitive economy.”
Both agencies, Sikuade noted, are committed to working together to identify opportunities for exporters in the UK and Nigeria, as well as in third-party countries outside of Nigeria.

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