Nigeria
Britain to help promote investments in Nigeria

afrol News, 19 July - Speaking yesterday at the Nigeria Investment Conference, British government representative, Baroness Symons, said the UK remained ready to play its part in assisting Nigeria and the rest of Africa to develop, including by working to increase trade and investment. She however emphasised on the importance of the New Partnership for Africa's Development (NEPAD) for this task. 

- The British government will continue to support UK companies seeking to do business and/or invest in Nigeria, Symons said. "I am sure that Nigeria will also continue to build on the progress it has made in establishing an attractive business environment for investors." 

The British representative was able to present several successes at the conference. Nigeria was one of the UK's top 40 export markets and "our second largest market in sub-Saharan Africa," she said. Further, British exports to Nigeria had increased by 28 percent in 2001 and almost 100 new British companies had been introduced to the market in the past year through the government sponsored mission scheme. The UK was also one of the largest investors in Nigeria with assets worth over £ 1 billion.

- More and more British companies are showing interest, in a large way due to the central role played by President Obasanjo in re-establishing democracy in Nigeria, Symons said, directing herself at the Nigerian President, who was present at the event.

- Nigeria's commitment to NEPAD is one crucial element in gaining the confidence of investors, she continued. Symons emphasised that NEPAD represented "a genuine recognition by African countries that action on political and economic governance is critical." Corruption was "a major obstacle to inward investment." 

Baroness Symons further lectured about the importance of removing trade barriers. While she admitted that Western trade barriers were an important hinder to development - she specially mentioned the EU's Common Agricultural Policy - also Africa could do its part in increasing world trade. 

Tariffs on trade between developing countries were currently far higher than those in developed countries, she said. "And trade between developing countries is a fast-growing part of their total trade - 40 percent of developing country manufactured exports are to other developing countries. I am glad that African countries have committed themselves to reduce trade barriers within NEPAD."

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