Four British companies Monday signed business deals with Nigeria on
the sidelines of the inaugural UK-Africa Investment Summit in London.
The deals were among the several others sealed between UK companies and their African partners.
In the case of Nigeria, Low Energy Designs won an export contract to
install street lighting in Oyo State while Savannah will invest £315
million in the acquisition and investment of ingas assets in Nigeria.
Another British company Tex ATC is expected to install five airport
control room towers worth £2 million in different parts of Nigeria while
Trilliant got a deal to install £5 million of Smart Metering for Abuja
DisCo.
Several other deals were expected to be signed throughout the day,
with African and UK businesses committing investments expected to reach
into the billions.
“Africa represents a huge opportunity for UK businesses, so it’s
brilliant to see so many British firms paving the way in trading and
investing in the region today to drive growth, create jobs and boost
vital infrastructure,” Secretary of State for International Trade, Liz
Truss MP said.
“We want the UK to be the investment partner of choice for African
nations, and our world-leading expertise in finance, tech, and
innovation, makes the UK and Africa natural partners for prosperity.”
Before the opening of the summit on Monday, Nigeria’s President Muhammadu Buhari lobbied the British community to invest in the Nigerian economy.
“For my country, greater UK engagement in its economy would bring
jobs to under-tapped sectors, such as agriculture and manufacturing,”
Buhari said in an opinion published in The Guardian ahead of the
UK-Africa Investment Summit in London.
“Millions of highly skilled, English-speaking but underemployed young
people, are eager to work but without the opportunities that foreign
investment can bring to create jobs and build businesses.”
The UK said the deals signed on Monday show how “we are building on
that to secure a lasting commercial partnership of mutual benefit.”
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