FG assures UK businesses operating in Nigeria of support

FG assures UK businesses operating in Nigeria of support

The Nigerian Government has disclosed that UK businesses operating in Nigeria will continue to have the necessary support of the FG despite the challenging business terrain which has affected access to forex for UK-based companies.

This was disclosed by the Minister of Industry, Trade and Investment, Chief Adeniyi Adebayo, and the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, in a meeting with UK businesses in Abuja on Thursday.

The Trade Minister disclosed that the FG was doing everything to ensure that investors in the Nigerian economy receive the necessary support to grow their businesses, citing that the growth and improved earnings of the companies would be a boost to the Nigerian economy.

Representatives of the Uk Business team urged the FG to make available, more FX to enable efficient operation costs for them as the FX was needed to pay lenders and maintain their equipment.

UK Companies represented at the meeting include GlaxoSmithKline, Savanna Energy, AzuraPower West Africa and Guinness Plc.

What you should know

In Q4 2020, Nigeria’s major export trading partners were India, Spain, South Africa, Netherlands, and United States; while the major import trading partners during the period were China, India, United States, Netherlands, and Denmark. Total imports stood at N5.93 trillion while total export was valued at N3.19 trillion.

Source: Nairametrics

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