NBBC urges FG to strengthen bilateral investments
June , 2012 by Sodiq Oyeleke
The Nigerian British Chamber of Commerce has urged the Federal Government to strengthen its bilateral relationship to boost confidence in foreign investors.
The group made this known during a press conference on a trade mission scheduled to hold later this month on the prospect of investment between Nigeria and Britain.
According to the President of the group, Mr. Thomas Awagu, Nigerian trade and investment growth figure has shown that a renewed interest in Nigeria has been generated among investors in the United Kingdom.
He recalled that apart from Asia, Africa (including Nigeria) was the only economy that survived the recent economic recession with its growth increasing over five per cent.
He said, “Generally, there has been continued confidence in the Nigerian economy by foreign investors, including the UK, and this has underscored the Foreign Direct Investment inflow into the country, which rose to $1.574bn in the last quarter of 2011 as against the $1.309bn recorded in third quarter of the same year.
“Sustained at this pace, it is estimated that Africa would sell $1.4tn worth of goods and services by 2020.
“It is therefore expected that as the government deepens the ongoing reforms in the various sectors of the economy; there is going to be a significant rise in the volume of trade and investment by the UK and other foreign investors.”
He noted that over a thousand investor communities, industry titans, key Nigerian and UK private sector and government leaders were currently identifying specific growth areas, examining information on investment ripe projects, and discovering latest financing options to boost Nigeria’s growth further.
Written by NEWSTRAWL ONLINE UPDATE
Sodiq Oyeleke is a Media, Human Resources, Project Management and Public Relations Practitioner
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