By Lucy Osuizigbo/ Oluwafunke Ishola
Lagos – Experts have urged the Federal Government to take advantage of the visit of UK Prime Minister, Theresa May, and other world leaders to vastly improve the Nigerian economy.
The experts said this in separate interviews with the News Agency of Nigeria (NAN) on Thursday in Lagos.
NAN reports that before May’s visit, French President, Emmanuel Macron, visited Nigeria in July, while the German Chancellor, Angela Merkel is expected to visit the country on Friday.
Mr Wale Ogunade, a Human Rights lawyer and political analyst, urged the Federal and State Governments to create an enabling environment by relaxing some laws and upgrade infrastructure.
He also said the Federal Government should boost security in the country to take advantage of UK’s new found love, just as May expressed willingness to support Nigeria in tackling its security challenges.
”Our government should start creating the site and services for factories, set up industrial zones, import and export processing zones. Definitely more investors will be encouraged to come to patronise Nigeria better,” Ogunade said.
Mr Akin Olawore, president, Nigerian-British Chamber of Commerce (NBCC), said trade between Britain and Nigeria was expected to rise above 100 million pounds before the end of 2018 and could hit 8 billion dollars by 2020.
He also said the proposed Investment Cooperation Agreement (TICA) between the two countries would enhance trade competitiveness, economic growth and ease the business climate in the country.
It will be recalled that May had promised to use Britain’s international aid budget to boost its own interests while also seeking to deepen trade ties with Africa and Nigeria getting more attention.
She said her desire was for Britain to become the biggest investor in Africa out of the Group of Seven nations, overtaking the U. S. by using the aid budget to help British companies invest on the continent.
According to the UN Conference on Trade and Development, British direct investment in Africa was 43 billion pounds (55.5 billion dollars) in 2016, compared to 44 billion pounds (56.7 billion dollars) from the U. S.
France invested 38 billion pounds (49 billion dollars) in Africa, while China, which is rapidly becoming a major player in Africa, invested 31 billion pounds (40 billion.
NAN also reports that at a business event during May’s visit, Harriett Baldwin, UK’s Minister of State for Africa, announced a new 70-million pound programme to create 100,000 jobs in Nigeria for a start.
Baldwin said the programme would link the UK Fintech sector and the Nigerian Fintech sector to raise the income of three million people from the poorest parts of Nigeria.