UK companies to invest $300m in Nigeria as countries sign agreement on FDI

UK companies to invest $300m in Nigeria as countries sign agreement on FDI

The Federal government and the United Kingdom on Tuesday signed a deal that will see the inflow of about $300 million in Foreign Direct Investment (FDI) to Nigeria.

The agreement was reached at the Economic and Development Forum (EDF) held in London.

The agreement is targeting small and medium-size enterprises and will create over 5,000 jobs in the coming years.

READ ALSO: UK’s ecommerce startup, Moot, closes $18M investment

Nigeria and Britain also agreed to start discussions on an Enhanced Trade Partnership (ETP) to strengthen trade and high-value investment across both countries.

The Minister of Industry, Trade and Investment, Niyi Adebajo, signed the deal on behalf of the Nigerian government while his British counterpart, Penny Mordaunt, represented his country at the forum.

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