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UK business urges closer ties with Nigeria

30 July 2015, 06:48 Augustine Osayande

Abuja - A delegation from the United Kingdom Emerging Capital Market Taskforce has called for continued collaboration between Nigeria and the UK government.

Delegation leader, Roger Gifford, made the call during a courtesy visit to President of the Senate, Bukola Saraki, in National Assembly complex in Abuja.

He said Nigeria has been identified as an emerging economy in Africa and the long bilateral ties among the two nations paved the way for the establishment of institutions in capital market. 

Gifford stated that the Taskforce will work to create an enabling environment by bringing investors into the country.

“I can only task Nigeria to continue to work together with the United Kingdom in order to make good use of the new partnership,” Gifford said.

Saraki said the Eighth Senate was ready to re-invigorate the dwindling nation's economy and make it compete with that of developed nations across the country.

Also Read: Nigeria threatens to sanction banks providing forex for 'not valid' imports

He said the present administration, led by President Muhammadu Buhari, was working towards attracting investors whose entry would revamp the nation's stock market and ailing industries that dot the landscape.

Saraki pointed out that apart from the country's historical relationship with UK, Nigeria expected robust economic ties with its former colonial master.

Nigeria is looking forward to investments that would assist in the area of industrialization, employment generation and technological development.

“The Senate is acutely aware that as attractive as Nigeria's market is for investment, the challenge is in creating a friendly business environment that is conducive and competitive in today’s global context," he said.

"We are already taking the bull by the horns and we are at advanced stage of putting together an engagement structure with the business community."

The Senate, he said, would fashion out a holistic plan of action that will bring about a comprehensive review of the regulatory instruments and legal structures that inhibit investments and depress capital formation across our business structure.

The Senate President assured that the Senate will at all times support and push for policies that would create deep, transparent and open capital market with numerous company listings. 

“Nigerians want to see legislative instruments that will help to open and stimulate private sector investment in infrastructural development," he added.

Meanwhile, Saraki commended the UK Foreign and Commonwealth Office for the initiative of sending a task force on emerging capital market to Nigeria. 

He also enjoined the Taskforce to identify Nigeria as a priority market adding that the Senate will continue to fashion out legislative instruments towards achieving set objectives. 

- CAJ News

Tags uk business

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