U.K, Nigerian sign commercial deals worth £6.5 billion
British firms, at the opening of the UK-Africa Investment Summit in London announced willingness to commit commercial deals worth over £6.5 billion into the African markets.
In a press release issued by the U.K government, the commercial deals span a variety of sectors including infrastructure, energy, retail, and technology, and will deliver high-quality investment, jobs, and growth across the United Kingdom (UK) and Africa.
At the UK-Africa Investment Summit, 27 deals were announced, adding to the existing £36 billion worth of trade already happening between the UK and African firms. Deals announced include:
Savannah invests £315 million in the acquisition and investment of in gas assets in Nigeria, Tex ATC installs 5 Airport control room towers worth £2 million in Nigeria, Trilliant installs £5 million of Smart Metering to Abuja DisCo in Nigeria.
Aggreko signed an £80 million contract extension for energy provision in Cote D’Ivoire, Airbus sells £80 million of aircraft in Egypt, Anglo-Tunisian Oil and Gas invest £26 million in Tunisian gas assets and so much more.
According to the U.K Department for International Development and Trade, the diverse and fast-growing economies of Africa offer huge potential to UK business. Over £36 billion worth of trade is already happening between the UK and Africa, and the deals revealed how the duo are building on that to secure a lasting commercial partnership of mutual benefit.
Secretary of State for International Trade, Liz Truzz MP said:
“Africa represents a huge opportunity for UK businesses, so it’s brilliant to see so many British firms paving the way in trading and investing in the region today to drive growth, create jobs and boost vital infrastructure.
“We want the UK to be the investment partner of choice for African nations, and our world-leading expertise in finance, tech, and innovation, makes the UK and Africa natural partners for prosperity. We want the UK to be the investment partner of choice for African nations, and our world-leading expertise in finance, tech, and innovation, makes the UK and Africa natural partners for prosperity. The deals announced today show the massive potential of UK-Africa trade and the programs we’ve announced will be critical to ensuring the UK and African businesses are able to capitalise on trade and investment opportunities, now and in the future.”