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United Kingdom (UK) Export Finance (UKEF), the export finance agency of the UK government, has confirmed that it has doubled the country’s limit for companies desiring to do business with Nigeria from £750m to £1.25b.
UKEF has also entered into a strategic partnership with Nigeria’s Export-Import Bank (NEXIM) to forge stronger relationships in promoting investments, regional and global trade between Nigeria and the UK.
Consequently, both countries have signed a Memorandum of Understanding (MoU) to foster greater co-operation in trade through co-financing in the form of guarantees and insurance.
Her Majesty’s Trade Commissioner for Africa at the UK Department for International Trade, Emma Wade-Smith, said Nigeria is UK’s 38th largest trading partner in the world and one of the most strategic markets in Africa.
She said the agreement between UKEF and NEXIM demonstrates UK government’s long-term commitment and trading partnership with Nigeria.
“The UK’s finance-led export and investment promotion work, supported by the work of UKEF, supports more deals to drive greater value to the UK economy and is instrumental in supporting African markets, such as Nigeria, to grow.
“That is why I am particularly excited about this MoU between UKEF and NEXIM, as it demonstrates the UK government’s long-term commitment to our trading partnership with Nigeria,” she added.
Responding, Managing Director of NEXIM Bank, Abba Bello, said the synergy would further boost commercial exchanges between the two countries and promote cooperation on technical assistance in relation to trade.
“NEXIM is happy about this collaboration and transactional partnership opportunity that will further foster commercial exchanges between the countries and promote cooperation on technical assistance on trade towards broadening Nigeria’s export basket, especially of value-added services and solid minerals.
“This is in line with President Muhammadu Buhari’s administration ERGP strategic objectives of economic diversification and building of a globally competitive economy.
“Both parties have committed to working together to identify opportunities for exporters in the UK and Nigeria, as well as in third party countries,” he stated.