How extended investments will lift 100m Nigerians out of poverty, by expert

A Chief Economist with PricewaterhouseCoopers International Limited (PwC), Andrew Nevin, yesterday underscored the need for Nigeria to grow its economy at a higher rate and lift 100 million people out of poverty with more investments.

Nevin made this known during a media briefing on the United Kingdom (UK)-Africa Pre-Summit at the British Deputy High Commissioner’s Residence in Ikoyi, Lagos.

The UK Africa investment summit holds on January 20, 2020, in London with representations from 21 African countries.

He said that Nigeria was only growing at about two per cent and if the country continues that way, more people would fall into poverty.

“To grow economically, we need investments. We need more investments at roughly double what is on the ground in the country today. We need summits like this to connect with people that want to invest in Nigeria and the UK and Nigeria have such long-standing and close ties,” he stated.

Speaking, the British Deputy High Commissioner to Nigeria, Harriet Thompson, noted that the UK-Nigeria summit would afford Nigeria the opportunity to show the scale and breadth of commercial opportunities that it had with no fewer than 300 UK businesses.

She said the summit would highlight sectors including Agriculture, Manufacturing, Infrastructure, among others, adding, “It is a great opportunity for Nigeria to make its pitch to 300 UK businesses including some top companies at the very highest level.

“This is Nigeria’s chance to show the scale and breadth of commercial opportunities that are here to show their commitment to diversifying the economy away from oil and gas. So, we will be highlighting agriculture, manufacturing and infrastructure sectors.

“This is about Nigeria telling the world and the British companies that it is open for business,” she said.

Also speaking, Executive Secretary of Nigeria Investment Promotion Commission, Mrs. Yewande Sadiku, said the summit would give Nigeria the opportunity to showcase its companies and investment prospects.

“It will also showcase what the government is doing about addressing the challenges facing investors in the context of the investment landscape. This summit is an important milestone,” she said.

On his part, Head of Office, Department for International Development (DFID), Christopher Pycroft, said as Africa’s largest economy, Nigeria was important to the UK Africa investment summit.

“The UK has got really longstanding relationships with Nigeria and other companies have been here operating and trading in Nigeria for a long time. President Muhammadu Buhari, who is taking some of his senior ministers along, will lead the Nigerian delegation to the summit.

“There will be inter-governmental engagements and there will be strong representation from Nigerian companies already operating here,” he said.