Minister Hollingbery's speech in Nigeria: 29 August 2018
The Minister for Trade Policy speaks at Financial Services event at the FMDQ OTC Securities Exchange in Lagos, Nigeria.
Thank you all for coming today which is a particularly exciting one for me.
I have always been an 바카라 사이트˜Africa바카라 사이트™phile - if you바카라 사이트™ll excuse the term - and have returned again and again over the last 30 years.
In over 20 trips I have spent time in 12 countries, and today I proudly add another to that list albeit on a, literally, flying visit.
I have always wanted to visit Nigeria, the continent바카라 사이트™s largest economy and truly a nation of the future 바카라 사이트“ set to become the world바카라 사이트™s third most populous nation by 2050.
This country is rapidly ascending a path that will lead it to becoming nothing less than an African 바카라 사이트˜powerhouse economy바카라 사이트™.
And I바카라 사이트™ve particularly wanted to visit Lagos, one of the most exciting and vibrant cities in all of Africa.
In fact, I am told that if Lagos itself was a country, it would be the continent바카라 사이트™s 5th largest economy.
It is certainly the coding capital for the whole continent and the undisputed finance and technology hub of Nigeria. So it is particularly appropriate that we are being hosted here in the new premises of FMDQ, which, in just 5 years, has driven financial innovation in Nigeria and established itself at the heart of the financial architecture of the country.
The current relationship
This event 바카라 사이트“ to explore deeper collaboration between UK and Nigerian businesses 바카라 사이트“ is a testament to the strength of the relationship already in place between Nigeria and the UK.
Some of the UK바카라 사이트™s most well-known firms 바카라 사이트“ Unilever, Shell, Diageo and British Airways, to name but a few 바카라 사이트“ have had a long and successful presence here.
Others, realising the potential of the opportunities, are now flocking to Nigeria. For example, Prudential Zenith Life has announced that it will expand its 바카라 사이트˜bancassurance바카라 사이트™ operations from September, entering into a further 70 Zenith Bank branches in Lagos and 40 in and around Abuja, increasing Nigerian consumers바카라 사이트™ access to life insurance and savings products.
Successes like these are reflected in our fast-growing trading relationship. UK-Nigeria trade was worth £4.2 billion in 2017, an extraordinary 23% increase on the previous year.
And African firms with a market capitalisation of around £200 billion are now listed in London, helping to make it the world바카라 사이트™s most international exchange.
Looking outward to the world
This event is also a testament to our shared outlook 바카라 사이트“ international, globally minded and innovative.
And as the UK prepares to exit the European Union in 2019, I want to make it clear that this outlook will not change.
Far from wishing to build barriers, it is through leaving the European Union that we seek to strengthen our relationships with key economic partners like Nigeria.
We want to renew our relationships, strengthen our economic ties and look to the future.
This is what we mean by a Global Britain.
And as such, it is our sincere ambition to create a successful, supportive and mutually beneficial partnership with partners like Nigeria.
Indeed, this is what the Department for International Trade (DIT) was established to do and here, in West Africa, we have been growing our presence, focused on Nigeria, with just this purpose in mind.
Quite simply, a more prosperous and secure Nigeria means a more prosperous and secure UK 바카라 사이트“ and a more stable and secure world.
Business relationships
Of course businesses are looking for more than just warm words. They need certainty to allow them to make their investment decisions.
And, as such, I바카라 사이트™m delighted to tell you that I have just come from a meeting between Prime Minister May and President Buhari, where I signed a Memorandum of Understanding with Minister Udoma Udo Udoma to launch the UK-Nigeria Economic Development Forum.
This provides a more structured mechanism through which to identify and address barriers to bilateral trade and is an important first step in creating the stability and predictability in the business environment that we are all seeking.
And today바카라 사이트™s event is all about building new business to business relationships which can ensure firms in both our countries can reach their potential.
Financial Services
And it is perhaps in the financial services sector that the opportunities are most tangible.
Access to London바카라 사이트™s deep global capital pool is already a key component of Nigeria바카라 사이트™s continuing development 바카라 사이트“ as the major successes of Nigerian bond listings attest to.
This is testimony both for the City바카라 사이트™s capacity to raise finance, and vote of confidence from international investors in Nigeria바카라 사이트™s future.
And I particularly welcome the announcements today that Dangote Cement plans to list on the London Stock Exchange (LSE) in the near future and that Seplat will be launching a London based Eurobond.
Further, the fact that David Schwimmer, the CEO of the LSE, has chosen to join us here today is testament to the importance that the Exchange attaches to these Nigerian listings.
And finally, that our own Financial Conduct Authority is committed to exploring collaboration with the Central Bank of Nigeria on regulatory framework to support innovation.
This is truly a two-way relationship.
And we are determined to develop greater access for Nigerian firms to the first-class professional services available across the City of London in addition to that provided by the LSE.
I hope those Nigerian firms represented here today will take the opportunity to speak to senior representatives from the City of London in attendance 바카라 사이트“ not least the Lord Mayor of the City of London, Charles Bowman, who will speak to you in a moment.
But the UK바카라 사이트™s offer does not end with financial services - far from it.
Other Services
We have a world class business-friendly regulatory environment and are home to some of the world바카라 사이트™s leading international research institutions and universities.
Our mutual use of English Common Law makes Nigeria and the UK natural partners in collaboration on legal services.
First-class legal advice is a key component of the City of London바카라 사이트™s attraction for companies looking to access finance.
As such, I am delighted that members, and indeed clients, of our top 바카라 사이트˜Magic Circle바카라 사이트™ law firms are with us today to help launch our campaign in Nigeria.
Whether in sharing best practice, advising on regulatory and legal reforms, facilitating finance or sourcing world class financial and related services professionals, we want you to see the UK as a delivery partner of choice for Nigeria바카라 사이트™s future development.
Credit
The UK also has an unbeatable export credit offer.
UK Export Finance, our world leading credit agency, has up to £750 million available for Nigerian initiatives 바카라 사이트“ and a large development finance offer. This means that firms in Nigeria can get loans or Naira denominated credit guarantees when buying British products.
And the UK바카라 사이트™s development investment arm, CDC, has a portfolio worth over $350 million in Nigeria and a further $125 million investment was announced by the Prime Minister today.
The potential for broadening our regulatory dialogue - to share knowledge, build capacity and technical know-how - is also substantial.
With all this in mind, I hope we can agree that today바카라 사이트™s event is a crucial next step to explore how UK and Nigerian businesses can better co-operate to advance prosperity in both our countries.
And as we continue our discussions today I want us to do so with the context in mind:
The UK is a long-standing friend of Nigeria 바카라 사이트“ and we are determined to build on the strong foundations that already exist.
All of us here today 바카라 사이트“ whether UK or Nigerian, in the public or the private sector, have a role to play 바카라 사이트“ to come together to help us realise our core vision: to create the new markets, trade and growth that Nigeria and the UK needs, and to help build a more secure and more prosperous world.