Recession not deterrent to UK businesses in Nigeria

International Trade Adviser at the United Kingdom (UK) Department for International Trade, Mr Carl Woolf on Tuesday said that London companies would not be discouraged by Nigeria’s current economic recession.

Woolf told the News Agency of Nigeria (NAN) on the sidelines of a ‘Market to Nigeria’ trade mission to Lagos that London companies would continue do business in Nigeria.

“London companies will continue to see Nigeria as a country with 180 million population with future huge opportunities.

“Economic recession or not, London companies strongly believe in the huge investment opportunities in this country, Nigeria.

“It is even better for us to be here during this current Nigeria’s economic recession for us to really know what the future holds for our companies here,” he said.

Woolf, who led a mission of London companies to Lagos, said that the companies were visiting Nigeria to establish long-term business relations with Nigeria.

He said that the mission was being part-funded by the European Regional Development Fund (ERDF) to enhance the competitiveness of London SMEs in international markets.

The UK International Trade Adviser said that the companies were interested and would be providing a wide range of products, services and expertise to Nigeria’s energy, infrastructure, agriculture and education sectors.

Woolf, however, said that it was imperative for Nigeria to examine her recent World Bank’s low ranking in Ease-of- Doing Business.

The UK government official said that if Nigeria’s Ease-of-Doing Business was favourable, more British and other foreign companies would increase their investments in Nigeria.

He also said that it was important for the British and Nigerian governments to look at the possibility of making their bilateral relations mutually favourable.