British PM Theresa May urges Nigeria to tap City of London expertise

Britain's Prime Minister Theresa May inspects a Guard of Honour as she arrives in Abuja, Nigeria. Picture: Afolabi Sotunde/Reuters

Britain's Prime Minister Theresa May inspects a Guard of Honour as she arrives in Abuja, Nigeria. Picture: Afolabi Sotunde/Reuters

Published Aug 29, 2018

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A,buja - British Prime Minister Theresa May

urged Nigeria on Wednesday to tap into the City of London's

financial expertise as she sought to build a new trading

relationship with Africa's biggest economy and most populous

nation.

With Britain set to leave the European Union next March, May

is on a whistle-stop tour of Africa, her first to the continent

as prime minister, hoping to bolster ties with the fast-growing

economies of Nigeria, Kenya and South Africa.

"We offer... the important capacity to bring access to

capital markets of the City of London, together with

professional services expertise," May told reporters at Abuja

airport before heading to Nigeria's commercial capital Lagos.

"I look forward to seeing more rich investment in Nigeria

creating jobs for Nigerians and the good people of Britain as

well," she added.

Earlier, May and Nigeria's President Muhammadu Buhari signed

agreements on economic and defence cooperation.

"We have long-standing relations with Nigeria and

long-standing, close commercial ties with Nigeria. There are

British companies that have been here in Nigeria for many, many

years. We want to enhance those trading links," she said.

"I think there's are real opportunities as we leave the

European Union," said May, who back home is struggling to unite

her divided Conservative Party over her plans to leave the EU.

In April, Britain hosted a meeting of Commonwealth

countries, including South Africa, Kenya and Nigeria, seeking to

reinvigorate the network of mostly former colonies and drum up

new trade amongst its members.

In June, the City of London's Lord Mayor Charles Bowman, who

acts as an ambassador for the British capital's financial

district, said Britain and Nigeria were exploring ways to list

naira-denominated bonds on the London Stock Exchange to help

fund infrastructure projects.

On Tuesday May held talks with her South African counterpart

Cyril Ramaphosa. She leaves for Kenya later on

Wednesday. 

Reuters

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