Between April 23 and 24, 2024, British Prime Minister Rishi Sunak will host African leaders in London for the second UK-African Investment Summit, building on the £6.5 billion in deals and £8.9 billion in commitments made at the summit in 2020.
The British High Commission in Nigeria released a statement on Thursday outlining the Summit’s objectives, which include fostering two-way trade and investment, including the African technology sector, fostering job and economic growth, and assisting female entrepreneurs.
The announcement coincides with HM Revenue and Customs signing an MoU with the Federal Inland Revenue Service to aid in boosting Nigeria’s domestic revenue, according to the release.
“The Prime Minister will hold a UK-African Investment Conference in London on April 23–24, 2024,” the statement said.
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What to expect from the African Investment Summit
The summit will bring together British and African business leaders with the heads of state and governments of 24 African nations.
Encouraging British and African talent in fields like finance and technology and promoting female entrepreneurs, it will improve UK-African relationships to spur economic growth and job creation.
“The Summit will build on the outcomes of the virtual UK-African Investment Conferences in 2021 and 2022 and the UK-African Investment Summit 2020.
Around £6.5 billion in deals and an additional £8.9 billion in investment commitments were made during the UK-African Investment Conference 2020, which served as a significant turning point in our relationships with African nations.
“In Africa, there will be two billion people by 2050, with more than half being under 25.
Sub-Saharan Africa is anticipated to have economic growth that is faster than the global average during the next two years.
Also, the UK is collaborating with African nations to help them minimise and adapt to the effects of climate change as the entire globe struggles to deal with it, recognising Africa’s enormous potential for future renewable energy sources.
According to a reported comment by British Prime Minister Rishi Sunak, “We must strengthen our ties with partners throughout the world to boost the UK’s economy, provide possibilities for growth, and bolster our economic security.
“This summit will make sure we can leverage the potential of our partnerships across Africa and expand our economies together, making them stronger, more inventive, and resilient.”
UK-AIS will assist in utilising this potential for the establishment of mutual prosperity, economic growth, jobs, and a global shift to green energy by promoting business-to-business connections, trade opportunities, and investment.
James Cleverly, Secretary of State for Commerce and Trade, and Kemi Badenoch, President of the Board of Trade, will collaborate closely to oversee activities across Whitehall to get ready for the Summit.
The UK’s trade and investment connections with nations all over the African continent are providing enormous mutual economic benefits to all of us, according to Foreign Secretary James Cleverly.
“This second African Investment Summit in London will build on our successes since 2020, which have combined the strengths, innovations, and expertise of the UK and our partners across Africa to support dependable, sustainable, and long-term investment, affirming the UK’s position as a leading investor in Africa.
“When we go together, the UK and Africa go far.”
The Foreign Secretary promised in December to concentrate on relationships with nations whose economies, demographics, and overall influence are expanding.
He views African nations as being crucial to this and is working to strengthen our alliances with nations on the continent on the basis of respect, mutual benefit, shared interests, and, most importantly, by hearing their viewpoints.
In keeping with this promise, the Federal Inland Revenue Service (FIRS) and HM Revenue and Customs (HMRC) of the UK today signed a memorandum of understanding to collaborate on raising domestic tax revenues in Nigeria.
The Memorandum of Understanding (MOU) would assist in making sure that multinational corporations (MNEs) pay the appropriate amount of tax in Nigeria.
It will also assist in determining the tax obligations of businesses and extremely wealthy people (HNWIs).
In order to advance bilateral economic issues of common strategic importance, the UK and Nigeria have reaffirmed their shared interest in exploring a prospective Enhanced Trade and Investment Partnership (ETIP). This high-profile alternative vehicle will be provided by the ETIP.
This was decided upon at the eighth and final UK-Nigeria Economic Development Forum (EDF) in November 2022. The EDF was founded primarily by former Prime Minister Theresa May and President Muhammadu Buhari in August 2018 to address market access barriers, respond to business opportunities and challenges, and increase bilateral trade and investment between our two countries.
Both nations will continue to cooperate under the ETIP to address problems with market access and improve economic cooperation.