British business could be in line for a £37bn bonanza from the UK’s post-Brexit standing now that trading relationship with the EU is settled. These opportunities are anticipated to come from one Commonwealth country alone.
Business leaders will this week hear from the governor of Africa’s largest regional economy, Mr. Babajide Olusola Sanwo-Olu, Lagos state governor when becomes the first African leader to address the Institute of Directors (IoD).
Governor Sanwo-Olu will discuss investment opportunities in Nigeria made possible by Britain’s departure from the European Union, including in his own state, Lagos, which requires.
- $15bn of investment in roads and drains
- $8bn of investment in energy
- $8bn of investment in transport
- $4bn of investment in information technology
- $2bn of investment in the environment
Lagos state is on its own is the sixth largest economy in Africa and home to Africa’s most vibrant technology sector, with Facebook recent announcing plans to open a new office in Lagos – its first African base.
Governor Sanwo-Olu said:
“Nigeria is one of the World’s biggest emerging markets with a population in excess of 200 million people. That offers British businesses a market half the size on the entire EU on our own and a bridgehead to the wider West African region.
“Nigerians want to buy British, but in recent decade; Britain has prioritised Europe in its trading relationships, allowing counties like China and Japan to swoop in and take advantage of the trading opportunities which were there for the taking in Commonwealth nations like ours.
“Now Britain’s future trading arrangements with the EU are settled. It is the perfect time for UK businesses to capitalise on Commonwealth opportunities.
“There are limitless opportunities in my state alone – for example, Lagos state has never operated its own airport, seaport, but we are building an expansive rail network. We are considering all of these, but are also aware that we may not have the funding and domestic expertise to deliver such projects”.
The Institute of Directors event takes place on January 18th 2021 at 12noon. Due to social distancing requirements the event will be online only.
Governor Sanwo-Olu was elected the governor of Lagos State – the centre of the Nigerian financial services sector – in 2019. Prior to his election, he was the Managing Director of Lagos State Property Development Corporation (LSPDC). He was also previously General Manager and Divisional at some of Nigeria’s leading financial institutions.
More details can be found at www.iod.com.