UK Prime Minister Uses The UK-African Investment Summit To Call For Trade Partnerships With African States Post-Brexit

Britain is preparing for the eventuality of Brexit, and it used the UK-African Investment summit to form new partnerships. While speaking at the summit, UK Prime Minister Boris Johnson called for more investment partnerships with African states.

London hosts the inaugural UK-African Investment Summit

It was the inaugural UK-African Investment summit held on January 20, 2020, in London. It came barely two weeks before Britain leaves the EU. As a result, Boris used the opportunity to woo African leaders to make the UK their “investment partner of choice.” The PM indicated that Brexit was a new start for Britain and trade with other countries.

Around 16 African leaders attended the summit. Among the attendees were Nigerian President Muhammad Buhari, Kenyan President Uhuru Kenyatta, and the Ghanaian President Nana Akufo-Addo. The UK-Africa investment summit is a follow up of former Prime Minister Theresa May’s visit in 2018.

The UK lags in terms of two-way trade with Africa

In the past, the UK has been reluctant to expand its economic and diplomatic presence in sub-Saharan Africa. According to the UK’s International Trade department’s two-way trade with the continent, last year stood at $46 billion. It is minimal relative to that of China, which is the biggest trading partner of the continent. In 2019 two-way trade between Africa and China was $208 billion.

Boris acknowledged the competition in Africa, showing that there was some catch-up that they would have to make. He told delegates at the summit that Africa represents almost half of the fastest-growing economies in the world.

As a way of enhancing trade, the British Premier told the conference that they plan to overhaul the visa system. It will thus allow free movement of people after Brexit. He also promised an end to British investment in coal-fired power plants and mining overseas.

Nigeria and Kenya benefits from UK’s support on investments

Following the summit, the UK committed to enhancing investments in Nigeria and other African states. They have invested around £127 million to support investment, jobs, and development across Nigeria. The UK-African Investment Summit aims to create lasting partnerships between Africa and the UK.

Also Read: Nigerian Government Calls On Foreign Investors To Support Nigeria’s Technology Ecosystem

Besides other areas of development, the UK also committed to focusing on women’s economic empowerment. The focus will be expanding opportunities and work for women programs across the continent. So far, they have committed £6.1 million for the same. Also, the UK has set aside £3.5 million for the expansion of the SheTrades Program in Kenya, Nigeria, and Ghana.

Kenya equally benefitted with business opportunities worth £1.3 billion. According to the British High Commission in Nairobi, the deal cuts across finance, housing, entrepreneurship, and renewables. These will deliver more jobs, growth, and investment in the East African nation.

Speaking at the sidelines of the UK-African Investment Summit, President Kenyatta said that this was a massive moment for African Nations. He added that it is time to explore ways of deepening partnerships between the UK and African nations.