The United Kingdom has increased its loan facility limit to £1.25 billion ($1.58 billion) for businesses seeking to import UK products and services as well as intellectual property into Nigeria, Punch Newspaper has reported.
The Country Manager, West Africa, United Kingdom Export Finance, Steven Gray, disclosed this in Lagos exclusively to our correspondent on the sidelines of the UK-West Africa Agritech Summit.
He said, “We recently increased our country limit to Nigeria to £1.25 billion to support projects seeking to get UK products services or intellectual property investments into Nigeria.”
He explained that Nigeria presented promising microeconomic indicators to attract investments.
On the agency’s interest in agriculture, Gray, whose export finance office is based in Ghana and covers 15 markets in West Africa, said, “We see increasingly the drive and push by the government and the private sector to invest in the agricultural space and they are looking to leverage the UK expertise and products into their investments. At the UK Export Finance, we are looking into mobilising our products to support their efforts.
He acknowledged that there were a lot of risks associated with the agricultural sector, listing them as climatic, technical, market risk, pest and flooding risk.