Recession: Nigeria remains Africa’s fastest growing economy, says UK envoy

Nigeria is still the fastest growing economy in Africa despite entering into a second recession in five years, United Kingdom Trade Envoy to Nigeria, Helen Grant.

She stated this on Saturday at a two-day Nigerian Diaspora Investment Summit organised by Nigerians in Diaspora Commission (NiDCOM), in collaboration with Nigeria Diaspora Summit Initiative (NDSI).

The event, the third edition, which began on November 20, has as the theme: “Post-COVID-19 Economic Resurgence: Targeting Diaspora Investment”.

Grant was also reported as saying efforts would be intensified to strengthen the UK, Nigeria relations.

Nigeria on Saturday entered its second economic recession in five years, also its worst economic decline in four decades.

But the UK official expressed optimism about the Nigerian economy bouncing back fast and was excited about the prospects.

Grant said Nigeria was full of investment opportunities and potential, adding, “We look forward to coming to Nigeria to identify with viable businesses that the UK government could partner with in generating real and long-term benefits for both countries.”

She said that the UK government was ready to educate, as well as learn from Nigeria by enhancing the bilateral trade between the two countries.

She said that the UK and Nigeria had so much uniting them, especially in the areas of culture and language, and stressed the need to build on such existing relations to bring about economic growth.

Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, who also spoke at the event, said that the Federal Government, through the Economic Sustainability Committee (ESC), had launched the Economic Sustainability Plan (ESP).

The efforts, he said, were aimed at actualising the recovery of the economy from the effect of the COVID-19 pandemic.

He noted that Nigerians in the Diaspora were key drivers of achieving the recovery growth plan.

He listed some of the programmes of the Federal Government in cushioning the effects of the pandemic on the citizens as the release of N200 billion loans for Micro Small and Medium Enterprises in Nigeria.

Minister of State, Foreign Affairs, Alhaji Zubairu Dada,  commended NiDCOM, NDSI and other collaborators for organising the event targeted at bringing about constructive interface between Diaspora investors and business owners in the country.

He said Nigerians in the Diaspora were potential resources in the areas of skills, experiences and resources which could be tapped in bringing about national development.

He added that the Ministry of Foreign Affairs would continue to stress the importance of engaging with the Nigerians in Diaspora in bringing about economic resurgence and national development in the post-COVID-19 era.