UK targets £11.6b non-oil export, FDI footprint in Nigeria by 2030 – Guardian

If the Federal Government can enhance the ease of doing business in the country, bilateral ties between Nigeria and the United Kingdom may hit £11.6 billion by 2030 through non-oil exports and Foreign Direct Investments (FDIs).

According to a latest report by PricewaterhouseCoopers(PwC) titled, ‘Seizing the Opportunity: An economic assessment of key sectors of opportunity for UK business in Nigeria’, UK’s non-oil exports to Nigeria could account for £7.1 billion by 2030, up from £1.9 billion in 2014, while its FDI footprint could increase to £4.5 billion from £1 billion over the same period.

Indeed, the report, which was produced by PwC on the request of the Foreign and Commonwealth Office, highlights the opportunities that exist in Nigeria for UK businesses and provides guidance for trade and investment in Nigeria.

The report identified six goods and services exports that will offer UK businesses the greatest potential for growth.

They include, machinery and transport equipment; manufactured goods; chemical and related products; telecommunication and information services; transportation and travel; and intellectual property.

It also identified three sectors that will provide the most promising FDI opportunities for UK businesses, as technology, media and telecommunication; retail and consumer products; and business and financial services.