The British Foreign Secretary, James Cleverly, commended President Bola Tinubu‘s economic reforms, particularly the removal of fuel subsidy and unification of exchange rates, stating that they will create a conducive environment for investment and bolster economic growth.
James Cleverly noted this during a business briefing in Lagos on Tuesday.
In addition, the foreign secretary pointed out that although sound macroeconomic reforms at the national level are crucial, their effectiveness has inherent limitations, regardless of how innovative they are.
However, Cleverly noted that African countries needed capital to drive investment, development and jobs, noting, ‘it is imperative that the international financial institutions accommodate shared aspirations for a bigger, more responsive and fairer system’.
He stated that the endorsement of G20’s independent capital adequacy framework recommendations by multilateral development banks would unleash hundreds of billions of dollars in development finance.
Cleverly mentioned that the UK is playing a pivotal role in the reform of international financial institutions and making substantial investments in the World Bank and the African Development Bank.
‘The public sector alone cannot provide all the investments needed. Private capital is essential.’
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‘That is why the UK government is promoting private sector investment in Nigeria and across the continent and we’ll do our utmost to galvanize even more interest.’
‘We will continue to champion further multilateral reforms that will benefit Africa. For example, the better and faster implementation of international tax rules will stop revenues leaking from your national treasury,’ he said.
Cleverly mentioned that the UK is playing a pivotal role in the reform of international financial institutions and making substantial investments in the World Bank and the African Development Bank.
According to him, no individual country could single-handedly bring about multilateral reform, but meaningful change could be realized through partnerships focused on reforms that would have a positive impact on African countries, the UK, and the global community.
Cleverly highlighted that a sustainable international order is a shared interest, and its realization will create a safer environment, ultimately fostering future prosperity.
He stressed that growth would generate rewards, better employment prospects, and the vital revenues necessary for developing infrastructure and providing modern services to benefit all Nigerians.
He added that a tangible boost in growth and prosperity would be unattainable without a rise in international trade.
‘This means that 98 percent of goods imported from Africa into the UK will enter duty free and new rules of origin will help the least developed economies integrate into global supply chains.’
‘Increased trade stimulates partnerships and our collective power today, the power of African countries and the UK together is founded on the quality and the number of our partnerships.’
‘Only together can we adequately address shared challenges, harness opportunities and improve living standards.’
‘That is why in April 2024, we will be co-hosting the UK-Africa investment summit in London. This will be a milestone event and a firm sign that we are stepping up our engagement and partnership with African countries.’ he said.
The foreign secretary announced that the UK’s developing countries trading scheme would offer tariff cuts to a broad selection of products exported from developing countries in Africa and various other regions.