UK reaffirms readiness to assist Nigeria out of economic challenges

British government has further confirmed its readiness to assist Nigerian government in every way to get out of the present economic crisis.

This commitment was reiterated by the British High Commissioner to Nigeria, Mr. Paul Thomas Arkwright, at the Nigeria Stock Exchange in Lagos, where he sounded the closing gong for midweek trading.

Arkwright emphasised that “there is very strong partnership between the United Kingdom and Nigeria. And there is really close relationship between the Nigerian Stock Exchange and the London Stock Exchange”.

According to him, the British government is ready to offer expertise to the government of Nigeria on the present economic situation.

While he agreed that the capital market is a reflection of the economic situation of the country, the High Commissioner also expressed optimism that the situation will soon be a thing of the past.

“I am confident that in the medium term, in the long term and even in the shortest term Nigeria will turn the corner and economic will pick up, employment will pick up and inflation will come down”. He added.

Speaking further, Mr Arkwright noted that the London Stock Exchange is strong and healthy, and they would be willing to share their expertise with their Nigerian counterpart.

He noted that there are a number of British companies already listed on the Nigerian Stock Exchange, and that there are couple of others who are also looking at the options.

He agreed that it is a commercial decision got them to make given the present realities on ground.

L – R: Oscar Onyema, Chief Executive Officer, NSE, presenting the gong to Paul Thomas Arkwright, British High Commissioner to Nigeria at the Closing Gong Ceremony at the Exchange, in Lagos on Wednesday

He however, promised to encourage more British companies to get enlisted as he has seen a vibrantly flowing Nigerian Stock Exchange.

He noted that it was part of his job to do. He also sees the capital market as a place where both local and foreign companies can raise capitals.

On intending British investors, the British High Commissioner believes they would come once they are assured of ease of doing business. He added that Nigeria has the potential to make businesses thrive.

Earlier the Doyen of the Nigerian Stock Exchange had welcomed and implored him to help strengthen the mutual relationship between the Nigerian and London Stock Exchange with a view to taking it higher.

The High Commissioner was led into the floor of the market by the CEO of the Nigerian Stock Exchange, Mr Oscar Onyema.