The UK Prime Minister is to host African leaders in London for the second UK-African Investment Summit on the 23-24 April 2024, building on the £6.5 billion deal and £8.9 billion of investment commitments achieved at the 2020 summit.
This was disclosed at the signing of an MoU between the UK Revenue and Customs Agency, and Nigeria’s Federal Inland Revenue Service (FIRS) to help increase Nigeria’s domestic revenues.
The Summit will bring together Heads of State and Governments from 24 African countries with British and African business leaders.
It will also strengthen UK-African partnerships to create jobs and growth, supporting British and African talent in sectors such as finance and technology, and promote women entrepreneurs.
The UK Prime Minister, Rishi Sunak, said that, to grow the UK’s, economy, as the world faces the stark and shared challenge of climate change, the UK is working with African countries to support them to mitigate and adapt to its effects, recognising Africa’s abundant potential for renewable energies of the future.
“To grow the UK’s economy, create opportunities for growth and bolster our economic security, we must deepen our ties with partners across the world.
“This summit will ensure we are able to harness the potential of our relationships across Africa and grow our economies together, making them stronger, resilient, and innovative. By facilitating business-to-business links, trade opportunities and investment, UK-AIS will help harness this potential for the creation of mutual prosperity, economic growth, jobs and a global transition to green energy”.
Partnerships
The Foreign, Commonwealth and Development Secretary, James Cleverly, noted that working closely with the Secretary of State for Business and Trade and President of the Board of Trade, Kemi Badenoch, will lead to work across Whitehall to prepare for the Summit.
“The UK’s trade and investment relations with countries right across the African continent are delivering significant mutual economic benefits to all of us. Affirming the UK’s position as a leading investor in Africa, this second African Investment Summit in London will build on our successes since 2020 which have combined the strengths, innovations and expertise of the UK and our partners across Africa to support reliable, sustainable and long-term investment.
“The UK and Africa go far when we go together. We committed last December to focusing on partnerships of the future with countries whose economies, populations and ultimately influence globally are growing. Countries in Africa are central to this and we are seeking to build on our partnerships across the continent on the basis of respect, mutual benefit, common interests, and, most importantly, by listening to African countries’ perspectives,” he explained.
To further the commitment, the UK’s HM Revenue and Customs (HMRC) has signed a memorandum of understanding with the Federal Inland Revenue Service (FIRS) to help increase Nigeria’s domestic revenues.
The Memorandum of Understanding (MOU) will help ensure that Multinational Enterprises pay the right amount of tax in Nigeria. It will also help assess tax liabilities of firms and High Net Worth Individuals.
The UK and Nigeria have confirmed their shared interest in pursuing a potential Enhanced Trade and Investment Partnership (ETIP) which will offer an alternative high-profile mechanism to progress bilateral economic issues of mutual strategic importance.
This was agreed in November 2022 at the 8th and final UK-Nigeria Economic Development Forum (EDF) established primarily by former Prime Minister, Theresa May and President Muhammed Buhari in August 2018 to address market access barriers, respond to opportunities and challenges of doing business and boost bilateral trade and investment between the two countries.
