Business
UK Pledges More Investments In Nigeria
The United Kingdom Government has expressed its commitment to support Nigeria and attract more investments into the country.
British Deputy High Commissioner, Mr Jonny Baxter, made this affirmation recently, during the Nigeria-Britain Association (N-BA) 2023 Presidential Cocktail.
In an address delivered by his representative, Head of the UK Government Department, Business and Trade (DBT) Nigeria, Ms Chim Chalemera, Baxter expressed appreciation for the enduring friendly relationship between the N-BA and the British Deputy High Commission, urging that they “continue to be friends and work together for the common good”.
The 2023 N-BA Presidential Cocktail was held at the residence of the British Deputy High Commissioner in Lagos.
The event provided an opportunity for attendees to engage in fruitful discussions, exchange ideas, and explore potential collaborations, further strengthening the bonds between Nigeria and Britain.
In his welcome address, the President of the Association, Sola Oyetayo, articulated its vision and thematic direction for the upcoming year and its desire to foster relationships with esteemed partners and friends.
He also highlighted the Association’s mission, its unwavering commitment, and the strategic direction set by the administration under the theme “The Big I.D.E.A – A New Chapter”.
While acknowledging the invaluable contributions of past Presidents, including the vice patrons, he paid homage to the late Patron of the Association, Pa Akintola Williams, who recently passed away.
He said, “The N-BA is a friendship organization with members – individuals and organisations spanning Nigeria, Britain, and other Commonwealth countries, therefore we warmly welcome individuals and organisations willing to join the Association”.
Baxter emphasised the consistent support rendered by the diplomatic mission over the years, highlighting several collaborations with the N-BA, including the Presidential Cocktail as being pivotal in cementing the strong ties between Nigeria and the UK.
He also reaffirmed the UK government’s commitment to supporting Nigeria and expressed their determination to attract more UK investments into the country.
The 2023 Presidential Cocktail stood as a testament to the N-BA’s dedication to fostering meaningful collaborations, strengthening diplomatic ties, and promoting investments between Nigeria and Britain.
As the Association steps into a new chapter, the event served as a beacon of the enduring friendship and cooperation between the two nations.
Present at the event were distinguished guests, including vice patrons of the Association, Chief Olabintan Famutimi, and Chief Emeka Anyaoku, CON, CFR, former Commonwealth Secretary-General; former President of the Institute of Chartered Accountants of Nigeria, Bashorun Jaiye Kofolaran (JK) Randle; and former Minister of Industry, Chief Kola Jamodu. Notable partners for the evening included British Deputy High Commissioner, Scib Nigeria & Co Limited, Grand Oak Limited, NEM Insurance Plc, and Open Access Data Centre Lagos.
Also in attendance were diplomats, key government officials from both Nigeria and Britain, leaders of prominent multinational and national businesses operating in Nigeria, alongside members of the Association.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
