The British Prime Minister, Rishi Sunak, will be hosting African leaders in London for the second UK-African Investment Summit between April 23 and 24, 2024, building on the £6.5 billion of deals and £8.9 billion of investment commitments achieved at the 2020 summit.
This information was disclosed by the British High Commission in Nigeria on Thursday.
According to the statement released by the British High Commission , the summit will bring together heads of state and government from 24 African countries with British and African business leaders to promote two-way trade and investment, create jobs and growth, and support women entrepreneurs.
The summit will also build on the results of the 2020 summit and virtual conferences in 2021 and 2022, which resulted in over £6.5 billion of deals and £8.9 billion of investment. By facilitating business-to-business links, trade opportunities, and investment, the UK-AIS aims to harness the potential of partnerships across Africa to create mutual prosperity, economic growth, jobs, and a global transition to green energy.
The statement read: “The Prime Minister will host a UK-African Investment Summit in London on April 23–24, 2024. The summit will bring together heads of state and government from 24 African countries with British and African business leaders. It will strengthen UK-African partnerships to create jobs and growth, support British and African talent in sectors such as finance and technology, and promote women entrepreneurs.
“The Summit will build on the results of the UK-African Investment Summit 2020 and virtual UK-African Investment Conferences in 2021 and 2022. The UK-African Investment Summit 2020 marked an important milestone in our partnerships with African countries and announced over £6.5 billion in deals, plus a further £8.9 billion in investment commitments.
“By 2050, two billion people will live in Africa, and more than half will be under 25. During the next two years, faster economic growth is expected across Sub-Saharan Africa than the global average. And 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.”
“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.”
The UK and Nigeria have confirmed their shared interest in pursuing a potential Enhanced Trade and Investment Partnership (ETIP), which was agreed upon in November 2022 at the 8th and final UK-Nigeria Economic Development Forum. The ETIP will offer an alternative high-profile mechanism to progress bilateral economic issues of mutual strategic importance, and both countries will continue to work together to resolve market access issues and enhance economic cooperation.