Investment: Cameron Urges British Multinationals to Focus on Nigeria

21 Nov 2012

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Jonathan David Cameron

Paul Obi in London
The British Prime Minister, David Cameron, has urged British businesses and multinationals to focus their attention in investing in Nigeria and other emerging economies as part of the strategy to favourably compete in the global economic race.

While speaking at the ongoing conference of Confederation of Business Industry (CBI), Cameron explained that the new global economic order compels British businesses to compete with the rest of the world, stating that his government was ready to provide the enabling framework to achieve that feat.

“Britain is in a global race to succeed today and you don’t need me to tell you that”, he said. “Every day the people in this room are fighting to win contracts in Indonesia, India, and Nigeria. Every week you step off aeroplanes in the South and East and feel the pace of change there. You know what the global race means because you’re living it.”

Cameron also informed the gathering that his government is keen in supporting multinationals in investing in Africa, as the continent provide an opportunity to reach out to the rest of the world both in terms of business and investment.

While commending the efforts of some companies in driving investment in Africa, the British PM said: “It’ is great to see Aggreko here - we were in Africa together and I’m glad you have sealed that deal in Cote d’Ivoire and are selling in 100 countries today.”

He observed that though there is need for reform, overt restructuring could hamper UK chances of competing with other major economies.

He stated:  “This country is in the economic equivalent of war today - and we need the same spirit. We need to forget about crossing every ’t’ and dotting every ‘i’ and we need to throw everything we have got at winning in this global race,” the PM stressed.

A Cameron comment is coming on the heels of increase in the number of Nigerians buying aircrafts and other goods; most of which are manufactured in Britain.

Though most of the multinationals at the conference included manufacturers, there was no definite terms as regard the areas where such investment will be made.

With dwindling economic fortunes and the slow pace of growth after the global recession, Britain multinationals are considering the resurgence of foreign investment in emerging economies, such as Africa, Asia, Brazil and others to scale up its economic standing with countries like China and America.

Tags: News, Nigeria, Featured, British Multinationals

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