Politics

UK’s £750 million export credit bonanza to Lagos State

It was in effect Britain’s first salvo in a push to forge post-Brexit trading links.
Prime Minister May had arrived at Lagos international airport from Abuja, where she was warmly received despite her remarks in South Africa about Nigeria’s poverty level.
Lagos Governor Ambode arrived in a smart business suit to meet a beaming Mrs May in the presidential wing of the airport.
In Naira, 750 million British pounds translates into 352 billion Naira, a lot of money. It was not clear whether the credit facility would be tied exports to the UK.
However, would there be a lot to export? Lagos used to be a leading British trading post during the colonial era.
The State could act as a middleman for export of commodities from the hinterlands.
One thing though should be clear – to export efficiently, something needs to be done to remove congestion and gridlock at the Apapa ports.
Already, there are reports of large consignments of cocoa ‘stranded’ at the ports. If the cocoa is of good quality and is exported to the UK ‘s Cadbury division of the American Food Grant, Mondelex, it could be processed into lots of chocolate for the UK and European markets.

 

Tags: Lagos
6 years ago
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