Nigeria to get 300m yearly from UK by 2015

GOVERNMENT of the United Kingdom, through its Department for International Development (DfID), has said it will provide 300 million per year by 2015, as development assistance for Nigeria.Announcing the plan to inject the fund into the economy, the UK government said its aim was to unlock the potential already latent in the Nigerian economy and pull people out of poverty.UK's Minister for Africa, Henry Bellingham, made the disclosure at a business and investment summit on Nigeria, at the Dorchester Hotel, London, on Monday.The event was hosted by the Nigeria Olympics Committee and the Bank of Industry (BoI) in Nigeria.The minister described the Petroleum Industry Bill (PIB) currently before the National Assembly as of great significance, as it provides opportunity for Nigeria to demonstrate to the business community that it is ready and willing to embrace and protect new investments. He said a well-crafted PIB could set a legal framework that would boost investor confidence in the oil and gas sector, even as it could ensure immense natural resources in the country were harnessed and managed for the good of the Nigerian people.'In the last year alone, British exports to Nigeria grew by 13 per cent. The UK remains in the top five exporters to Nigeria and it remains our second largest market in Sub-Saharan Africa. The trade is not all one way, Nigerian exports to Britain have also grown substantially during this period, despite global economic challenges,' he said.
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