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UK pledges £127m to support Nigeria, African countries

The UK has recently announced its commitment to support Nigeria and other African countries with about £127million.

This, according to the current Central Bank of Nigeria’s exchange rate, is about N50billion.

The development was disclosed Monday in the UK government statement for the UK-Africa Investment Summit 2020.

According to the statement, the summit laid the foundations for new partnerships between the UK and African nations based on trade, investment, shared values, and mutual interest.

President Muhammadu Buhari, who departed Abuja for London on Friday, was also at the summit.

The UK said the economic transformation would be particularly in growth sectors that can create quality jobs.

“Summit pre-events in agriculture and manufacturing, attended by senior UK and African business leaders, demonstrated the huge breadth of opportunities in these sectors and the growing need for investment.

“UK aid already supports £750million in agriculture businesses investment programmes.

“The Summit also showcased huge opportunities: in the ‘fourth industrial revolution’ underway in Africa as new technologies like AI, 3D-printing and drones are deployed; in Africa’s rapidly growing cities; and through unleashing the potential of women and girls to drive economic transformation,” it said.

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