UK-African Investment Summit to strengthen partnerships

The UK-African Investment Summit bid to hold in London on April 23-24, 2024 will enhance partnerships between the UK and 24 African countries by bringing together Heads of State and Government, as well as business leaders from both regions.

The Summit will focus on job creation and growth, with particular emphasis on sectors such as finance and technology, and promoting women entrepreneurs.

The UK-African Investment Summit 2024 builds on the successes of previous events, including the UK-African Investment Summit 2020 and virtual conferences held in 2021 and 2022. The 2020 Summit saw deals worth over £6.5bn and investment commitments of £8.9bn being announced.

The summit comes at a time when Africa is expected to experience faster economic growth than the global average, with two billion people projected to live on the continent by 2050, more than half of whom will be under 25. The UK is working with African countries to support them in mitigating and adapting to the effects of climate change, recognizing the potential of renewable energies in Africa’s future.

The UK-African Investment Summit 2024 will facilitate business-to-business links, trade opportunities and investment to create mutual prosperity, economic growth, and jobs while promoting a global transition to green energy. The Foreign, Commonwealth and Development Secretary, James Cleverly, will lead the work across Whitehall to prepare for the Summit, in collaboration with the Secretary of State for Business and Trade and President of the Board of Trade, Kemi Badenoch.

As part of the UK’s commitment to building partnerships of the future with countries experiencing growing economies, populations, and global influence, the Foreign Secretary, James Cleverly, sees countries in Africa as central to this effort. To further this commitment, the UK’s HM Revenue and Customs has signed a memorandum of understanding with the Federal Inland Revenue Service in Nigeria to help increase the country’s domestic revenues. The UK and Nigeria have also agreed to pursue an Enhanced Trade and Investment Partnership to enhance economic cooperation and resolve market access issues. (NNN)