Nigeria’s Economy Is The Fastest Growing In Africa – UK Envoy

Helen Grant, the United Kingdom Trade Envoy to Nigeria, has ranked Nigeria as the fastest growing economy in Africa.

Grant made this known during the Nigerian Diaspora Investment Summit (NDIS) organised by the Nigerian in Diaspora Commission (NiDCOM).

The rating comes after the National Bureau of Statistics (NBS), on Saturday, confirmed that Nigeria has slipped into another recession, the second time since 2016.

READ ALSO: NNPC Records Drop In Petrol Sales Revenue

According to NBS, the economy shrank again in the third quarter, just like it did in the second quarter as it posted a second consecutive negative growth, contracting by 3.62% in the third quarter.

The cumulative Gross Domestic Product (GDP) for the first nine months of 2020, therefore, stood at -2.48 per cent. It recorded a -6.10 per cent negative growth in the second quarter.

However, Grant, who appeared optimistic of the nation’s prospects said, the UK government was ready to enhance trade relations with Nigeria, stressing that the country was full of investment opportunities and potentials.

“We look forward to coming to Nigeria to identify with viable businesses that the UK government could partner within generating real and long term benefits for both countries”, she said.

Grant said that her government was ready to educate, and also learn from Nigeria by enhancing the bilateral trade between both countries.

She added that the UK and Nigeria had so much that united them, especially in the areas of culture and language, and stressed the need to build on such existing relations to bring about economic growth.