The Prime Minister of the United Kingdom, Theresa May has said 87 million Nigerians were living below $1.90 a day, making Nigeria “home to more very poor people than any other nation in the world.
The Prime minister who is expected to visit the country on Wednesday stated in Cape Town, South Africa that many individual Nigerians were enjoying the fruits of “a resurgent economy” but more people are slipping into poverty daily.
May is visiting Nigeria, Kenya and South Africa this week and has expressed the desire to see Britain become the biggest investor in Africa out of the Group of Seven nations, overtaking the United States, by using the aid budget to help British companies invest on the continent.
Britain will use its international aid budget to boost its own interests while also seeking to deepen trade ties with Africa.
“I am unashamed about the need to ensure that our aid programme works for the UK,” May said.
“Today I am committing that our development spending will not only combat extreme poverty but at the same time tackle global challenges and support our own national interest.”
Britain’s overseas aid last year was 13.9 billion pounds ($18 billion). The budget has come under fire from many of May’s own lawmakers, who say it is too high and should be spent elsewhere or in Britain itself.
May, who was accompanied by a delegation of British business executives, also said Britain would work with African states to tackle insecurity and migration by creating jobs.
“It is in the world’s interest to see that those jobs are created, to tackle the causes and symptoms of extremism and instability, to deal with migration flows and to encourage clean growth,” May said.
According to the United Nations Conference on Trade and Development, British direct investment in Africa was 43 billion pounds ($55.5 billion) in 2016, compared to 44 billion pounds ($56.7 billion) from the United States.
Investment from France, which maintains close ties with its former colonies in West Africa, stood at 38 billion pounds ($49 billion) and from China, rapidly becoming a major player in Africa, 31 billion pounds (40 billion).
Britain was South Africa’s 6th largest global trading partner last year, with total trade at 79.5 billion rand ($5.6 billion), the South African president’s office said.
Under the banner of creating a “Global Britain” Trade Minister Liam Fox, a prominent proponent of Brexit, has cited International Monetary Fund research stating that 90 percent of global growth in coming year will be generated outside the EU.
“Today I am committing that our development spending will not only combat extreme poverty but at the same time tackle global challenges and support our own national interest.”
Britain’s overseas aid last year was 13.9 billion pounds ($18 billion). The budget has come under fire from many of May’s own lawmakers, who say it is too high and should be spent elsewhere or in Britain itself.
May, who was accompanied by a delegation of British business executives, also said Britain would work with African states to tackle insecurity and migration by creating jobs.
“It is in the world’s interest to see that those jobs are created, to tackle the causes and symptoms of extremism and instability, to deal with migration flows and to encourage clean growth,” May said.
According to the United Nations Conference on Trade and Development, British direct investment in Africa was 43 billion pounds ($55.5 billion) in 2016, compared to 44 billion pounds ($56.7 billion) from the United States.
Investment from France, which maintains close ties with its former colonies in West Africa, stood at 38 billion pounds ($49 billion) and from China, rapidly becoming a major player in Africa, 31 billion pounds (40 billion).
Britain was South Africa’s 6th largest global trading partner last year, with total trade at 79.5 billion rand ($5.6 billion), the South African president’s office said.
Under the banner of creating a “Global Britain” Trade Minister Liam Fox, a prominent proponent of Brexit, has cited International Monetary Fund research stating that 90 percent of global growth in coming year will be generated outside the EU.
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