UK to accept naira payments from Nigerian businesses

The United Kingdom government, through its export credit agency,
UK Export Finance (UKEF), says it will now accept naira payments
from Nigerian business owners who make procurement in the UK.

The UK department of international trade made this known in a
statement sent to newsmen.

The statement said the local currency financing structure
follows the same format as a conventional buyer credit in sterling
or any other currency.

It added that Nigerian businesses buying British goods or
services and taking out a loan in naira from a bank in Nigeria can
benefit from the UK government-backed guarantee.

“UK government will now be able to support finance in naira to
Nigerian projects procuring from the UK,” the statement read.

“This can enable businesses to manage foreign exchange risks
and, many times, to negotiate better terms with local banks.”

Paul Arkwright, British high commissioner to Nigeria, said the
arrangement shows the kind of value UK places on its relationship
with Nigeria.

“This is a clear indication of how much value the UK places on
its relationship with Nigeria. It will provide a firm foundation
for a significant increase in trade and investment between both
countries,” he said.

“The UK believes that no one intending to transact with British
businesses should be hindered by lack of financing. By allowing
Nigerian businesses easier access to world-class goods and
services, we are supporting both the Nigerian and the British
economy.”

Ben Ainsley, head of the department for international trade
(DIT), Nigeria, said the agreement is the feedback from the UK
trade envoy’s visit to Nigeria in November.

“We are excited to be able to offer Nigerian, as well as
British, businesses the ability to enter trade arrangements that
are financially feasible for both sides,” he said.

“This was a key issue raised by members of the local business
community when the trade envoy was here last November.

“We listed and took this feedback to London. DIT is ready to
work with Nigerian businesses to identify potential trade partners
across the market.”

This development makes Nigeria one of the three West African
countries on UKEF’s pre-approved currencies list.

“UKEF provides a range of innovative and flexible products,
providing up to 85% funding for projects containing a minimum of
20% UK content,” he said.

“Requests will be assessed on a case by case basis through the
UK Department for International Trade, Nigeria and UKEF in
London.

“Interested clients are encouraged to contact the UK Department
for International Trade in Nigeria for guidance.”

The United Kingdom government, through its export credit agency,
UK Export Finance (UKEF), says it will now accept naira payments
from Nigerian business owners who make procurement in the
UK.

The UK department of international trade made this known in a
statement sent to newsmen.

The statement said the local currency financing structure
follows the same format as a conventional buyer credit in sterling
or any other currency.

It added that Nigerian businesses buying British goods or
services and taking out a loan in naira from a bank in Nigeria can
benefit from the UK government-backed guarantee.

“UK government will now be able to support finance in naira to
Nigerian projects procuring from the UK,” the statement read.

“This can enable businesses to manage foreign exchange risks
and, many times, to negotiate better terms with local banks.”

Paul Arkwright, British high commissioner to Nigeria, said the
arrangement shows the kind of value UK places on its relationship
with Nigeria.

“This is a clear indication of how much value the UK places on
its relationship with Nigeria. It will provide a firm foundation
for a significant increase in trade and investment between both
countries,” he said.

“The UK believes that no one intending to transact with British
businesses should be hindered by lack of financing. By allowing
Nigerian businesses easier access to world-class goods and
services, we are supporting both the Nigerian and the British
economy.”

Ben Ainsley, head of the department for international trade
(DIT), Nigeria, said the agreement is the feedback from the UK
trade envoy’s visit to Nigeria in November.

“We are excited to be able to offer Nigerian, as well as
British, businesses the ability to enter trade arrangements that
are financially feasible for both sides,” he said.

“This was a key issue raised by members of the local business
community when the trade envoy was here last November.

“We listed and took this feedback to London. DIT is ready to
work with Nigerian businesses to identify potential trade partners
across the market.”

This development makes Nigeria one of the three West African
countries on UKEF’s pre-approved currencies list.

“UKEF provides a range of innovative and flexible products,
providing up to 85% funding for projects containing a minimum of
20% UK content,” he said.

“Requests will be assessed on a case by case basis through the
UK Department for International Trade, Nigeria and UKEF in
London.

“Interested clients are encouraged to contact the UK Department
for International Trade in Nigeria for guidance.”