UK Export Finance Of £1.5 Billion For Nigeria Is Largely Untouched

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The £1.5bn financing set aside for Nigeria by the UK Export Finance, the United Kingdom government’s export credit agency, has remained largely untouched, the UK Government Department for International Trade, Nigeria has said.

The Country Director, UK Government Department for International Trade, Nigeria, Chimwemwe Chalemera, disclosed this on Thursday at the 2021 Energy Sustainability Conference organised by the Energy Institute Nigeria in Lagos.

“UKEF is focussed on 30 countries in Africa with a combined market risk appetite of £58bn and in Nigeria, UKEF has set aside £1.5bn, which remains largely untouched – I should point out that local currency financing is available even in naira,” she said.

According to her, UKEF financing is provided either via a bank guarantee, where UKEF acts as a credit enhancer, or in limited circumstances via direct lending.

“We are keen to see how UKEF can support projects in the clean energy space here in Nigeria and if you feel you have bankable projects and want to explore UKEF financing, please do get in touch with me or the team and we can introduce you to the UKEF team,” Chalemera said.

She said as a collective global problem, tackling climate would require collective action, adding that the UK had asked other countries to do a huge amount to reduce carbon emissions as well as provide support for developing countries.

She said, “The UK has a lot to be proud of when it comes to acting on climate change and we have shown that climate action can go hand in hand with economic growth.

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“We have long been at the forefront of tackling climate change and decarbonising our economy. As we are delivering on net zero domestically, we’re also in the prime position to support and partner with markets such as Nigeria to deliver energy transitional needs across the energy transition stages and deliver on climate ambitions.”

According to Chalemera, the UK’s renewable energy capabilities is a right match with the energy needs of Africa and Nigeria in achieving net zero ambitions.

She said, “The UK offers new technologies, new ideas and new skills, vital to the success of a sustainable clean growth agenda for Africa.

“Both the UK and Nigeria can and should seize this opportunity to ‘build back better’, investing in green technologies that are not only future-proof, but also often the most competitive option today.”

– Punch

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