The United Kingdom on Wednesday announced a £70million programme that will create 100,000 jobs and raise the income of 3million people from the poorest parts of Nigeria.
The development was revealed by Harriett Baldwin, the Minister of State for Africa, at a business event organized as part of the activities of British Prime Minister, Theresa May, who visited Nigeria on Wednesday.
“We are here today to talk about technology links between the UK Fintech (financial technology) sector and the Nigerian Fintech sector and will bring inward investment in terms of this important sector of technology.
“Today, it is all about celebrating those links through technology and I am very excited that the Prime Minister is announcing today a new £70 million programme that will create some 100,000 jobs in Nigeria and will also raise the income of three million people from the poorest parts of Nigeria.”
Baldwin who led business delegation and the Lord Mayor of the City of London, Charles Bowman, said that businesses are willing to invest the kind of capital that creates jobs, adding that the event was celebrating the role of growing businesses and entrepreneurs.
Vice President Yemi Osinbajo, the Minister of Finance, Mrs. Kemi Adeosun, and the Minister of Power, Works and Housing, Babatunde Fashola, were at the event held at Ventures Park (an innovation hub and co-working space for entrepreneurs founded by Kola Aina.
Osinbajo noted that the President Muhammadu Buhari’s administration was keen on driving technology development in Nigeria in support of the government’s economic growth plan.
“I think just looking at some of the start-ups that we see today, many of them started while the recession was on and they proved, by just a number of jobs, value and wealth created, that this is the future starting today.
“This is why we have started up first with the creativity and technology advisory group; many of these start-ups are members of this group where they help to formulate policies with federal government policy makers especially in fintech, which are some of the new areas we need to formulate policies.”
Ms May had in her speech on 28 August in Cape Town, South Africa, said that Nigeria has the largest number of poor people, making it home for more very poor people than any other place in the world. “Most of the world’s poorest people are Africans. And increasing wealth has brought rising inequality, both between and within nations. For example, much of Nigeria is thriving, with many individuals enjoying the fruits of a resurgent economy. Yet 87 million Nigerians live on less than $1.90 a day – making it home to more very poor people than any other nation in the world,” she said.