Lammy’s Maiden Tour of Rising Continent Aims to Reset UK-Africa Relations
On 3 November 2024, UK Foreign Secretary David Lammy embarked on his maiden visit to Africa since the Labor government took office. This trip will bring him to two economic powerhouses on the continent, namely, Nigeria and South Africa.
Prior to his voyage, FS Lammy pointed out the substantial opportunities arising from #EmergingAfrica and the single market enabled by the #AfCFTA accounting for 25% of the world population by 2050. In that regard, he advocated ‘a new approach to Africa’ and promised to ‘listen rather than tell.’
“Our new approach will deliver respectful partnerships that listen rather than tell, deliver long-term growth rather than short-term solutions and build a freer, safer, more prosperous continent.”
UK Financial Secretary David Lammy
Nigeria is projected to grow and rank as the 5th largest economy in the world by 2075. It is thus clear that the UK growth story will be inextricably intertwined with Africa, where it has long-standing historical ties with numerous African states being former British colonies.
Earlier in 2024, UK and Nigeria signed an augmented #FTA called Enhanced Trade and Investment Partnership (#ETIP). While in Nigeria, UK Financial Secretary Lammy and his Nigerian Foreign Affairs Minister Tuggar signed a Strategic Partnership Agreement (#SPA) to foster fruitful partnerships in #NationalSecurity, Institutional Reforms, #ClimateFinance and Technology.
The UK Centre of Expertise on Public Finance will support Nigeria in upgrading the capacity of its Federal Inland Revenue Service (FIRS). Eventually, the objective is to carry out reforms towards a more business-friendly environment by formulating appropriate tax policies.
The UK firm SteamaCo plans to inject more #FDI int Nigeria so that it can support key national energy initiatives through the deployment of #IoT smart metering solutions. SteamaCo has entered into a strategic merger with Shyft Power Solutions so as to be in a better position to accompany #DigitalTansformation of African utilities. Equator VC has vetted the expansion plan and is backing the new entity financially.
South Africa is considered one of the most advanced economies in Africa and it is already UK’s largest trading partner on the continent. In South Africa, UK FS Lammy and his SA Counterpart Lamola agreed a new ‘UK-South Africa Growth Plan’ and both sides also looked at a new UK-SA Trade Partnership Program. #ClimateAction, #RenewableEnergy, Healthcare, Agriculture, Defense & Security, and other sectors that can contribute to the economic growth of both sides will be considered.
During his visit in South Africa, FS Lammy, as well as Prince William, attended the Earthshot+ Conference in Cape Town (#EarthShotCapeTown) where he delivered a keynote address centered around the role that Britain can play to channel #GreenFinance into Africa in order to fight #ClimateChange.
Both countries also exchanged views on global affairs and issues of common interest. Both sides ‘are at one’ with regards to the urgency to reform the multinational institutions in order that Africa might secure a permanent seat on the #UNSC and a greater say in #GlobalGovernance in the spirit of #AU’s #EzulwiniConsensus.
The UK is working hard to ‘upgrade the operating system’ of the Commonwealth by making it more relevant to modern challenges and by enhancing its economic diplomacy function. In particular, UK reckons that #GreenGrowth and #ClimateAction will form the key orientations of the ‘new era of UK-SA partnership.’