Simon Manley, the UK's permanent representative to the World Trade Organization (WTO) and United Nations (UN) in Geneva, revealed that British investors are worried about harmful business practices in Nigeria.
Speaking during Nigeria’s trade policy review in Geneva, Manley highlighted concerns over the involvement of state-owned enterprises in market-distorting practices.
These issues, he noted, pose challenges for foreign investors, impacting confidence in Nigeria’s investment climate. British stakeholders have called for improved transparency and regulatory reforms to foster a fairer business environment in the country.
The British government official welcomed Nigeria’s efforts “on challenging, but necessary, economic reforms”.
“In particular, we have been pleased to see the work done to improve the monetary policy environment and the removal of fuel subsidies,” Manley said.
“However, to be honest Permanent Secretary, we would like you to go even further and faster. For example, there are concerns around the impact of state-owned enterprises on the business environment.
“As the Secretariat noted in its report, as of 2022 around 40 state-owned enterprises were operating in key sectors like energy.