Britain links further investment to democracy

Britain is withholding further investment in the Nigerian economy until the political transition process is concluded and financial constraints removed, news agencies reported yesterday. British Trade Minister Brian Wilson, the head of a visiting British trade delegation to Nigeria, said prospective investors had been directed to await the conclusions of the current democratisation before taking action, the Nigerian daily paper ‘The Guardian’ said. Wilson added that the government’s confidence in the Nigerian economy stood firm, particularly as Britain continued to dominate the business scene. ‘The Guardian’ quoted Wilson as saying: “The visit to Nigeria at this time is in itself a strong indication of the level of confidence we have in the Nigerian economy. But we are still watching the moves of the transition programme in Nigeria.” He added that the eradication of corruption and the scrapping of the dual exchange rate, the servicing of the debt and the government’s flexibility in its economic policies would give a “tremendous boost” to Nigerian credibility.