West Africa

United Kingdom Export Finance boost investments in West Africa. www.theexchange.africa

There were more than 3,000 delegates that participated in the conference this year, boosting trade and investment ties between the continent and the UK.

The UK government is also mobilizing support from the United Kingdom Export Finance (UKEF) to boost exports to Africa. Prime minister Boris Johnson’s administration, provided support worth US$3.04 billion in 2021.

In West Africa, the support has been directed towards a range of significant infrastructural projects, construction of major roads, environmental and social work, medical services and technological equipment.

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Whether Nigeria and Ghana will abandon their digital currencies and jump on the Eco train is an unclear narrative, but it appears unlikely because of the significant investments put into them and the optimism by the governments to embrace digital transformations.

Nigeria had banned cryptocurrency transactions in February last year which increased the popularity of the eNaira as an alternative for cross-border trade and remittance inflows.

eNaira critics say that the solutions being offered by the digital currency are already existing in online banking and bank card transactions.