Why Nigeria is a burgeoning market for UK legal services
Joshua Siaw is a partner in White & Case’s Global Banking Practice and Director of the Firm’s Africa Practice.
I recently had the honour of accompanying Prime Minister Theresa May on her monumental trade mission to Africa. A visit like this plays a fundamental role in continuing to strengthen UK-African relationships and building an alliance for future trade and investment growth. As the only lawyer in the delegation, I was able to advocate and highlight the strengths of our unparalleled legal sector to key African decision makers as well as take part in exclusive interviews with domestic and international media channels.
The current conversation about Africa is all about opportunities and new ventures. The often-misguided perceptions of economic uncertainty are beginning to shift. Its young and growing population, vast resources and largely untapped markets offer a wealth of prospects for international investment and most certainly for our UK legal services.
Nigeria in particular is a burgeoning market for UK legal services. The nation has consistently been ranked as one of the top three destinations for foreign direct investment in Africa. As the most populated country on the continent with approximately 186 million inhabitants, it has potential to become one of the largest economies.
The Ministry of Justice’s Legal Services are GREAT campaign is a prime example of government championing and promoting the UK’s £24 billion legal services sector overseas. As the British government’s plan to exit the European Union moves closer to its conclusion, it is estimated that trade between Nigeria and United Kingdom is set to double by 2030.
There currently are 111 African firms listed on the London Stock Exchange. This suggests that the UK remains an attractive international investment prospect which, in turn, creates opportunities for law firms in London. Many commercial law firms located in the UK have established relationships with Nigerian firms. This is partly because Nigeria’s legal system is based on English common law and there is huge growth potential.
Our legal services sector is one of the UK’s greatest exports and we want to continue to showcase our expertise on the global stage. Why not get involved in the Legal Services are GREAT initiative and champion the UK’s pre-eminent legal sector?
To find out more, please email the team at legalservicesaregreat@justice.gov.uk
