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Chuka Umunna warns UK businesses of missing opportunities in the fast-growing Africa

Shadow business secretary Chuka Umunna witnessed first hand the opportunities available to UK businesses in Nigeria on his Trade Mission in May 2013 to the country. Umunna warned against saturating the bigger emerging economies such as the BRICS and identified Nigeria, Ghana, Mozambique and Ethiopia as four of the biggest growth markets. Here’s what The Guardian had to say on the matter…

Shadow business secretary Chuka Umunna witnessed first hand the opportunities available to UK businesses in Nigeria on his Trade Mission in May 2013 to the country. Umunna warned against saturating the bigger emerging economies such as the BRICS and identified Nigeria, Ghana, Mozambique and Ethiopia as four of the biggest growth markets.

Umunna said that Britain had been “behind the curve” in attempting to break into the Brics and it was important that the same mistakes were not made again. He called for an active industrial strategy to help UK companies and the City of London address the infrastructure needs of countries such as Nigeria, which will require $12bn (£7.8bn) of public investment in each of the next five years.

Umunna identified Nigeria, Ghana, Mozambique and Ethiopia as four of the biggest growth markets in sub-Saharan Africa, none of which currently feature in the top 30 destinations for UK exports. Umunna said he was also keen on a suggestion proposed by Labour’s shadow business taskforce for “export hubs” in key cities in emerging markets that would help small and medium-sized companies to do more business.

None of these countries “feature in the top 30 destinations for UK exports!” Powerful statistics being floated there from Umunna. There are opportunities to expand into sub-Saharan countries, are you making the most of them?

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