The Lord Mayor of the City of London, Alderman Alan Yarrow during a trip to Nigeria urged the country to consider all sources of finance as a means for attracting investment. In particular the Lord Mayor was keen to highlight the City of London as a leading centre for Islamic finance and stated Islamic finance can provide substantial investment for Nigeria. He added Islamic financing was currently marginally more expensive when compared to conventional finance but this difference was expected to reduce as volumes increase within the Islamic financial market. The Lord Mayor suggested the North of Nigeria would in particular benefit from Islamic financial products.
The Lord Mayor of the City of London, Alderman Alan Yarrow, led a business delegation to Abuja (6-7 October) and Lagos (7-8 October), Nigeria, helping to make sure London and the UK remain the regional partner of choice when it comes to financial and professional services. Acting as ambassador for the UK’s financial and professional services, the Lord Mayor met with senior members of the government, central bank, investment authorities, regulators and business leaders.