Britain lags behind BRICs in African race, warns former Nigeria president Olusegun Obasanjo Is it that they see Africa as not yet becoming an emerging market and therefore [are] paying attention to China, Brazil, India and maybe Russia and neglecting Africa? Well those emerging markets that they're now paying attention to are now paying attention to Africa," he said. Their attention has been caught by Africa's growing population - expected to rise beyond 2bn by 2050 when 60pc of people on the continent will live in cities and consumer spending is predicted to top $1.5 trillion. Between now and then, the continent needs a significant increase in foreign investment in infrastructure, technology and management systems, but according to Mr Obasanjo, Britain is lagging far behind in the race to provide and finance that investment. He pointed to healthcare as an example of a sector where Britain has a distinct advantage - many Nigerians traditionally visited London for private medical treatment, but now travel to India. India is now building private hospitals in Nigeria, in spite of Nigerians coming here to India, they're saying 'this cannot go on forever, let's take the healthcare there, manage it and hold it. Time was when it was Britain," he said. Britain's historical advantage in Nigeria had been built upon by Tony Blair, he said, when the former prime minister agreed a major debt relief programme and advised on economic reforms. "Britain should take advantage of that," he said. David Cameron led a major trade delegation to Nigeria in July last year in an attempt to raise trade from last year's £3.8bn, mainly oil imports and sales of petroleum products, second only to South Africa, which topped £5.5bn. Following the visit a number of new deals were won by British companies, including Monetise, which secured a contract to spread mobile phone banking throughout the country, while companies such as Shell, Unilever, GlaxoSmithKline and Standard Chartered remain significant investors. But former president Obasanjo and his delegation believe that Britain, and especially the City of London, could be playing a more central role in financing Africa's development, and that Britain will lose global influence if it fails to do so. Finance is still cheap in Britain, said Babatunde Fagbemi, an advisor to Mr Obasanjo and chief executive of the Maevis airport infrastructure group, but it is not reaching Nigeria. If it refuses to lend money... we turn to China or Brazil, then the end will be in line for the UK economy. Then the level of influence will be zero. You do not borrow money from them or get technology from them, you do not have their market in mind. What else will Britain be selling?" he said. Darshan Desai, of London-based Euromax Capital, which promotes and finances Indian and British investments in Africa, said that Britain's attitudes to Africa, of a continent "frozen in poverty, violence and disease" were outdated. Its growth rate is second only to China and India, he addded, and there are significant opportunities in construction, commodities and consumption. British business is still largely oblivious to Africa's new potential. If the UK fails to pay attention to changes afoot in Africa and remains set in its notions, a giant business opportunity will be missed," he said. Olusegun Obasanjo CV Commissioned as an officer in the Nigerian Army in 1958 Led the offensive that ended the Nigerian civil war in 1970 Appointed vice-president following the 1975 coup Succeeded assassinated President Murtala Mohammed in 1976 Returned country to civilian rule in 1979 Jailed for coup plot against dictator Sani Abacha, released in 1998 Won 1999 presidential election for the People's Democratic Party and was re-elected in 2003 Stepped down in 2007, having cleared the national debt