Lagos: Dr. Jumoke Oduwole, the Minister of Industry, Trade and Investment, along with other stakeholders, has emphasized the need to advance bilateral trade relations between Nigeria and the United Kingdom. They voiced this call at the Nigerian-British Chamber of Commerce (NBCC) 2024 Presidential Dinner and Award Ceremony held on Wednesday night.
According to News Agency of Nigeria, Oduwole stated that the Federal Government is committed to driving economic diversification and inclusive growth through reforms, trade facilitation, investment promotion, and industrial policy. She highlighted the government’s alignment with the NBCC initiative to ensure that Nigerian businesses are positioned to compete globally while benefiting from Britain’s trade investment and expertise. The trade relationship between the two countries currently stands at 7.5 billion pounds, with Nigeria exporting approximately 2.5 billion pounds annually. Oduwole suggested that targeting a modest one to five percent increase in exports to
the UK over the next two years could yield an additional 25 million to 125 million dollars in export revenue, thereby strengthening sectors such as agriculture, manufacturing, and oil. This development would also enhance Nigeria’s foreign reserves and reinforce global competitiveness.
Oduwole challenged the NBCC to spearhead efforts to expand market access, foster partnerships, and support productivity improvements to achieve these goals. Mr. Babajide Sanwo-Olu, Governor of Lagos, noted that the event’s theme, ‘Nigeria-British Relations: From Partnership to Prosperity’, underscored the rich history and future opportunities of both countries. Represented by Mrs. Folashade Ambrose-Medebem, Commissioner for Commerce, Cooperatives, Trade and Investment, Sanwo-Olu commended the NBCC’s efforts in strengthening the bond between Nigeria and the UK. He affirmed Lagos State’s commitment to leading the charge in expanding trade and fostering a globally competitive economy through international investments and business
growth.
Mr. Jonny Baxter, British Deputy High Commissioner, echoed the potential for expanded trade relationships, noting the existing instruments and institutions that have fostered bilateral ties over the years. Sen. Akin Odunsi, a former senator, emphasized the evolution of Nigeria-UK ties from historical connections to a dynamic partnership that promotes innovation, economic growth, and cultural exchange. Odunsi highlighted the NBCC’s role in nurturing this partnership by creating dialogue platforms and fostering trust.
Mr. Ray Atelly, President of NBCC, remarked that 2024 had been exceptional for Nigerian-British relations. In the face of global challenges, both countries have shown resilience, adaptability, and innovation to fuel their economies and create opportunities. He noted that trade between Nigeria and the UK has reached new heights, reflecting confidence in meeting the demands of a dynamic global landscape. Atelly assured that the NBCC remains committed to supporting businesses on both sides
by providing platforms and partnerships necessary to navigate complexities and seize opportunities.
The NBCC president celebrated the achievements of individuals and corporations excelling in their fields while promoting Nigerian-British trade relations. With the African Continental Free Trade Area (AfCFTA) gaining momentum, Atelly pointed out the vast opportunities for UK businesses to partner with Nigerian companies and access broader African markets.