Minister, Others Advocate Strengthening Nigeria-UK Trade Relations

Muhyideen Jimoh
Nov, Thu, 2024

Economy/Business , General News

Minister, others advocate strengthening Nigeria-UK trade relations

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By Rukayat Moisemhe

Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, and other stakeholders have underscored the importance of advancing bilateral trade relations between Nigeria and UK.

They made the call at the Nigerian-British Chamber of Commerce (NBCC) 2024 Presidential Dinner and Award Ceremony on Wednesday night in Lagos.

Oduwole said the Federal Government was committed through reforms, trade facilitation, investment promotion and industrial policy to drive economic diversification and inclusive growth.

She said that the government aligned with the NBCC initiative to ensure that Nigerian businesses were well positioned to compete globally while benefitting from Britain’s trade investment and expertise.

The minister noted that trade relationship between both countries was valued at 7.5 billion pounds with Nigeria exporting approximately 2.5 billion annually.

She, however, stated that there was room to achieve more by targeting a modest one to five per cent increase in export to the United Kingdom over the next two years.

Oduwole said the target could generate an additional 25 million dollars to 125 million dollars in export revenue, strengthening sectors such as agriculture, manufacturing and oil.

She added that the development would enhance Nigeria’s foreign reserves and reinforce global competitiveness.

“I challenge the NBCC to lead the charge to expand market access, foster partnerships and support productivity improvements to make this goal a reality.

“Together we can move the needle on the trade volumes and productivity, ensuring that the relationship truly delivers prosperity for both nations,” she said.

Mr Babajide Sanwo-Olu, Governor of Lagos, noted that the event’s theme, “Nigeria-British Relations: From Partnership to Prosperity”, was a reminder of the rich history of both countries, the milestones achieved and opportunities ahead.

Sanwo-Olu, represented by Mrs Folashade Ambrose-Medebem, Commissioner, Commerce, Cooperatives, Trade and Investment, lauded NBCC for the remarkable work to strengthen bond between Nigeria and UK.

The governor said Lagos State would continue to lead the charge to expand trade alongside the chamber’s giant strides in promoting trade between both countries.

He added that the government understands the importance of partnerships and connections in state’s journey towards becoming a globally competitive economy.

He noted that his government remained committed to creating an enabling environment that encourages international investments, supports business growth and nurtures innovation.

“I am filled with optimism that the partnership between both countries that has stood the test of time would continue to evolve and grow stronger.

“It is up to us leaders in government, business and civil society to nurture these partnership to innovate and find new ways to collaborate for the benefit of our people.

“I want to reaffirm the commitment of Lagos to supporting initiatives that improves our economy and improves the lives of our people as together we can achieve so much more to build resilient economies that uplift our people,” he said.

Mr Jonny Baxter, British Deputy High Commissioner, said that there was room for expansion in trade relationships between both countries.

Baxter also explained there were plenty of instruments in place to make it work via enhanced trade investment partnership and institutions that had helped develop the relationship over the years.

Sen. Akin Odunsi, a former senator, said the evolution of both nation’s bilateral ties had grown from historical connections to dynamic partnership fostering innovation, economic growth, and cultural exchange.

He maintained that the NBCC had been at the forefront of nurturing the partnership between both countries by creating platforms for dialogue, fostering trust, and driving opportunities for businesses and individuals.

Odunsi, however, stressed that the prosperity of both nations was not automatic but required deliberate action by investing in sectors that drive growth, empowering the next generation of leaders, and embracing innovation.

“Let us also renew our commitment to building bridges of prosperity and fostering a partnership that endures for generations.

“Together, we can ensure that the relationship between Nigeria and the United Kingdom continues to thrive, transforming challenges into opportunities and aspirations into achievements,” he said.

Mr Ray Atelly, President, NBCC, said that 2024 had been extraordinary for Nigerian- British relations.

Atelly said in the face of global challenges, both countries had demonstrated resilience, adaptability, and innovation to fuel economies and created opportunities.

He noted that trade between Nigeria and the UK had reached new heights, signalling confidence in our capacity to meet the ever-evolving demands of a dynamic global landscape.

The NBCC president said that the chamber had been steadfast in its commitment to supporting businesses on both sides.

Atelly said that the NBCC had provided the critical platforms and partnerships necessary to navigate complexities and seize emerging opportunities.

“Tonight, we celebrate the achievements of individuals, private-sector giants, and corporations who have not only excelled in their respective fields but have also actively promoted Nigerian-British trade relations.

“By building bridges between our two nations, they have not only enhanced business ties but also fostered mutual understanding and goodwill.

“The future of Nigerian-British trade holds great promise.

“With the African Continental Free Trade Area (AfCFTA) gathering momentum, there are vast opportunities for UK businesses to partner with Nigerian companies and access broader African markets,” he said. (NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa

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