By Rukayat Moisemhe
The Nigerian British Chamber of Commerce (NBCC) says Nigeria must significantly reduce cost of doing business, improve security and strengthen its export infrastructure to unlock its manufacturing, agro-processing and small businesses’ potential.
Mr Abimbola Olashore, President, NBCC, said this on Tuesday in Lagos in an interview with the News Agency of Nigeria (NAN) while outlining priorities to boost economic growth, industrial competitiveness and trade.
He said lowering business costs remained critical to enabling local industries compete effectively against imports and positioning Nigerian firms for regional and global markets.
According to him, the high cost of energy, inadequate infrastructure, inflation and multiple unofficial charges continue to undermine the competitiveness of businesses across sectors.
Olashore said government investment in infrastructure would ultimately lower production costs and improve economic efficiency.
“The cost of doing business must come down significantly in all ramifications, both direct and indirect.
“People often focus on direct costs, but infrastructure is one of the most important factors because it reduces the cost of doing business.
“Inflation must come down significantly because it’s a tax on businesses and households, while operational costs must also decline to give manufacturers and other businesses a fighting chance to compete,” he said.
The NBCC president added that tackling corruption and informal levies was equally important in reducing hidden business costs.
He noted that Nigeria’s large domestic market offered significant opportunities for businesses to achieve scale before expanding across West Africa and beyond.
He said countries such as China, the United States and several European economies had historically supported domestic industries through policies that enhanced competitiveness.
According to him, creating a favourable operating environment will enable Nigerian businesses to build capacity and compete internationally.
On Nigeria’s export potential, Olashore said the country’s over-dependence on crude oil had distracted attention from other sectors with strong export prospects.
He noted that while oil and gas remained important, agriculture continued to account for a larger share of employment and offered significant opportunities for value addition.
“We have focused too much on oil exports and not enough on what else we can export.
“Agriculture remains one of the largest employers of labour. If we add value to agricultural products before export, we can generate more income, create jobs and earn more foreign exchange,” he said.
Olashore cited cocoa as an example, noting that Nigeria exported cocoa beans but imported finished chocolate products.
He said the country must prioritise processing raw materials locally before exporting them to international markets.
“The same logic that applies to refining crude oil should apply to agricultural products. We should add value here before exporting,” he said.
He identified poor storage, preservation and logistics infrastructure as major obstacles to agricultural exports.
According to him, significant volumes of agricultural produce are lost between farms and markets because of inadequate storage facilities, poor transportation systems and weak logistics networks.
“Our challenge is not always production. Sometimes it is what happens after production.
“We need better storage, preservation and logistics systems to move products from farms to export markets while maintaining quality,” he said.
Olashore advocated investment in climate-controlled storage facilities, cold-chain transportation systems and improved road infrastructure connecting production centres to ports and airports.
He said efficient logistics would improve the quality of Nigerian exports and reduce post-harvest losses.
According to him, roads should be strategically designed to connect agricultural production hubs to export gateways.
“Don’t build roads to nowhere. Build roads that connect production areas to export locations.
“Export infrastructure is not only about seaports. Air cargo is also important for products such as flowers, coffee and other high-value agricultural exports,” he said.
Olashore stressed the importance of standardisation and quality assurance in export development.
He said Nigerian products often faced challenges in international markets because of inconsistent grading, packaging and labelling standards.
“When products arrive in foreign markets, buyers should know exactly what they are getting.
“If a package is labelled a certain size or weight, it should consistently meet that specification.
“Standardisation increases value and improves market acceptance,” he said.
Speaking on Nigeria-United Kingdom trade relations, Olashore described the current trade volume between both countries as below potential, considering their historical ties, common language, similar legal traditions and extensive Nigerian diaspora population.
He said the UK should be viewed as a strategic entry point for Nigerian exports into broader global markets.
“The UK offers one of the easiest pathways for Nigerian exporters because of our shared language, legal systems and historical connections.
“If a Nigerian product can meet UK standards, it can generally compete in many other advanced markets around the world,” he said.
On priorities for President Bola Tinubu’s administration as it entered the final year of its first term, Olashore identified security as the most pressing challenge.
According to him, both actual security and public confidence in security are essential for economic growth and investment.
“Security is the elephant in the room.
“Even if a country is secure, if citizens feel insecure, economic activity will still suffer.
“Government must not only act decisively on security but must also be seen to be acting decisively,” he said.
He emphasised the need to strengthen the rule of law and improve public confidence in governance.
According to him, governments play a critical role in setting national standards and demonstrating collective commitment to addressing societal challenges.
Olashore said restoring confidence in institutions and improving security would create a stronger foundation for economic growth, investment and national development. (NAN)
Edited by Christiana Fadare
