Stakeholders push for stronger inter-African trade to strengthen Nigeria-UK ties (Page 258)

By Rukayat Moisemhe/Oluwatope Lawanson

Key government officials, business leaders and diplomats have emphasised the need to strengthen Nigeria–United Kingdom commerce and deepen intra-African trade to harness emerging global opportunities and enhance competitiveness.

They made the call at the inauguration of the 19th President of the Nigerian-British Chamber of Commerce (NBCC), Prince Abimbola Olashore, on Monday night in Lagos.

They noted that improved infrastructure, clearer policies and stronger security were essential to unlocking competitiveness.

Prof. Benedict Oramah, former President, African Export Import Bank (Afreximbank), said while trade could be a powerful instrument for development, disruption of globalisation cannot be the end of the road for Africa and Nigeria.

Oramah stated that international division of labour, access to markets, innovation and technology were different pathways through which trade impacted participants globally.

He, however, noted that deglobalisation would limit the impact of these forces.

He said while deglobalisation was disrupting and dismantling complex supply chains, new trade routes and supply chains were emerging to meet domestic demand in different markets.

“I am confident that with, or without globalisation, Africa‘s trade driven transformation is on its way and I am proud to say that Afreximbank rose to its calling and is, and will continue to be, instrumental in charting this promising path,” he said.

Oramah urged true African leadership to abandon the luxuries of privilege and embrace the duty of sacrifice.

He said the quality of NBCC members could form the nucleus of leadership required to push economic transformation forward no matter the odds the external environment presents.

Oramah said Afreximbank had taken concerted action towards resolving the institutional failures that had constrained the continent’s development aspirations.

This, he stated, has provided Africa with a good chance to overcome emerging challenges.

Former Minister for Power, Works and Housing, Mr Babatunde Fashola, said trade and diplomacy had become handy tools for development, especially with tariffs playing a big role in global development.

Fashola, however, stated that the only limitation to the country’s trade capacity in a globally digitalised world was humans.

He said the country’s Nigeria First Policy and a few other reforms had begun to align in the nation in productivity and trade.

He called for more focus on Small and Medium Enterprises (SMEs), deeply interrogating the challenges facing them by creating solutions to not only support existing brands but create new ones.

The former minister also highlighted the role of infrastructure in boosting and expanding trade.

He noted that the Nigerian government and its people had made commitments with projects in road, rail and others to boost its infrastructure investments.

“There have been projects that link Nigeria to Niger and Cameroon, the Lagos- badagry expressway to Abidjan-Senegal highway which connects about 400 million people and the trans-saharan highway project connecting Africa from North to South and East to West with three of its nine highways ending in Lagos.

“Infrastructure such as Lekki Deep Sea Port and Dangote Refinery are already redefining trade in logistics, shipment and oil and gas and I think we must protect early shoots of development with commitments to live within the law.

“The significance of connectivity should not be lost on the entire people of Nigeria and the stars are aligning but there is work to be done in the area of law and order,” he said.

Fashola also congratulated the newly inaugurated president and revealed that they had worked over three decades ago in matters related to trade.

The Governor of Lagos State, Mr Babajide Sanwo-Olu, noted that over the decades, Nigeria and the United Kingdom had built a partnership rich in history yet firmly anchored in ambition.

Sanwo-Olu, represented by the Deputy Governor, Dr Obafemi Hamzat, said both nations were bound not only by shared pasts, but by a mutual desire for innovation, growth, and sustainable prosperity.

He noted that total trade by both countries in 2024 stood at £7.5 billion of which, UK exports to Nigeria amounted to £5.3 billion, while imports from Nigeria stood at £2.2 billion.

He, however, stated that in spite of the numbers, Nigeria still ranked only as the UK’s 37th largest trading partner, representing roughly 0.4 per cent of its total global trade.

“These figures remind us that while progress has been made, the true potential of our partnership remains far from fully realised,” he said.

Sanwo-Olu described Lagos as a city whose energy, resilience, and innovation made it not only Nigeria’s economic heartbeat but one of the continent’s most compelling destinations for global capital.

He said the state continues to build the infrastructure that would enable larger, more strategic investments, noting that it is open for business.

The governor pledged his support for the newly inaugurated president and restated the state’s commitment to enabling thriving trade mechanisms.

Sarah Howard, Chair at British Chambers of Commerce, said Olashore’s leadership came at a pivotal time between Nigerian and Britain.

She said both countries would continue to champion innovation for business growth, stating that the importance of UK-Nigeria trade relations cannot be overstated.

Howard affirmed her interest in strengthening Nigeria-UK trade and investment in 2026 and unlocking the immense potential of both countries, delivering business prosperity for both nations.

Also, the British Deputy High Commissioner Johnny Baxter, said the UK developing countries trading scheme allowed for over 90 percent of products to go into the UK duty free.

Baxter said both countries must embrace enhanced trade and investment partnership while identifying barriers to trade and working together to resolve those barriers.

In his acceptance speech, the newly inaugurated President, Olashore, said the leadership was a privileged position he does not take lightly.

Olashore stated his renewed commitment to the vision of strengthening Nigeria-UK trade for the prosperity of the business community and the nation.

He said his administration was mindful of the challenges and realities of the current times, with global economic shifts, domestic challenges and the fast-changing dynamics of international trade.

He affirmed that with the support of his executives, his administration would champion key priorities that should define the next stage of the chamber.

“We intend to continue to drive trade and investment between Nigeria and the United Kingdom and will focus on initiatives that unlock real opportunities, empower businesses and attract investment that strengthens our economy.

“We must enhance the visibility with stakeholders and position NBCC as a leading voice in Nigerian-UK trade.

“We will strengthen our advocacy, we will engage policymakers more strategically and position the chamber as a trusted contributor to economic development discourse,” he said.(NAN)(www.nannews.ng)

Edited by Chinyere Joel-Nwokeoma

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Stakeholders push for stronger inter-African trade to strengthen Nigeria-UK ties (Page 258)