The bilateral trade volume between Nigeria and the United Kingdom can reach $20 billion, according to the Nigeria-British Chamber of Commerce and Industry (NBCC).
The chamber noted that the private sector organizations from both country have been doing business in large volumes with the last count being 7.2 billion pounds sterling in total trading volume, which can be improved upon.
President and Chairman of council, NBCC, Ray Atelly made the remarks at the presidential dinner and award night organised by the chamber and themed: Nigeria-British Relations: From Partnership to Prosperity where he disclosed that the governments of both countries have started making concerted efforts towards enhancing trade between the nations, adding that efforts at extending the frontiers of businesses outside the traditional trading activities are on top gear.
Atelly promised that the private sector is committed to playing its part and doing more business together with Britain.
“And I think it’s a challenge to all of us, government and the private sector alike, that we need to do something about this.
He pleaded with government and the private sector alike, to put an end to ” what we call all names, ‘Japa Syndrome,’
“The truth is, if you leave people without hope, they are going to look for a solution. And their solution, if it’s not local, could be foreign. And that’s the reason this is happening.
” We are partners with government, and we need to do something more than we’ve already done. Because evidently, whatever we have done hasn’t really solved it enough.
On her part, Minister for Industry Trade and Investments, Jumoke Oduwole, disclosed that trade relationship between both countries is valued at 7.5 billion pounds with Nigeria exporting approximately 2.5 billion annually.
Oduwole noted that however there’s room to achieve more by targeting a modest one to five per cent increase in export to UK over the next two years, “we could generate an additional 25 to 125 million dollars in export revenue.”
She noted that this would strengthen sectors such as agriculture, manufacturing and oil while enhancing foreign reserves and reinforcing our global competitiveness.
The Minister challenged the NBCC to lead the charge to expand market access, foster partnerships and support productivity improvements to make this goal a reality, promising to team up with the chamber to improve the trade volumes and productivity, ensuring that the relationship delivers prosperity for both nations.
The Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs Folashade Ambrose-Medebem lauded the NBCC for its work to strengthen bond between Nigeria and UK, noting that the theme of the event reminds of the rich history of Anglo Nigerian relations, the milestones achieved together and the opportunities that lie ahead and deepen this ties for mutual prosperity.
She promised that Lagos state would lead charge to expand trade alongside the chamber’s giant strides in promoting trade between both countries.
“Together, we can drive innovation, expand trade and build resilient economies that uplift our people.
“This requires commitment, collaboration and a shared belief in the potential of what we can achieve together.
“Our government remains committed to creating an enabling environment that encourages international investments, supports business growth and nurtures innovation.
Through initiatives in infrastructure, education, digital transformation and ease of doing business, we are building a Lagos that offers many opportunities for collaboration and success. 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.”
For Jonny Baxter, British Deputy High Commissioner in Lagos, he believes there’s room for expansion in trade relationships between both countries and there are plenty of instruments in place to make it work.
“We have already got enhanced trade investment partnership and we have institutions to help develop the relationship over the years.
“My government is absolutely determined to make the trade relationships between both countries increase for both our benefits.”