August 28, 2014

Nigeria, UK trade to hit 20bn pounds by 2020




There are indications that trade between Nigeria and Britain has potential to hit 20 billion pounds by year 2020 if government remains proactive and encourage business to strive.

President, Nigerian-British Chamber of Commerce (NBCC), Prince Yemi Adefulu, gave the hint during a press briefing heralding its Centenary celebration in Lagos.

Adefulu said “ For Nigeria, the key to winning is the right policies encouraging export of processed non-oil products” He added that government must also accord priority attention to the provision of critical infrastructure that will enable businesses to grow and remove undue costs.

He said that the trade between Nigeria and Britain which grew to eight billion pounds from four billion pounds in four years has merely scratched the surface, saying, “the base already exists to promote the trade between the two countries ex potentially.

With the right policies in place, products and services should be moving daily between the two countries.”

He pointed out that it is the responsibility of the government to create and nurture an enabling environment which will attract foreign investment and encourage export of Nigerian goods.

According to him, “We at NBCC stand as the facilitator of trade between Nigeria and Britain for mutual benefit of both countries. We represent the best of each to the other. We now partner with the United Kingdom Trade and Investment Agency (UKTI) and encourage the import of value enhancing products to Nigeria from Britain which will help value creation and processing of our local products. We also partner with Nigeria Export Processing Council, NEPC to facilitate the export of Nigerian goods and services to the UK market.”

Meanwhile, the Chamber’s centenary celebration of the Nigeria British trade relations, holding in collaboration with the UKTI is billed to hold from November 11, to 29th November, 2014 with NBCC Golf Classics which will be held at the Ikeja Golf Club.

Captains of industry, members of the diplomatic corps and top level government functionaries senior members of the British Cabinet and Past Head of States will be in attendance.