The British Deputy High Commission, Mr Mike Purves, has said the trade relation between UK and Nigeria went up from N700.83 billion ($4.5 billion) in 2010 to N845 billion ($5.4 billion) in 2011. Purves said this during the Nigerian-British Chamber of Commerce (NBCC) Day celebration at the ongoing Lagos International Trade Fair.

He said UK’s commercial trading with Nigeria was 74 percent between 2011 and 2010. “It is interesting to note that the trade balance was in favour of Nigeria and not in favour of UK. So, it is very clear that this relationship is of a mutual benefit and since then, it has gone up from $4.5 billion to $5.4 billion; so we are on the right track,” he said.

Purves said that the two countries needed to increase and  surpass the commercial trading activities recorded in  2011.

According to him, UK investments in Nigeria and trading relationship is not a one sided relationship, noting that the commission was working to double UK-Nigeria bilateral trade relationship in 2014.

Mr Emeka Awagu, the NBCC President, said the chamber was working hard to strengthen the trade relationship between the two countries. According to him, the chamber promotes private sector investment between Nigeria and Britain as well as intervenes on policy issue that affects its members. Mr Goodie Ibru, the LCCI President, commended the NBCC participation at the Fairs over the years.

Represented by Alhaji Remi Bello, the LCCI Deputy President, Ibru said that the construction on Oshodi-Apapa-Badagry Expressway was the reason for hosting the trade fair at TBS. He said that the security issue and traffic situation in the area were being properly addressed. 2012 Lagos International Trade Fair started on Nov. 2 and will end on Nov. 11. The theme of the Fair was “Promoting Trade for Sustainable Economic Transformation.”