Nigeria-UK’s £7.5bn trade volume, Minister calls for more
The Minister of Industry, Trade and Investment Dr. Jumoke Oduwole, the Nigeria British Chamber of Commerce, among others, have said there is a room to do more to increase value and volume of trade between Nigeria and the United Kingdom, UK.
Speaking at the NBCC 2024 Presidential Dinner & Awards, held in Lagos, Oduwole said that the trade relationship between Nigeria and UK was valued at 7.5billion pounds with Nigeria exporting approximately $2.5billion annually.
She stated: “There is room to achieve more, by targeting a modest 1 to 5 percent increase in export to the UK over the next two years; we could generate an additional $25million to $125million in export revenue. This would strengthen sectors such as agriculture, manufacturing and oil, while enhancing foreign reserves and enforcing our global competitiveness.
“I challenge the NBCC to lead this charge, expand the Nigeria market, foster partnerships and support productivity improvement to make this goal a reality. “Together we can move the needle on the trade volumes and productivity ensuring that this relationship truly delivers prosperity for both nations.
“The ministry remains committed to creating an enabling environment where partnerships like those facilitated by NBCC can flourish. Through reforms and trade facilitations, investment promotion and industrial policy, we are driving economic diversification and inclusive growth.”
Earlier in his welcome address, President/Chairman of Council, NBCC Mr. Ray Atelly, said that private sector organizations from either country have been doing business in large volumes.
Atelly stated: “At the last count it was 7.2 billion pounds in total trading volume between both nations. We have started extending the frontiers of the businesses that we do outside of the traditional trading activities. But we can do much better.
“A trading volume of $20billion is not wishful thinking; it is something we can realize per annum. I am happy to note that the governments of both countries have started to make concerted efforts toward enhancing trade between both nations.
“On our part in the private sector, we are committed to playing our path, and we would do all within our powers to ensure that this movement towards doing more together is accomplished.
Also, Lagos State Governor Babajide Sanwo-Olu, who was chief host at the event said that the state was committed to creating an enabling environment that encourages international investment, support business growth and nurthure innovation.
