KEY POINTS
- Nigeria and UK trade volume worth £7.5 billion yearly.
- An increase in export growth of 1–5% leads to additional $25–125 million in revenue.
- Higher trade volume comes as a result of working together with governments and private sectors.
Dr. Jumoke Oduwole, Nigeria’s Minister of Industry, Trade, and Investment appealed for an increase in the trade between Nigeria and the United Kingdom, which she said stands at £7.5 billion.
Furthermore, in her remarks at the Nigeria British Chamber of Commerce (NBCC) 2024 Presidential Dinner & Awards in Lagos, she spoke of how Nigeria’s annual exports to the UK stand at about $2.5 billion.
“Further, additional $25–$125 million in exports revenue may be generated by a modest 1–5% increase in export sales to the UK over the next two years,” Oduwole said.
Expanded trade, she insisted, would strengthen agriculture, manufacturing and oil sector of economy and also improve the country’s foreign reserves and global competitiveness.
Collaborations between the Private Sector and Government
Mr. Ray Atelly, NBCC President, noted the trade volumes were huge but urged private sector stakeholders to set higher target.
‘With concerted efforts from both nations, a trading volume of $20 billion per annum is achievable,’ he said, lauding government efforts aimed at improving trade relations.
Mrs. Folashade Ambrose Medebem, the Commissioner for Energy and Mineral Resources, represented Lagos State Governor Babajide Sanwo-Olu assured international investors that Lagos state remains very committed to creating a very enabling environment where international investment, innovation and business in Lagos state can thrive and grow.
UK set to deepen trade ties
Jonny Baxter, Britian Deputy High Commissioner echoed the sentiment saying that UK is ready to enhance the bilateral trade relationship.
He said, “My government commits to seeing trade grow for the mutual benefit of both,” and he pointed out that “plenty of instruments are in place to make this happen.”
