The trade relationship between Nigeria and the United Kingdom has reached a notable milestone of £7.5 billion, with Nigeria exporting approximately $2.5 billion annually. However, Dr. Jumoke Oduwole, Nigeria’s Minister of Industry, Trade, and Investment, has called for increased efforts to expand trade volume and enhance economic ties between the two nations.
Speaking at the Nigeria British Chamber of Commerce (NBCC) 2024 Presidential Dinner & Awards held in Lagos, Oduwole emphasized the untapped potential in the bilateral relationship. “A modest 1 to 5 percent increase in exports to the UK over the next two years could generate an additional $25 million to $125 million in export revenue,” she said. This, she noted, would boost sectors such as agriculture, manufacturing, and oil while enhancing Nigeria’s foreign reserves and competitiveness on the global stage.
Oduwole urged the NBCC to lead the charge in expanding Nigeria’s market and fostering partnerships that improve productivity. She reiterated the government’s commitment to creating an enabling environment through reforms, trade facilitation, investment promotion, and industrial policies aimed at economic diversification and inclusive growth.
Private Sector’s Role in Trade Expansion
NBCC President, Mr. Ray Atelly, highlighted the significant contributions of private sector organizations in strengthening Nigeria-UK trade. Atelly revealed that current trading activities between the two nations are valued at £7.2 billion, adding that a $20 billion trading volume per annum is achievable through enhanced collaboration and concerted efforts by both governments and private entities.
“We are extending the frontiers of businesses beyond traditional trading activities. On our part, we remain committed to playing a pivotal role in ensuring the growth of trade between Nigeria and the UK,” Atelly stated.
Lagos State’s Commitment
Lagos State Governor Babajide Sanwo-Olu, represented by Commissioner for Commerce, Cooperatives, Trade, and Investment, Mrs. Folashade Ambrose-Medebem, pledged Lagos’ commitment to fostering an enabling environment for international investment, business growth, and innovation.
Sanwo-Olu said, “Lagos is dedicated to supporting initiatives that drive economic growth and improve the lives of its people.”
UK Perspective
British Deputy High Commissioner, Mr. Jonny Baxter, echoed the sentiment of expansion, noting that the trade relationship between Nigeria and the UK has significant room for growth.
Conclusion
The NBCC event underscored the mutual benefits of Nigeria-UK trade relations and the potential for greater collaboration. With both nations showing commitment to expanding economic ties, stakeholders anticipate a significant boost in trade volumes, driving prosperity for businesses and citizens alike.
