Nigeria: NBCC Projects £20 Billion Trade Volume Between Nigeria, UK By 2020

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The Guardian by Faith Oparaugo

August 26, 2014

BILATERAL trade volume between Nigeria and the United Kingdom is expected to hit £20 billion in the next six years, President and Chairman of council, Nigerian-British Chamber of Commerce (NBCC) Prince Adeyemi Adefulu, has said.

Adefulu said the volume of business between the two countries has grown rapidly in the last four years, increasing from £4 billion to £8 billion, but noted that this growth has “merely scratched the surface.”

The NBCC President was speaking at a media briefing in Lagos on the activities to mark the centenary of Anglo-Nigeria trade relations by the chamber, in conjunction with the United Kingdom Trade & Investment Agency (UKTI).

He said that though the relationship between Nigeria and Britain has witnessed ups and downs, the bond has been long and enduring.

He listed some of the key factors that would enhance Nigerian-British trade relations to include creating an enabling environment by the government through right policies, encouraging the process of more export of non-oil products, well oiled value chain of export of products from packaging to storage, transportation, among others, noting that Nigeria’s export commodity goods have acquired bad reputation in the UK market as a result of poor standard in processing and product packaging.

Adefulu said the export potential to UK is huge with a population of over three million Nigerians and other Africans living in Britain.

The centenary celebration of the Anglo-Nigeria trade relations is a three-event affair beginning with a lecture in November 11 at MUSON Centre Lagos to be delivered by a senior cabinet member of the British parliament and chaired by a former Head of State of Nigeria.

There will also be a presidential dinner and awards at the Civic Centre, Lagos, while an NBCC Golf Classics to be held at the Ikeja Golf Club between Friday and Saturday November 28-29 to bring the celebration to a close.

The NBCC President, who justified the centenary celebration after a similar celebration by the Federal Government, said the planned activities will re-energise the trade relations between Nigeria and Britain, which he said started between 1672 and 1750 when the Royal Niger Company was charted to administer the territory that later became Nigeria.

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