Trade between Nigeria/UK to hit £20bn in 5 years

The Nigerian-British Chamber of Commerce, NBCC, believes that the potential trade between Nigeria and Britain within the next five years may be in excess of £20 billion, according to Adeyemi Adefulu, president/chairman of council, NBCC.

This however will not be achieved by willful thinking but by strategy and hard work, he said in Lagos at a press briefing to disclose what the Chamber had done so far in respect of its coming trade mission to the UK.

“In 2010, President Goodluck Jonathan and Prime Minister David Cameron resolved that the trade between the two countries must double from £4 billion to £8 billion within four years, which is by 2014. I can now say, authoritatively, that the figure will be achieved,” Adefulu said.

Our projected trade mission will form a concerted effort to sell Nigeria and to promote Anglo-Nigeria trade relations; therefore, the NBCC trade mission, coming up between June 9 and 13, and other activities are a major vanguard for the achieving growth of trade between the two countries, he said further.

According to Theresa Ananyi, vice president, NBCC, in London, the trade mission will focus on ‘Investing in Nigeria’ conference, business-to-business sessions with members of the London Chamber of Commerce, visits to various commercial places of interest and briefing reception at the Nigeria High Commission.

“The NBCC-UK Network, Nigeria High Commission in the UK have begun sensitisation visits and contacts about our trade mission to relevant business communities and the Nigerian in the Diaspora to ensure that the right and relevant audience is made aware of our trade mission with a view to making the mission a success,” she said.

On security of investors and their investments, they believe that “the key to attracting foreign investment into the country is peace, good government, transparency and enabling environment. Foreign investment has a way of flowing to where it is most welcomed. There is a great need for our government to work for tolerance at home, and to improve on the security and critical infrastructure in order to reduce the various costs of doing business in the country.”

OSA VICTOR OBAYAGBONA