Nigerian-British chamber targets £20bn bilateral trade in 2020

The Nigerian-British Chamber of Commerce (NBCC) has said that the current trade between Nigeria and Britain, which grew to £8 billion from £4 billion, could reach as high as £20 billion if the governments of the two countries continue to encourage businesses and remain proactive.

The chamber also disclosed its intention to hold centenary celebrations between November 11 and 29, 2011.

“With the right policies in place, products and services should be moving daily between the two countries,’’ said Adeyemi Adefulu, president of the chamber and chairman of the council, during a press briefing held Tuesday in Lagos.

“For Nigeria, the key to winning is the right policies encouraging export of processed non-oil products. It must also accord priority attention to the provision of critical infrastructure that will enable businesses to grow and remove undue costs,’’ he said, stressing that it was the responsibility of government to create and nurture an enabling environment that will be inviting to foreign investment and encourage export of Nigerian goods.

The United Kingdom Trade and Investment (UKTI) has been in the forefront of encouraging the import of value-enhancing goods into the country, while the Nigerian Export Promotion Council (NEPC) is tasked with the responsibility of encouraging non-oil exports to other countries like the UK.

The NBCC stands as the facilitator of trade between the two countries, Adefulu therefore said, adding that the chamber, which is now over 100 years, was proud to have contributed to the economic development of the two countries.

On the centenary celebrations, the NBCC’s boss said the event will begin on Tuesday, November 11, with a centenary lecture to be held at the Muson Centre in Lagos. Captains of industry, members of the diplomatic corps and top level government officials are expected at the event, while a senior member of the British cabinet will deliver the lecture as a past Nigerian head-of-state will chair the event, he said.

On Wednesday, November 12, the chamber will celebrate its day at the Lagos International Trade Fair that will be ongoing at that period, just as the presidential dinner will continue on Friday, November 21, at the Civic Centre, Victoria Island, Lagos.

The centenary celebrations will be concluded with a new event called NBCC Golf Classics, which will be held at Ikeja Golf Club between November 28 and 29, 2014.

ODINAKA ANUDU