NBCC Targets Over N7.7tr Nigeria-UK Trade Volume

February 15, 2017
NBCC Targets Over N7.7tr Nigeria-UK Trade Volume

NBCC Targets Over N7.7tr Nigeria-UK Trade Volume

By Dipo Olowookere

Plans are underway to improve the trade volume between Nigeria and the United Kingdom to over £20 billion (about N7 trillion).

At the moment, the value of trade between Nigeria and the UK is about £8 billion, and oil makes up 60 per cent of this figure before.

This increment is hoped to be achieved by the new initiatives being carried out by the Nigerian-British Chamber of Commerce (NBCC).

The plan led by a ‘stern decision’ to promote made-in-Nigeria products, particularly non-oil goods as well as to harness the potential of Nigerians living in UK.

This could beat the projection that the trade volume between the two countries could hit £20 billion by 2020, the President NBCC, Mr Dapo Adelegan, said while unveiling plans to mark the 40th anniversary celebration of the Chamber in Lagos.

The plans are expected to aid the current administration’s drive to boost export of non oil products and boost the country’s foreign exchange earnings thereby helping the Naira to withstand pressure from major currencies.

It will also promote standard that would fast-track acceptance of Nigerian made products as well as encourage local industries, particularly small and medium-sized enterprises (SMEs).

But the government would have to sustain efforts and policies to encourage made-in-Nigeria products, Mr Adelegan said, while listing the chamber’s contribution to national development, particularly in garnering business sustainability in different sectors of the economy.

“Despite recession, I see the trade surpassing £20 billion, which was earlier projected for 2020. The value of trade between Nigeria and the UK is about £8 billion, and oil makes up 60 per cent of this figure before,” Mr Adelegan said.

To him, the days when oil products topped table of trade volumes are gradually fading away, disclosing that foods and condiments accounted for about a billion pounds of export in 2015.

Part of the activities to mark the group’s bilateral relationship between the two countries include a trade Mission to the UK in May, focusing on the maritime, mining and mineral resources sectors, finance and investment.

There will also be a lecture and photo/arts exhibition in March, including a documentary of milestones covered in the past 40 years, cocktail and launch of NBCC Abuja branch golf tournament in April.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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