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Wednesday 16 June 2021
HomeAfricaNigeria: Britain-Nigeria bilateral trade to hit 20 billion pounds in 6 years

Nigeria: Britain-Nigeria bilateral trade to hit 20 billion pounds in 6 years

The President of the Council of Nigerian-British Chamber of Commerce (NBCC), Prince Adeyemi Adefulu, has projected that bilateral trade between Nigeria and the United Kingdom will hit 20 billion pounds in the next six years.

The private Guardian newspaper on Wednesday quoted the NBCC President as saying that the volume of business between the two countries had grown rapidly in the last four years.

Volume of business doubled from 4 billion to 8 billion during the period but this had “merely scratched the surface”, Adefulu said.

The NBCC President who spoke on the activities to mark the centenary of Anglo-Nigeria trade relations, said though the relationship between the two countries had witnessed ups and downs, the bond had been long and enduring.  

He said key factors that would enhance trade relations included creating an enabling environment by the government through right policies, a well oiled value chain of export of products from packaging to storage, transportation and encouraging the process of more export of non-oil products.

He noted that Nigeria’s exports had acquired a bad reputation in the UK market as a result of poor standard in processing and product packaging.

The export potential from Nigeria to UK is huge with a population of over three million Nigerians and other Africans living there.

The centenary celebration of the Anglo-Nigeria trade relations will take place in November in the commercial city of Lagos.

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