Trade between Nigeria and the United Kingdom is currently estimated at £4 billion, but the Nigerian-British Chamber (NBCC) expects it to hit £8bn by 2020.
Speaking at the annual general meeting of the chamber, Akin Olawore, president of the NBCC, said the chamber was determined to expose Nigerian businesspeople to opportunities in the UK. Olawore also told BusinessDay that the chamber was equally committed to showing British businesses vistas of opportunities in the Nigerian economy.
“The AGM is meant to inform our members and report back to them on what we have done. The takeaway is for members to see the door that is open for them through chambers of commerce relationship and Commonwealth Business of Europe,” he said.
“These two relationships enable us to match our members business-for-business with their international counterparts. We are letting our people know the opportunities available beyond the shores of the country,” he noted.
The chamber embarked on a trade mission between June 11 and 15. The trade mission featured participation at the Business-to-Business Networking Conference, International Business Festival (IBF) with an NBCC booth.
“We combined our trade mission with the International Business Festival,” he said.
“We worked on the image of the country because we needed to change the narrative on the business environment there. We had a networking event, where we presented the reformed incentives available for businesses. We were with Nigerian Investment Promotion Council (NIPC) and with all of these, we were able to generate a traction. It was through that mission that we concluded our negotiation with the Europe,” he stated.
He pointed out that Nigerian firms had what it would take to compete with UK firms in the own country, stressing the need to improve the business environment in Nigeria to attract more investors.
Olawore stressed the need to make processes easier for businesses in Nigeria, especially for new investors, adding that this would boost the confidence of the business community.
“Going forward, the Executive Committee is committed to executing strategies aimed at improving members benefits that will ensure that we add value to the business of our members in a manner that justifies membership,” he said, adding that the chamber would continue to reach out top British businesses in Nigeria to bring them into the fold.
He stated that the chamber forged a strong partnership with the NIPC in 2017, assuring members that the NBCC would continue to provide value for them.
