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Nigeria-UK Trade Partnership: Minister Targets Billions in Growth Opportunities

By Achimi Muktar

LAGOS — With trade volumes between Nigeria and the United Kingdom currently valued at £7.5 billion annually, Industry, Trade, and Investment Minister Dr. Jumoke Oduwole believes there is untapped potential for growth. Speaking at the Nigeria-British Chamber of Commerce (NBCC) 2024 Presidential Dinner & Awards, Oduwole urged stakeholders to aim for a modest increase in exports that could generate millions in additional revenue.

Unlocking Potential

Oduwole highlighted that Nigeria exports approximately $2.5 billion worth of goods to the UK each year, with sectors such as agriculture, manufacturing, and oil playing pivotal roles.

“There’s room to achieve more,” she stated. “By targeting just a 1% to 5% increase in exports over the next two years, Nigeria could generate an additional $25 million to $125 million in export revenue. This would bolster our foreign reserves, enhance global competitiveness, and drive growth in key sectors.”

She challenged the NBCC to lead this effort by expanding Nigeria's market reach, fostering international partnerships, and supporting productivity improvements.

“Together, we can move the needle on trade volumes, ensuring this relationship delivers prosperity for both nations. The ministry remains committed to reforms that create an enabling environment for such partnerships to thrive,” she added.

Private Sector Optimism

NBCC President Ray Atelly echoed the minister's optimism, emphasizing the significant progress already made by private sector players.

“At the last count, trade between Nigeria and the UK stood at £7.2 billion,” Atelly said. “But we can do better. A trading volume of $20 billion per annum is achievable with concerted efforts from both countries.”

He praised the ongoing initiatives by the governments of Nigeria and the UK to enhance trade and reiterated the private sector’s commitment to realizing this goal.

Lagos as a Trade Hub

Representing the host city, Lagos State Governor Babajide Sanwo-Olu pledged the state’s support for initiatives that attract international investments and nurture innovation.

“Lagos is committed to creating an environment that supports business growth and improves the lives of our people,” Sanwo-Olu, represented by Commissioner Folashade Ambrose-Medebem, remarked.

UK’s Commitment to Growth

British Deputy High Commissioner Jonny Baxter also expressed confidence in the trade partnership's potential.

“There’s room for expansion, and plenty of instruments are in place to make that happen. My government is committed to increasing trade between our two nations for mutual benefit,” Baxter said.

The Path Forward

As Nigeria and the UK look to deepen economic ties, the NBCC event underscored a shared commitment to fostering trade and investment. With key stakeholders aligned on boosting trade volumes and creating value, the stage is set for a new chapter of prosperity between the two nations.

From Vision to Reality

The journey to expanding Nigeria-UK trade lies in strategic partnerships, policy reforms, and leveraging opportunities across diverse sectors. With private and public sectors united, a trading volume of $20 billion may soon shift from ambition to achievement.