Lagos: Key government officials, business leaders, and diplomats have emphasised the need to strengthen Nigeria-United Kingdom commerce and deepen intra-African trade to harness emerging global opportunities and enhance competitiveness. They made the call at the inauguration of the 19th President of the Nigerian-British Chamber of Commerce (NBCC), Prince Abimbola Olashore, on Monday night in Lagos.
According to News Agency of Nigeria, the stakeholders noted that improved infrastructure, clearer policies, and stronger security were essential to unlocking competitiveness. Prof. Benedict Oramah, former President of the African Export Import Bank (Afreximbank), said while trade could be a powerful instrument for development, the disruption of globalisation cannot be the end of the road for Africa and Nigeria. Oramah stated that international division of labour, access to markets, innovation, and technology were different pathways through which trade impacted participants globally. However, he noted that deglobalisation would limit the impact of these forces.
Oramah explained that while deglobalisation was disrupting and dismantling complex supply chains, new trade routes and supply chains were emerging to meet domestic demand in different markets. He expressed confidence that Africa’s trade-driven transformation is on its way, with Afreximbank playing a crucial role in this development. Oramah urged true African leadership to abandon the luxuries of privilege and embrace the duty of sacrifice, emphasizing that the quality of NBCC members could form the nucleus of leadership required to push economic transformation forward.
Former Minister for Power, Works and Housing, Mr. Babatunde Fashola, highlighted the importance of trade and diplomacy in development, especially with tariffs playing a significant role in global development. He stated that the only limitation to Nigeria’s trade capacity in a globally digitalised world was humans. Fashola called for more focus on Small and Medium Enterprises (SMEs), addressing their challenges to support existing brands and create new ones. He also noted the role of infrastructure in boosting and expanding trade, detailing projects that link Nigeria to neighbouring countries and infrastructure investments like the Lekki Deep Sea Port and Dangote Refinery.
The Governor of Lagos State, Mr. Babajide Sanwo-Olu, noted that over the decades, Nigeria and the United Kingdom had built a partnership anchored in ambition. Represented by the Deputy Governor, Dr. Obafemi Hamzat, Sanwo-Olu stated that despite a total trade value of £7.5 billion in 2024, Nigeria still ranked as the UK’s 37th largest trading partner. He described Lagos as a compelling destination for global capital and pledged support for the newly inaugurated president.
Sarah Howard, Chair at British Chambers of Commerce, emphasised the pivotal timing of Olashore’s leadership for strengthening Nigeria-UK trade relations. The British Deputy High Commissioner, Johnny Baxter, discussed the UK developing countries trading scheme, which allows for over 90 percent of products to enter the UK duty-free, encouraging both countries to embrace an enhanced trade partnership.
In his acceptance speech, Olashore expressed his commitment to strengthening Nigeria-UK trade and addressing global economic shifts and domestic challenges. He outlined his administration’s focus on driving trade and investment initiatives, empowering businesses, attracting investment, and enhancing NBCC’s visibility and advocacy.