Oduwole seeks improved export revenue as Nigeria, UK trade value hits £7.5 billion

Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, said with the trade relationship between Nigeria and the United Kingdom pegged at £7.5 billion, there is room to achieve more by simply targeting one to five per cent expansion in the performance in the next two years.

She said the target could generate an additional $25 million to $125 million in export revenue, strengthening sectors such as agriculture, manufacturing and oil.

Oduwole said this at the Nigerian-British Chamber of Commerce (NBCC) 2024 Presidential Dinner and Award Ceremony, in Lagos.

She said that the development would enhance Nigeria’s foreign reserves and reinforce global competitiveness.

The minister also reiterated that the Federal Government was committed to driving economic diversification and inclusive growth through reforms, trade facilitation, investment promotion and industrial policy.

She said that the government aligned with the NBCC initiative to ensure that Nigerian businesses are well-positioned to compete globally while benefitting from Britain’s trade investment and expertise.

Oduwole challenged NBCC to lead the charge to expand market access, foster partnerships and support productivity improvements to make this goal a reality.

“Together we can move the needle on the trade volumes and productivity, ensuring that the relationship truly delivers prosperity for both nations,” she said.

Lagos State Governor, Babajide Sanwo-Olu, said the state would continue to lead the charge to expand trade alongside the chamber’s giant strides in promoting trade between both countries.

Sanwo-Olu, who was represented by the Commissioner of Commerce, Cooperatives, Trade, and
Investment, Folashade Ambrose-Medebem, said the government understands the importance of partnerships and connections in the state’s journey towards becoming a globally competitive economy.

He noted that the Lagos state government remained committed to creating an enabling environment that encourages international investments, supports business growth, and nurtures innovation.
“I am filled with optimism that the partnership between both countries that has stood the test of time will continue to evolve and grow stronger.

“It is up to us leaders in government, business, and civil society to nurture this partnership to innovate and find new ways to collaborate for the benefit of our people.

“I want to reaffirm the commitment of Lagos to supporting initiatives that improve our economy and Improve the lives of our people as together we can achieve so much more to build resilient economies that uplift our people,” he said.

The governor further applauded NBCC for the remarkable work to strengthen the bond between Nigeria and the UK.

A former Senator, Akin Odunsi, said the evolution of both countries’ bilateral ties had grown from historical connections to dynamic partnerships fostering innovation, economic growth, and cultural exchange.

He noted that the NBCC had been at the forefront of nurturing the partnership between both countries by creating platforms for dialogue, fostering trust, and driving opportunities for businesses and individuals.

Odunsi stressed that the prosperity of both nations was not automatic but required deliberate action by investing in sectors that drive growth, empowering the next generation of leaders, and embracing innovation.