Brexit: UK Reassures Nigeria On Strategic Bi-Lateral Trade Relations


Friday, September 20, 2019 / 2.15PM / Ottoabasi Abasiekong for Proshare WebTV / Header Image Credit: Ameh News


With less than a month to the United Kingdom 'BREXIT' arrangement, Nigeria one of Britain's long-standing trade partner, has been assured of deeper bi-lateral relations.

The Deputy British High Commissioner to Nigeria, Lagos  Ms. Harriet Thompson disclosed this at a recent dinner hosted by the Nigeria-British Chamber of Commerce.

The NBCC dinner which was organized to welcome her from her previous deployment, was an opportunity for members of the chamber and business leaders to interact and gain further insight into the prospects of  UK-Nigeria trade relations after 'BREXIT'.

Ms. Thompson reiterated the commitment of the UK Government to strengthening its trade ties with Nigeria beyond the 'BREXIT' timeline which is October 31st, 2019.

As part of efforts to deepen the UK partnership an investment conference has been scheduled for the year 2020, which will be an opportunity for Nigerian and other key African economies to gain access to British investments.

According to her the conference will be an opportunity to match  British investors with investment opportunities in Africa.

She stated that UK remains focused on achieving the status as the leading G-7 investor in Africa, by 2022.

The new Deputy British High Commissioner also assured the NBCC of its continuous support for its activities and trade missions.

The UK envoy also mentioned that the Department For International Development, DFID, Overseas Development Agency, ODA and other related British development agencies will redouble efforts in supporting the development of the Nigerian and African economies.

Giving his remarks the President of the NBCC Mr Kayode Falowo welcomed the new British Deputy High Commissioner and assured her that the chamber will be committed to facilitating trade engagements between the UK and Nigeria.

According to him, this was informed by the plans for the NBCC Trade centre which will be a one-stop hub for engaging UK Investors, and providing them with the necessary information they require on investment prospects in the country.


Q2, 2019: UK Major Source of Capital Investments Into Nigeria-NBS

The Q2, 2019 Capital Importation released by the National Bureau of Statistics revealed that the United Kingdom was the major source of capital investments into Nigeria, with $3.134bn worth of investments.

This accounted for 53.85% of the total capital inflow into Nigeria by Q2, 2019.


Illustration 1 Nigeria Capital Importation Q2, 2019 Report

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Source: NBS


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