Tuesday, December 31, 2019 / 1:50 PM / NBCC / Header Image Credit: WebTV
The Honourable Minister of Industry, Trade & Investment, Otunba Niyi Adebayo, recently hosted delegates from the Nigerian-British Chamber of Commerce (NBCC) led by the President of its Council, Mr Kayode Falowo. Mr. Falowo shared the NBCC's plans to establish a Nigeria Trade Centre in London, United Kingdom. The Hon. Minister confirmed that the plan aligns with the Ministry's strategy and that his office will give all the necessary support to the initiative.
The current size of trade between Nigeria and the UK as well as the opportunities that BREXIT present underscore the imperative of a Trade Centre in London. Nigeria has a long and enduring relationship with the UK, which is deeply rooted in its historical and political origins and has over the years evolved into a more dynamic relationship that includes education, trade, arts and culture. Nigeria is the 2nd largest African market for UK goods.
The increasing appetite of investors and businesses for foreign expansion on the back of globalization and increasing export capacity make it even more compelling to develop strategies that will support both countries in harnessing the potentials for increased growth in their mutual trade relations, thus strengthening the strategic partnership between both nations. Nigeria has the potential to be a top 10 trade and investment partner for the UK. The existence of a vibrant and important British-Nigerian community alongside a growing population and rising income in Nigeria provide the necessary conditions for such growth.
The successful establishment of the NTC will among other benefits, increase the flow of information on opportunities, increase the potential of matching potential investors with opportunities and function as a liaison office for enquiries on doing business in Nigeria and the UK.
The Ministry also intends to participate in the Chamber's Annual Trade Mission to the United Kingdom from the 22nd to the 26th of June 2020. The highlight of the week will be the 'Opportunity Nigeria Conference' in London which will feature high-level business leaders from Nigeria and the UK.
About the Nigerian-British Chamber of Commerce
For over 40 years, the Chamber has committed itself to fostering goodwill and increasing trade and investment between Nigeria and Britain. The Chamber currently has about 300 members from diverse sectors of the economy. The activities of the NBCC include amongst others, the organization of trade missions to the two countries, management of trainings, conferences, and seminars addressed by leading authorities in different fields, and acts as a forum for debate to members and non-members on topical issues affecting the economy; particularly Nigerian-British trade. The NBCC is an international affiliate of the British Chamber of Commerce (BCC) which gives members access to a network of 53 Chambers of Commerce across the United Kingdom and 49 other international affiliates around the world.
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