Date Published: 06/15/10

Nigeria's bilateral trade with UK hits N400 billion, says Chamber

THE bilateral trade volume between Nigeria and United Kingdom (UK) has hit £1.86 billion (about N400 billion), while the balance of trade between the two countries stood at £600 million, as at December, 2009, in favour of UK. 
Stating this at a media press briefing in Lagos recently, the President, Nigerian-British Chamber of Commerce (NBCC), Akinola Akintunde said that UK’s exports to Nigeria stood at £1.23 billion, while Nigeria’s exported goods worth £622 million to its former colonial master, made up mainly of crude oil. 
According to him, the gap in the balance of trade between the two countries could only be bridged through Nigeria’s intensiveness in export of local goods to the United Kingdom, adding that the task to improve the export of goods lies with the Nigerian Export Promotion Council (NEPC). 
Akintunde, while fielding questions from journalists, said that the association would be embarking on a trade mission trip to the United Kingdom from the 28th of this month to 2nd July. 
Shedding more light on the business trip, he said that about 40 members of the association, with the delegation of the Ogun State government, including the State’s governor, Otunba Gbenga Daniel, would be on the entourage, adding that it is aimed at attracting business opportunities from the UK to Nigeria. 
According to him, the area of focus for this year’s trip includes power generation, financial services, telecommunication and infrastructure. 
Besides, he stated that members would be targeting existing business opportunities with the aim of ensuring that foreign investors partner with the chamber on how to boost Nigeria’s economic growth. 
“Our members who are going on this trip would be targeting both existing and business opportunities, and how to partner with their foreign associates to attracts business opportunities into the country,” Akintunde said. 
On why Ogun state was chosen for the trip by the NBCC, the President explained that the State’s contingent was slated for the trip, as a way of attracting investments for the Olokola Free Trade Zone, which is earmarked to showcase the ‘Gateway State’ as an industrial state in the country. 
He however stated that other states in the six geo-political zones in the country would also be considered in other subsequent trips.  
While briefing the journalists on the chamber’s forthcoming activities, Akintunde said that the association would be organising a two-day event comprising of an exhibition of products and services of both members and non-members alike, a lecture and a dinner. 
Expectedly, the event is scheduled to hold at the Eko Hotel and Suites, Victoria Island, between 22nd and 23rd of this month. 
He opined that the idea of organising the exhibition is to serve as a platform for introducing and launching of new products.

Courtesy Guardian