Sanwo-Olu, Fashola, Oramah Call for Stronger Nigeria-UK Trade and Intra-African Commerce at NBCC Inauguration

Key government officials, business leaders, and diplomats have emphasised the need to strengthen commerce between Nigeria and the United Kingdom while deepening intra-African trade to harness global opportunities and enhance competitiveness. The call was made during the inauguration of Abimbola Olashore as the 19th president of the Nigerian-British Chamber of Commerce (NBCC) on Monday night in Lagos.

Officials highlighted that improved infrastructure, clearer policies, and stronger security were critical to unlocking the nation’s trade potential. Benedict Oramah, former president of the African Export-Import Bank, noted that while globalisation faces disruptions, trade remains a powerful development tool. He stressed that access to markets, innovation, and technology are key pathways for trade impact, but deglobalisation could limit these forces.

Oramah expressed confidence that Africa’s trade-driven transformation would continue, with Afreximbank playing a central role in supporting the continent’s economic trajectory. He urged African leaders to prioritise sacrifice over privilege and highlighted that NBCC members could form the nucleus of leadership necessary for economic transformation.

Former minister Babatunde Fashola underscored the role of trade and diplomacy as essential tools for development. He stated that human factors, rather than policy, remain the primary constraint on trade capacity in a digitally connected world. Fashola called for greater support for small and medium enterprises and stressed the importance of infrastructure in facilitating trade, citing projects such as the Lagos-Badagry expressway, Lekki Deep Sea Port, and Dangote Refinery.

Governor Babajide Sanwo-Olu said Nigeria and the UK share a long-standing partnership rooted in history and ambition. He revealed that total trade between the two countries in 2024 stood at £7.5 billion, with UK exports to Nigeria at £5.3 billion and imports from Nigeria at £2.2 billion. Despite this, he noted that Nigeria remains only the 37th trading partner of the UK, representing just 0.4 per cent of its global trade.

Sanwo-Olu described Lagos as Nigeria’s economic heartbeat, emphasizing its resilience, energy, and innovation. He pledged support for NBCC leadership and highlighted the state’s commitment to enabling strategic investments and thriving trade mechanisms.

Sarah Howard, chair of the British Chambers of Commerce, stated that Olashore’s leadership comes at a pivotal moment, reaffirming the importance of Nigeria-UK trade relations and the potential for mutual business growth in 2026. British Deputy High Commissioner Johnny Baxter noted that the UK’s developing countries trading scheme allows over 90 per cent of products duty-free entry, calling for enhanced trade partnerships and the removal of barriers.

The inauguration event brought together policymakers, business leaders, and diplomats committed to expanding bilateral trade and leveraging Africa’s emerging economic opportunities.

NAN