Facebook

Saturday, 10 November 2012 00:00
270 Hits

UK, Nigeria trading relationship up by $5.4bn in 2011

The British Deputy High Commission, Mr Mike Purves, yesterday said that the trading relationship between UK and Nigeria went up from $4.5 billion in 2010 to $5.4 billion in 2011.

Purves said this during the Nigerian-British Chamber of Commerce (NBCC) Day celebration at the ongoing Lagos International Trade Fair.

He said UK commercial trading with Nigeria was 74 per cent between 2011 and 2010. “It is interesting to note that the trade balance was in favour of Nigeria and not in favour of UK.
“So is very clear that this relationship is of a mutual benefit and since then it had gone up from $4.5 billion to $5.4 billion so we are on the right track,” he said.

Purves said that the two countries needed to increase and to surpass the commercial trading activities recorded 2011.

According to him, UK investments in Nigeria and trading relationship is not a one sided relationship, noting that the commission was working to double UK-Nigeria bilateral trade relationship in 2014.

Mr Emeka Awagu, the NBCC President, said the chamber was working hard to strengthen the trade relationship between the two countries.

According to him, the chamber promotes private sector investment between Nigeria and Britain as well as intervenes on policy issue that affects its members.

Mr Goodie Ibru, the LCCI President, commended the NBCC participation at the fairs over the years.

Represented by Alhaji Remi Bello, the LCCI Deputy President, Ibru said that the construction on Oshodi-Apapa-Badagry Expressway was the reason for hosting the trade fair at TBS.

He said that the security issue and traffic situation in the area were being properly addressed.

NAN reports that 2012 Lagos International Trade Fair started on Nov. 2 and will end on Nov. 11.
The theme of the fair was ``Promoting Trade for Sustainable Economic Transformation’’.