Categories: Business and Banking

May’s Visit: Nigeria’s business community expresses optimism on improved trade relationship

The business community in Lagos says the visit of British Prime Minister, Theresa May, will deepen existing bilateral relationship between the two countries.

Some members of the Lagos business community expressed their views on the sideline of the British Prime Minister’s meeting with the business community in Lagos on Wednesday.
Mr Akin Olawore, the President of Nigerian-British Chamber of Commerce (NBCC), said that the meeting was pertinent for Nigeria to maintain a strong economic relationship with Britain in alignment with its membership of the Commonwealth.

“It seems very convincing now that Britain wants to explore trade with Nigeria and we are also ready to do business with them.
“We are supposed to be natural business partners because we have so many things in common.
“But I believe this visit is setting a tone for partnership because we can now work together and see how we can help each other achieve real trade growth.
“Now that they are ready for serious business with Nigeria, genuine business people can take advantage of the opportunities,” he said.

Olawore said that the proposed Investment Cooperation Agreement (TICA) between the two countries would enhance trade competitiveness, economic growth and ease of the business climate in the country.
“The Cooperation Agreement means we are now partners and it will also spell out conditions of free trade agreements
“If you look at our agric export, for lack of meeting their standard or European Union standard, they were stopped at the port, but now that will not happen again.
“Instead of stopping it at the ports, they will come and work with us here to ensure that the standard is what they expecectd it to be which is how partnerships work, you do not wait till the person make mistakes, but you work together to achieve mutual growth,”he said.

He said that trade betwen Britain and Nigeria was expected to rise above 100 million pounds before the end of 2018 and could hit $8 billion by 2020.
Mr Babatunde Ruwase, the President, Lagos Chamber of Commerce and Industry (LCCI), said that the business community should position itself to explore the various opportunities and maximise the benefits of the mutual partnership.
“It is a good development for Nigeria and British relationship because we can see enthusiasm that came from the Prime Minister’s visit and her planned investment in certain sectors of the economy.

“Particularly, their interest in the areas of improving investment in Fintech and infrastructure development,” he said.
Newsmen reports that Nigeria is Britain’s second largest trading partner in Africa.
Nigeria’s top export to the UK is crude oil and its largest import is refined oil.
May is on a trade mission in an attempt to bolster Britain’s post-Brexit fortunes.
This is her first visit to Africa since she became Prime Minister in 2016.
The visit was part of her efforts to “deepen and strengthen partnerships around the world as the UK prepares to leave the European Union (EU) next year.

May’s Visit: Nigeria’s business community expresses optimism on improved trade relationship was last modified: August 30th, 2018 by Francis Belux
Francis Belux

Share
Published by
Francis Belux
Tags: Maynbc

Recent Posts

How many Igbo people have you worked with? – Peter Obi strikes El-rufai (WATCH)

Vice Presidential Candidate of the Peoples Democratic Party, PDP and former Anambra state governor, Peter Obi has taken a shot…

3 mins ago

JUST IN: Saraki reacts to APC’s victory in Kwara Bye Elections

Nigeria's Senate President and Godfather of Kwara Politics, Bukola Saraki has reacted to the APC's victory in the just concluded…

43 mins ago

Gunmen shoot at APC Gov. Candidate, Tonye Cole during meeting (WATCH)

A Bloodbath was averted on Friday, November 16, 2018, at Old Bakana as gunmen alleged to be sponsored by a PDP…

53 mins ago

APC Wins Kwara Bye Elections (FULL RESULTS)

The ruling All Progressives Congress, APC has emerged victorious in Saturday's Kwara state bye-elections. The Independent National Electoral Commission (INEC)…

1 hour ago

Ajimobi’s wife urges well-to-do to support less-privileged

The wife of the Oyo State Gov., Mrs Florence Ajimobi, on Saturday appealed to the well-to-do in the society to do…

12 hours ago

N30,000 minimum wage: Fayemi canvasses upward review of federal allocation to states

Ekiti State Governor, Dr Kayode Fayemi, on Saturday said that the Federal Government needed to address the current revenue allocation…

12 hours ago