Post Image
By David Stephen. Bilateral trade between Nigeria and the United Kingdom will grow to £8 billion (2 trillion naira) by 2014, from £4 billion where it stands now. This will come in from growth in exports and import of raw materials and products between the two economies. The Nigerian Minister of Trade and Investment, Olusegun Aganga and the United Kingdom Secretary of the Department for Business Innovation and Skills, Vince Cable, made this known in Lagos, yesterday. Aganga said that: “Nigeria is leveraging on the large Diaspora population we have in the UK, who can actually be the catalyst, those agents for trade between the two countries. They don’t have to relocate, but can do a lot from the SME side of it, and can also do a lot on trade. If you look at the program we are going to put in place, you will find out it is going to be beneficial to both countries.” “Nigeria was already exporting to the UK and importing from the UK too. We export some raw materials there and bring in finished goods. We have identified those areas where we can have a change. We want to get those companies processing the raw materials to finished goods to come and establish in Nigeria.” He continued: “We have had a useful business roundtable, which is a follow up to the meeting between Goodluck Jonathan and David Cameron, where they both set a target to double trade between the two countries by the year 2014; there is no shortage of interest in investment in Nigeria. We have all it takes to attract investment.  Our environment looks great; we have fertile land, good weather conditions, 34 solid minerals in commercial quantity, all of which make Nigeria an investment destination of choice.” Vince Cable responded saying: “We do not worry if there is an in balance against the United Kingdom. If we do not import crude oil from Nigeria, we could import from other countries. The important thing is that trade is growing in both directions. That is the key because it is mutually beneficial. We want to see barriers being removed.”

You might also like:
This article was first published on 10th October 2012 and updated on October 24th, 2012 at 11:52 am


Dami is the editor and business developer for she is an On-Air Personality and also an Artist with a focus in sculpting and pottery.

Comments (1)

One thought on “Nigeria-UK Bilateral Trade To Reach £8 Billion By 2014”

  • Abeg make i word, na so so money we go they hear we no dey see anything……………………long hiss

Leave a Reply

Your email address will not be published. Required fields are marked *