• 2 years ago
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Nigeria, UK Trade Volume To Hit $4.5bn

The Commonwealth Secretariat has predicted that the existing trade volume between Nigeria and the United Kingdom (UK) is likely to increase from $3.7billion to $4.5billion.

Executive Director/CEO, Nigerian Export Promotion Council (NEPC), Mr. Olusegun Awolowo disclosed this during a one-day stakeholders forum on BREXIT organised by the NEPC  in collaboration with Commonwealth in Abuja, with BREXIT: Opportunities and Challenges for Nigeria as theme.

He said: “Nigeria needs to maintain a strong economic relationship with Britain in alignment with its membership of the commonwealth.

“With the proposed Trade and Investment Cooperation Agreement (TICA) between both countries, the United Kingdom foreign Direct Investment (FDI) could increase to 421/2 billion pounds by the year 2030 if both countries implement programmes to improve trade competitiveness and ease of doing business between them.”

According to the Commonwealth report, Nigeria export to the UK may be further strengthened with the new trade and investment arrangements given that a number of professional service sectors are patterned after the UK’s. Also, there are enough similarities exist between the two countries to propose the signing of mutual agreement for identified professional service sector.

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Nigeria, UK Trade Volume To Hit $4.5bn was last modified: May 12th, 2017 by Obiageli Asika