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Nigeria and UK Target Bilateral Trade Volume of N2 Trillion by 2014

By on October 9, 2012

Nigerian Trade Minister Olusegun Aganga (L) looks as British Business Secretary, Vince Cable, speaks

The government of Nigeria and the United Kingdom have set their sights on achieving a bilateral trade volume of N2 trillion by 2014.

The current trade volume between the two countries is N 1 trillion, meaning that the countries seek a 100% increase in trade.

In order to achieve this both countries plan on improving the business climate in Nigeria.

Addressing a press conference in Lagos on Monday, Nigeria’s Minister of Trade and Investment, Mr. Olusegun Aganga; and Secretary, Department for Business, Innovation and Skills, United Kingdom, Dr. Vince Cable said the factors hampering expanded business between the two countries had been identified and would be tackled.

Some of the solutions raised were creating an enabling environment for Small and Medium enterprises (SMEs) to thrive, as well as leveraging on the potential of Nigerians in the diaspora.

Aganga said, “We have had a useful business to business roundtable, which is a follow up to the meeting between President Goodluck Jonathan and David Cameron, where they both set a target to double trade in 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. We are making the environment friendlier. We have fertile land, good weather condition and 34 solid minerals in commercial quantities, all of which make Nigeria an investment destination of choice.”

Aganga also noted that trade between the two countries was often lopsided.

He said, “Sometimes is on Nigeria side and sometime on United Kingdom side.

“We intend to leverage on Nigerians in diaspora in United Kingdom, most of who are SMEs involve in trade,” he added.

United Kingdom Secretary, Department for Business, Innovation and Skills, Dr. Vince Cable, said, “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”.

One Comment

  1. Sue Ene

    October 9, 2012 at 10:15 am

    Aganga also noted that trade between the two countries was often lopsided. This is an understatement!! Can they list how the majority of Nigerians benefit from this trade?