Nigeria, UK trade volume to hit $4.5 billion

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

Executive Director/CEO, Nigerian Export Promotion Council (NEPC), Mr. Olusegun Awolowo disclosed this during a one-day stakeholder’s forum on BREXIT organized 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.”