National Wire About Nigerians, Nigerian Business and Other Stories
By Friday Ekeoba
The trade relationship between Nigeria and the UK may soon get a further boost, as the UK’s Prime Minister Trade Envoy to Nigeria, John Howell has called for more collaboration and strengthening of existing business opportunities between both countries.
He said the Nigeria market with lots of business growth potentials remained untapped, noting that the British government is more than ever ready to invest in the Nigeria market.
Addressing reporters on Wednesday on the Lagos floor of the Nigerian Stock Exchange (NSE), during a visit to the market, the British envoy said with the recent Brexit vote in the UK, noted that it is a major opportunities for African countries to have more stake in the UK economy.
Howell who said there is a dedicated trade desk in the UK, that helps to galvanize business relationship between his country and other trade partners, explained that the Nigerian stock market being a very important market in the African continent must be leveraged on to boost businesses in the country.
On the issue of insurgency, Howell noted that the UK government will continue to collaborate with the government in tackling the problem of incessant militant attacks in both the North East and the Niger Delta.
“The first thing the UK government has done is to appoint me as the trade envoy to Nigeria and that shows the important that the UK government attached to Nigeria. Not all countries in the world has trade envoy. It is also good opportunity for Nigeria companies to get involved in the UK market. We have to look at the increase prosperity on both side as being one of the great things I want to achieve.
“What you will see is some greater focus, to make the best of the opportunities that are here. The assistance Nigeria are getting in fighting the issue of corruption and insecurity in the North and Niger Delta will continue”, he added.
Nigeria’s relation with its trading partners across the world is a mixed bag of risks and opportunity. Often toutedas Africa’s biggest economy, though ranked 26th in the world in terms of Gross Domestic Product (GDP) after rebasing, and with an over 167 million population,the country still remains an investor’s delight in spite of seemingly unfavourable business climate like insecurity and infrastructure deficit.
One of its biggest trading partners is the United Kingdom. Presently, Nigeria is UK’s second largest trading partner in Africa after South Africa. The drive for improved trade and economic relations was the kernel of discourse at the Greater London Business Conference on Nigeria last year, the epic event that was put together by the prestigious Nigerian London Business Forum in UK.
