NBCC to explore new frontiers of cooperation for Nigeria, UK

The Nigerian-British Chamber of Commerce (NBCC) has stated the need for Nigerian and British businesses to leverage their strengths and explore new frontiers at the forthcoming trade mission in the United Kingdom.

Mr Ray Atelly, President, NBCC, said this at a news conference on Thursday in Lagos.

Atelly said the 2024 NBCC Trade Mission slated for June 24 to 28 has the theme: “Unveiling Untapped Opportunities Across the UK and Nigeria.”

He said the advice was crucial to navigate the complexities of a post-Brexit and post-pandemic global economy.

He noted that the trade mission was critical, particularly at this time when the Nigerian economy needed a rebirth especially via influx of foreign direct investments.

He said Nigeria’s dynamic economy, rich in resources and entrepreneurial spirit, presented a wealth of investment opportunities for UK businesses, particularly as Nigerian banks need capital to meet the new capital threshold set by the apex bank.

Atelly added that the UK, with its advanced infrastructure, diverse market, and robust legal framework, offered numerous opportunities for Nigerian businesses seeking to expand their footprint internationally.

“It is certainly not just a window but a big door of opportunities thrown open to investors all over the world, the United Kingdom particularly.

“The Central Bank of Nigeria Governor, Olayemi Cardoso, has agreed to feature in the trade mission and he will be delivering a paper on his programme for the banks (recapitalisation of Nigerian banks).

“It is, therefore, an opportunity for the financial institutions in Nigeria to join us on this mission to explore possibilities beyond borders,” he said.

He also stated the need to explore and unveil untapped opportunities that exist within both economies.

Atelly said on the Nigerian front, opportunities existed in the transportation, educational and technology areas while for Nigeria in the UK, opportunities were in housing, food exports and culinary delights.

He stressed that Nigeria must expend efforts such as this to replace businesses that were being lost, noting that the net gain was in the country’s favour.

He pledged that the NBCC would continue to be at the forefront of fostering strong bilateral trade relations between Nigeria and the United Kingdom.

“This trade mission is a testament to our commitment to deepening economic ties, promoting business opportunities, and enhancing mutual growth and development,” he said.

The Director General, NBCC, Mrs Ebere Njoku, said the trade mission would high the vast and often underused opportunities in Nigeria’s key sectors such as agriculture, technology, manufacturing, and energy.

Njoku said the knowledge exchange in best practices between business leaders would foster innovation and collaboration between Nigerian and British business leaders.

“The UK-Nigeria relationship is built on a foundation of shared history and mutual interests.

“This trade mission is not just about business; it is about building bridges, fostering understanding, and creating a future where both nations can thrive together.

“As Nigeria navigates challenging economic conditions due to the decline in global oil prices, it has become imperative for us to diversify our economy and reduce our dependence on crude oil.

“The NBCC Trade Mission stands as a beacon of opportunity, aimed at attracting foreign investments to Nigeria with a focus on our non-oil sectors,” she said.