The inauguration of Prince Abimbola Olashore as the 19th President of the Nigerian-British Chamber of Commerce (NBCC) on Monday in Lagos emphasized the critical role of trade in driving national development.
Former African Export-Import Bank President, Prof. Benedict Oramah, highlighted that while deglobalisation is reshaping traditional supply chains, new trade routes and opportunities are emerging, particularly within Africa.
He said the NBCC could play a pivotal role in strengthening Nigeria-UK trade relations and boosting intra-African commerce.
“I am confident that with or without globalisation, Africa’s trade-driven transformation is on its way, and Afreximbank will continue to be instrumental in charting this promising path,” Oramah stated.
Former Minister for Works and Housing, Babatunde Fashola, also called for greater focus on Small and Medium Enterprises, noting that trade and diplomacy have become essential tools for national growth.
He stressed the importance of infrastructure in expanding trade and encouraged innovative solutions to support both existing and emerging businesses.
Represented by Lagos Deputy Governor Obafemi Hamzat, Governor Babajide Sanwo-Olu noted that total trade between Nigeria and the UK in 2024 was £7.5bn, with Nigeria ranking only as the UK’s thirty-seventh trading partner.
“While progress has been made, the true potential of our partnership remains far from fully realized,” he said.
Olashore, in his acceptance speech, pledged to drive initiatives that empower businesses, attract investment, and enhance NBCC’s visibility as a key voice in Nigeria-UK trade.
British Deputy High Commissioner Johnny Baxter reaffirmed the UK’s commitment to enhanced trade and investment partnerships, highlighting duty-free schemes that facilitate over 90 percent of Nigerian products entering the UK.
