Bilateral ties between Nigeria and the United Kingdom may climb to 11.6 billion by 2030 through non-oil exports and Foreign Direct Investments, FDIs, that is if the Federal Government boosts the ease of doing business in the country.
According to a latest report by PricewaterhouseCoopers(PwC) titled, ‘Seizing the Opportunity: An economic assessment of key sectors of opportunity for UK business in Nigeria’, UK’s non-oil exports to Nigeria could account for £7.1 billion by 2030, up from £1.9 billion in 2014, while its FDI footprint could increase to £4.5 billion from £1 billion over the same period,The Guardian reports.
The report, which was produced by PwC on the request of the Foreign and Commonwealth Office, highlights the opportunities that exist in Nigeria for UK businesses and provides guidance for trade and investment in Nigeria.
The report identified six goods and services exports that will offer UK businesses the greatest potential for growth.
They include, machinery and transport equipment; manufactured goods; chemical and related products; telecommunication and information services; transportation and travel; and intellectual property.
It also identified three sectors that will provide the most promising FDI opportunities for UK businesses, as technology, media and telecommunication; retail and consumer products; and business and financial services.
In the context of BREXIT – the UK’s recent vote to leave European Union – the UK Trade Envoy to Nigeria, John Howell (MP), described the report as useful in the UK’s bid to strengthen trade relations with Nigeria and other countries.
Howell said BREXIT will not reduce the UK’s trade relations with Nigeria but would rather increase its importance.
“I don’t think BREXIT will change the trade relationship with Nigeria, I think you’ve got to remember that my appointment as the Prime Minister’s trade envoy pre-dates BREXIT and it shows how important the relations between Nigeria and Britain was even then.”
“So all BREXIT has done is that it has increased the importance of that relationship. Britain is open for business. It may have left the European Union, but it hasn’t left Europe,”He said.
“The report is very useful in that it highlights so much about how trade is done between Nigeria and Britain and it also highlights the opportunities that are there for the future. I shall certainly be using it when I get back home to encourage companies to come out and to take advantage of the opportunities.”
The UK trade envoy added that he was determined to ensure that the UK becomes Nigeria’s number one trade partner by talking to both British companies and companies in Nigeria about how they can do more business together and making them aware of the opportunities highlighted in the report. He also noted that the floating of the naira has made it a lot easier to do business with Nigeria.
