New initiatives by the Nigerian-British Chamber of Commerce (NBCC) to promote made-in-Nigeria products, could increase the trade volume between Nigeria and the UK above the projected N7.7 trillion (£20 billion) by 2020.

The President of NBCC, Adedapo Adelegan (photo), who disclosed this while unveiling plans to mark the 40th-anniversary celebration of the Chamber in Lagos said that in spite of the recession in the country “I see the trade surpassing £20 billion, which was earlier projected for 2020. The value of trade between Nigeria and the UK is about £8 billion, and oil & gas made up 60% of this figure before. But we have seen more of non-oil products constituting the exports.

According to him, the new initiatives are expected to assist the Federal Government’s effort to boost export of non-oil products and increase the country’s foreign exchange earnings, in that way helping Naira withstand pressure from other major currencies.

Adelegan added that the plan will also stimulate standards that would boost the acceptance of Nigerian made products and also promote local industries, especially the small and medium-sized enterprises (SMEs).

Anita Fatunji