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The British Deputy High Commission, Mr Mike Purves, says the trading relationship between United Kingdom and Nigeria went up from $4.5 billion in 2010 to $5.4 billion in 2011.
Purves said this during the Nigerian-British Chamber of Commerce (NBCC) Day celebration at the ongoing Lagos International Trade Fair.
He said UK commercial trading with Nigeria was 74 per cent between 2011 and 2010 and noted that the trade balance was in favour of Nigeria.
The Deputy High Commissioner said it is very clear that the relationship is of a mutual benefit and since then it had gone up from $4.5 billion to $5.4 billion which shows that the relation was on right track. He however emphasized that the two countries needed to increase and surpass the commercial trading activities recorded in 2011.
According to him, UK investments in Nigeria and trading relationship is not a one sided relationship, noting that the commission was working to double UK-Nigeria bilateral trade relationship in 2014.
On his part, Mr Emeka Awagu, the NBCC President, said the chamber was working hard to strengthen the trade relationship between the two countries.
According to him, the chamber promotes private sector investment between Nigeria and Britain as well as intervenes on policy issue that affects its members.
Meanwhile, in another development, the Ghana High Commissioner to Nigeria, Alhaji Baba Kamara, had on Wednesday (yesterday) called for a Bilateral Trade and Investment Agreement between Nigeria and his country.
Kamara made the call during the Ghana Day celebration at the ongoing 2012 Lagos International Trade Fair organised by the Lagos Chamber of Commerce and Industry (LCCI).
The theme of the Fair is “Promoting Trade for Sustainable Economic Transformation”.
According to him, this will provide a platform to discuss challenges that may arise in the implementation of the Ghana Investment Promotion Act on Retail Trading.
He said Ghanaian Government action was aimed at ensuring that foreigners who engage in business in Ghana abide by the laws of the country, while stressing that the action is not targeted at Nigerians and in implementing the law, special concessions was made for ECOWAS citizens.
The high commissioner further explained that the concessions were in recognition of ECOWAS Protocol on the right of residence and establishments.
Kamara stressed the need for member states to obey the ECOWAS Trade Liberalisation Scheme to increase trade among the member countries.
He said a bilateral trade and investment agreement would serve as vehicle for promoting trade and Investment between the two countries as well as serve as avenue to discuss such challenges in a cordial atmosphere.
Kamara however expressed regrets that the poor performance of the scheme had resulted in trade among ECOWAS members standing at 10 per cent while that of European Union members stood at 60 per cent.
