Key government officials, business leaders and diplomats have emphasised the need to strengthen Nigeria–United Kingdom commerce and deepen intra-African trade to harness emerging global opportunities and enhance competitiveness.

They made the call at the inauguration of the 19th president of the Nigerian-British Chamber of Commerce, Abimbola Olashore, on Monday night in Lagos.

They noted that improved infrastructure, clearer policies and stronger security were essential to unlocking competitiveness.

Benedict Oramah, former president of the African Export-Import Bank, said while trade could be a powerful instrument for development, the disruption of globalisation cannot be the end of the road for Africa and Nigeria.

Mr Oramah stated that international division of labour, access to markets, innovation and technology were different pathways through which trade impacted participants globally.

He, however, noted that deglobalisation would limit the impact of these forces. He said while deglobalisation was disrupting and dismantling complex supply chains, new trade routes and supply chains were emerging to meet domestic demand in different markets.

“I am confident that with or without globalisation, Africa‘s trade-driven transformation is on its way, and I am proud to say that Afreximbank rose to its calling and is, and will continue to be, instrumental in charting this promising path,” he said.

Mr Oramah urged true African leadership to abandon the luxuries of privilege and embrace the duty of sacrifice.

He said the quality of NBCC members could form the nucleus of the leadership required to push economic transformation forward, no matter the odds or the external environment.

Mr Oramah said Afreximbank had taken concerted action towards resolving the institutional failures that had constrained the continent’s development aspirations.

This, he stated, has provided Africa with a good chance to overcome emerging challenges.

Former minister for power, works, and housing, Babatunde Fashola, said trade and diplomacy had become handy tools for development, especially given the role tariffs play in global development.

Mr Fashola, however, stated that the only limitation to the country’s trade capacity in a globally digitalised world was humans. He said the country’s Nigeria First Policy and a few other reforms had begun to align the nation in productivity and trade.

He called for greater focus on small and medium enterprises, deeply interrogating the challenges they face and creating solutions that not only support existing brands but also create new ones.

The former minister also highlighted the role of infrastructure in boosting and expanding trade.

He noted that the Nigerian government and its people had made commitments through projects in roads, rail, and other areas to boost infrastructure investments.

“There have been projects that link Nigeria to Niger and Cameroon, the Lagos-Badagry expressway to Abidjan-Senegal highway, which connects about 400 million people and the trans-Saharan highway project connecting Africa from North to South and East to West, with three of its nine highways ending in Lagos.

“Infrastructure such as Lekki Deep Sea Port and Dangote Refinery are already redefining trade in logistics, shipment and oil and gas, and I think we must protect early shoots of development with commitments to live within the law. The significance of connectivity should not be lost on the entire people of Nigeria, and the stars are aligning, but there is work to be done in the area of law and order,” he said.

Mr Fashola also congratulated the newly inaugurated president and revealed that they had worked together three decades ago on trade matters.

Governor Babajide Sanwo-Olu noted that over the decades, Nigeria and the United Kingdom had built a partnership rich in history yet firmly anchored in ambition.

Mr Sanwo-Olu said both nations were bound not only by shared pasts but by a mutual desire for innovation, growth, and sustainable prosperity. He noted that total trade between the two countries in 2024 stood at £7.5 billion, of which UK exports to Nigeria amounted to £5.3 billion, while imports from Nigeria stood at £2.2 billion.

He, however, stated that, despite the numbers, Nigeria still ranked only 37th among the UK’s trading partners, accounting for roughly 0.4 per cent of its total global trade.

“These figures remind us that while progress has been made, the true potential of our partnership remains far from fully realised,” he said.

Mr Sanwo-Olu described Lagos as a city whose energy, resilience, and innovation made it not only Nigeria’s economic heartbeat but one of the continent’s most compelling destinations for global capital. He said the state continues to build the infrastructure that would enable larger, more strategic investments, noting that it is open for business.

The governor pledged his support for the newly inaugurated president and restated the state’s commitment to enabling thriving trade mechanisms.

Sarah Howard, chair of the British Chambers of Commerce, said Olashore’s leadership came at a pivotal time for relations between Nigeria and Britain. She said both countries would continue to champion innovation for business growth, stating that the importance of UK-Nigeria trade relations cannot be overstated.

Ms Howard affirmed her interest in strengthening Nigeria-UK trade and investment in 2026 and unlocking the immense potential of both countries, delivering business prosperity for both nations.

Also, the British Deputy High Commissioner, Johnny Baxter, said the UK’s developing countries trading scheme allowed over 90 per cent of products to enter the UK duty-free.

Mr Baxter said both countries must embrace an enhanced trade and investment partnership, identify trade barriers, and work together to resolve them.

(NAN)