The Nigerian British Chamber of Commerce (NBCC) has inaugurated the British Trade Centre in Lagos, housed within its headquarters. The newly established centre is designed to provide operational support for foreign businesses seeking to navigate the Nigerian market.
The facility tour, held on May 29, brought together representatives from the British High Commission and the Nigerian Investment Promotion Commission (NIPC). Speaking at the event, NBCC President Ray Atelly highlighted that the British Trade Centre is envisioned as a one-stop information hub to foster stronger trade ties between Nigeria and the United Kingdom.
The centre was equipped with teleconferencing facilities and temporary workspaces for businesses seeking to establish a presence in Nigeria. It will also include information desks to support Nigerian businesses looking to trade in the UK, as well as British businesses looking to set up in Nigeria.
Speaking at the event, Mark Smithson, the country director for Nigeria at the UK Department for Business and Trade appreciated the NBCC for its efforts at aiding trade between the two countries.
Aisha Rimi, the CEO of the NIPC noted that the “establishment of the trade centre is, in many ways, a perfect match for our mission.” She also drew parallels between the centre and the One Stop Investment Centre, which she noted “brings together 17 key government agencies under one roof.”
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Rimi said about the One Stop Investment Centre, “This setup allows investors to obtain permits, licenses, approvals, and even dispute resolution services—all in one place.”
UK is open for Nigerian exporters
Speaking to BusinessDay, Mark Smithson highlighted the UK-Nigeria Enhanced Trade and Investment Partnership. He noted that with the partnership, the UK is looking to increase its non-oil imports from Nigeria.
He spoke on the declining trade between Nigeria and the UK due to the drop in crude exports from Nigeria in recent months.
Mark noted about the programme, “There is a dedicated chapter on export diversification, where we seek to work with Nigerian partners to support Nigeria’s ambition to diversify its exports.”
He also added, “In 2023, the UK launched what we call the Developing Countries Trading Scheme, which is a new tariff scheme, and Nigeria is one of the biggest beneficiaries of this. Under this scheme, there are something in the region of 2,000 to 3,000 products from Nigeria that could potentially qualify for low tariff or no tariff access to the UK.”
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