Sunday, September 14, 2008

Nigeria is the UK’s second largest market in Africa

Saturday, 13 September 2008

WITH bilateral trade relations between Nigeria and Britain getting stronger by the day, the Director of United Kingdom Trade and Investment in the Commercial Section of the British Deputy High in Lagos, Peter Stephenson has disclosed that UK export to Nigeria is expected to £2 billion , adding that Nigeria is the UK’s second largest market in Africa, with exports of goods worth £1,013 million in 2007, and exports of services valued at £913 million in 2006.

According to Stephenson, because of the strong historical, language and constitutional ties between the UK and Nigeria, the UK is among the first countries that Nigerians look to for goods and services.

“UKTI London is keen to build on the established relationship between the two countries and to help companies in and around the capital take advantage of the opportunities for trade in Nigeria – notably in oil and gas, agriculture, mining and mineral processing, power, and communications. (Nigeria is the most lucrative telecommunications market in Africa, growing at twice the African average” he said.

With the representatives of 18 British companies that would be will be participating in the annual trade mission to Lagos organised by London Chamber of Commerce billed for 15 to 18 September 2008, he said that the trade mission would build strong business ties between UK and Nigeria.

The mission participants, according to the Trade Department of the British Deputy High Commission Lagos are a mix of companies that are new to Nigeria and those with experience in the country. “The large size of the mission represents the significant level of interest in doing business in the market and reflects the strong business links between Britain and Nigeria” UKTI said

UK Trade & Investment (UKTI) London region, according to a statement by the Commercial Section of the British Deputy High Commission is funding the mission. With this, UKTI helps British companies succeed in overseas markets. Its team in the British Deputy High Commission acts as the link between businesses in Nigeria and the UK and is providing local support for the visit.

A wide range of products and services are being promoted. These include: audio equipment, diesel-powered electric generators, mechanical pipe fittings, mobile phones, printing equipment and supplies, printing plants, scaffolding and formwork supplies for the construction industry, woodworking machinery, X-ray and radiotherapy equipment.

Services represented include: financial services, freight and procurement services, legal and dispute resolution services for the energy and construction industries, information technology and project management services, management training, packaging design and strategic branding consultancy, business management qualifications and training in accountancy.