NBCC: 40 years of driving trade between Nigeria, UK

Forty years on, the Nigerian-British Chamber of Commerce (NBCC) has succeeded in becoming a major trade driver between Nigeria and the United Kingdom.

Founded in 1977, the NBCC has served as a bridge between Nigeria and the UK, enabling companies in Africa’s biggest economy to tap into opportunities in the UK. It has also shown many UK companies the way to the heart of Nigerian market.

One of the biggest achievements of the NBCC is the provision of opportunities for Nigerian companies to explore the UK market through trade missions.

In 2015, Nigerian firms that participated in the trade mission to the UK made about £1 billion pounds in revenue from food sales.

The 2016 trade mission to the UK focused on infrastructure and real estate. It provided a 2-day ‘Opportunity Nigeria Event’, which hosted Chibuike Amaechi, Minister of Transport. The minister seized the opportunity to launch the $2 billion Nigerian Infrastructure Fund, a Pecora Capital-managed fund offering investors good returns.

Apart from trade missions, the NBCC has made critical strides in major areas such as policy dialogue, advocacy, networking and business referrals, with a view to garnering business sustainability in different sectors of the Nigerian economy.

Each month, it hosts key government or private sector experts to discuss issues affecting the economy and the business community.

Recently,topics such as infrastructure, power, manufacturing, agriculture, mining, tax and foreign exchange crisis, among others, have been discussed by government and private sector experts who offered deep insights into them.

The trade efforts are making impact, as trade volumes between Nigeria and the UK is estimated at £7 to £8 billion annually.

Adedapo Adelegan, president of the NBCC, believes that trade volumes between the two countries could even exceed N7.7 trillion (£20 billion) by 2020 if all hands are on deck.

“Despite recession, 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 percent of this figure before,” Adelegan said at the 40th anniversary press conference organised by the chamber in Lagos recently.

“But we have seen more of non-oil products constituting the exports. One billion pounds of export in 2015 were foods and condiments,” Adelegan said.

The British companies in Nigeria, which include oil & gas firms, manufacturers, airways and services firms, have grossed billions of naira in revenue in the country.

In commemoration of its 40th anniversary, the NBCC is currently making arrangements to improve upon the progress made so far.

In February this year, the chamber launched the NBCC-DCSL MSME Centre with a view to strengthening the capacity of small businesses in Africa’s most populous country.

It held an anniversary lecture and photo/arts exhibition on March 9, which also included a documentary of milestones covered in the past 40 years.

This was followed by a cocktail & launch of the NBCC Abuja branch in March.

There will be 40th Anniversary Gala Dinner and Dance/ Patrons’ Investiture First week in June, including visits to Anambra, Lagos, Ogun and Ondo states.

The highpoint of the programme will be the 40th Anniversary Trade Mission to the UK between May 22nd and 26th, which will focus on the maritime sector, mining and mineral resources sector, finance and investment.

“I expect members and non-members to sign deals for the supply of non-oil products during the trade mission. The UK chapter will be organising a similar event,” said Akinola Akintunde, former president of the chamber and chairman of the organising committee of the 40th anniversary.

The chamber has created new groups such as Construction and Real Estate, Professional Services, Creative, Media & Entertainment as well as Oil & Gas and Export to capture experts in emerging industries.

ODINAKA ANUDU