The Nigerian-British Chamber of Commerce (NBCC) has unveiled the Nigerian-British Trade Centre in Lagos. This strategic initiative is poised to catalyse export growth, enhance foreign direct investment (FDI), and expand market access for Nigerian and British businesses under a revitalised framework for international cooperation.
The launch, held at the NBCC headquarters, brought together high-level stakeholders from both countries, including representatives from the UK Department for Business and Trade. The newly commissioned centre is seen as a response to the evolving trade landscape and aligns with Nigeria’s ongoing push for economic diversification beyond oil.
Speaking at the event, Mark Smithson, Country Director at the UK Department for Business and Trade, underscored the value of UK-Nigeria relations, citing the Enhanced Trade and Investment Partnership (ETIP) and the Developing Countries Trading Scheme (DCTS) as key enablers. These schemes currently allow over 2,000 Nigerian products to enter the UK duty-free or at significantly reduced tariffs.
“We are enthusiastic about seeing Nigerian exporters, especially SMEs and agribusinesses, benefit from global access. From sesame seeds to cashew nuts, there is immense potential to increase non-oil exports,” Smithson said. “The UK remains committed to equitable trade partnerships and will continue to support Nigeria’s journey toward becoming a globally competitive export hub.”
The DCTS, introduced in 2023, simplifies trade rules for developing countries, reduces costs, and incentivises sustainable development. For Nigerian exporters, this translates into a crucial opportunity to gain a stronger foothold in international markets — provided products meet the required quality and compliance standards.
In his remarks, NBCC President Ray Atelly described the centre as a “hub of opportunity” that goes beyond trade facilitation. “This is more than just a trade support facility. It is a bridge between two dynamic economies. The centre will foster economic diversification, cultural exchange, and policy engagement, offering businesses a one-stop information portal for trade intelligence, regulatory guidance, and investment advisory services.”
According to Atelly, the facility will house trade experts and sector-specific consultants, providing Nigerian entrepreneurs with actionable insights to navigate complex export procedures, access UK markets, and attract UK-based investors. “There is so much Nigeria can export — from agricultural produce to tech services. We are focused on helping businesses package these goods in a way that meets global expectations,” he said.
The timing of the launch is particularly significant. Nigeria, grappling with post-oil transition challenges and foreign exchange instability, is actively seeking alternative revenue sources. The centre is expected to complement efforts by the federal government and private sector coalitions to reposition Nigeria as a key player in Africa-UK trade corridors.
In 2024, bilateral trade between Nigeria and the UK was valued at £5.4 billion, with the UK being Nigeria’s second-largest non-African trade partner. However, experts believe this volume can double within the next five years if infrastructure bottlenecks, policy inconsistencies, and low export capacity are addressed.
The NBCC Trade Centre is expected to serve as a platform for matchmaking business opportunities in sectors like agribusiness, energy, education, ICT, manufacturing, and creative industries. With Nigeria’s expanding youth population and growing tech ecosystem, there are also high expectations for increased UK investment in startups and digital infrastructure.
Experts suggest the centre could become a case study in how bilateral chambers of commerce can play a transformative role in shaping modern trade diplomacy and facilitating private sector-led growth.
In a show of unity and optimism, stakeholders at the event pledged continued collaboration to overcome lingering trade barriers, enhance logistics systems, and scale enterprise development.