Britain seeks trade opportunities in Nigeria

The London Chamber of Commerce and Industry says its trade mission to Nigeria is to expand business ties and strengthen existing relationship.

The long years of military rule in Nigeria, affected relations between the two countries, as some British firms severed relationship with the country.

Speaking at a press conference organised by the British High commission in Nigeria, the U.K. director of Trade and Investment in Nigeria, Peter Stephenson, said the mission was in the country to renew business ties.

"This trade mission is aimed at developing business partnership between the two countries, as there are excellent opportunities to be tapped in Nigeria. Most companies in the U.K. are keen on tapping into the numerous investment opportunities in Nigeria but they are only holding back because of the global reputation of the country.

"Our mission here is to show that there are many investments to tap into and that the country is not as bad as how it is portrayed. In order to encourage more investment in the country, the issue of the country's reputation has to be addressed as this is what is making most investors stay away from the country," he said.

Mr. Stephenson further noted that countries around the world were beginning to compete for positions in the business world and are doing so by looking for more business partners to expand their trading activities.

The trade mission comprises representatives from 20 companies in various sectors like manufacturing, oil and gas, telecommunications, constructions and services providers among others.

Mission objectives

"The mission's objectives are to look for local representatives as qualified distributors or agents and clients. Some of the representatives are coming into the country for the first time to build contacts, while others will be building on existing contacts and will be looking forward to making new contacts," the head of the World Trade of the London chamber, Annabel Fogden said.

Speaking on the timing of the mission, Ms. Fodgen said, "Nigeria will soon be competing as one of the world's leading business economies, and this is the best time to take advantage of the opportunity of investing in the country and the investments are best done in the manufacturing and information technology sectors as this is what will drive the country's growth."

The adviser of the U.K Trade International in London, Michael Gawin, spoke on the purpose of the mission. He said: "This means Nigeria is a place where business can happen and people are ready to do more to make investment and businesses thrive in the country.

The only hindrance to the development of these investment opportunities is the global perception of the country that has been hindering countries from Europe especially UK to come invest in the country."