Nigeria-UK trade hits 3 billion pounds – Envoy

Posted by admin Headlines Friday, March 25th, 2011

London -Bilateral trade between Nigeria and the United Kingdom hit three billion pounds in 2010, Amb. Dozie Nwanna, Nigeria’s acting High Commissioner to the UK, has said.

“The value of bilateral trade between the two countries was on the increase with a current estimate at a total sum of three billion pounds annually,” Nwanna said in an address to the Business Council for Africa (BCA) in London.

The envoy, who spoke on the state of the “Nigerian Economy Today”, however, noted that the trade was dominated by oil and gas as well as commodities and increasingly the service sector.

“It is essential that efforts be intensified at further diversification so as to enhance its potential to promote growth and development in the two countries,” he said.

The ambassador, who noted that Nigeria’s economic growth had been on the positive trend, said this had been made possible due to the relative peace and stability in the Niger Delta.

“It is, therefore, not surprising that Goldman Sachs has included Nigeria on the list of the Next 11, the group of countries with potential to be the largest economies in the 21st Century, alongside Brazil, Russia, China and South Africa,” he said.

Nwanna explained further that the government was determined to ensure the passage of the Petroleum Industry Bill (PIB) by the National Assembly to reinforce and complement the Local Content Act.

He explained that the PIB was not intended to stifle competition or new direct investments in the sector as some observers had noted.

“Under the bill, the Nigerian National Petroleum Corporation will evolve from an organisation hampered by conflicting regulations, managing and operating standards into an internationally competitive company.

-Vanguardwp_posts