By Milton Tella – The Institute of Export & International Trade (IOE & IT), on Wednesday, 8 February, 2023, organised a Parliamentary Dinner for leading African High Commissioners, senior policy makers, trade envoys and experts.
At the dinner event, which was held at the House of Commons, the High Commissioner of Nigeria to the United Kingdom, His Excellency, Ambassador Sarafa Tunji isola OFR made a compelling case for the UK businesses to invest in Nigeria.
The aim of the evening was to discuss “Unlocking the Trade Potential of Africa”, exploring ways the UK government’s Developing Countries Trading Scheme (DCTS) can bring to life the opportunities and potentials for both intra-Africa trade and trade between the UK and Africa.
Speaking at the event, Marco Forgione, Director General of IOE & IT, said: “The World Bank estimates that the African Continental Free Trade Agreement (AfCFTA), signed by 54 of the 55 members of the African Union, will lead to a 32% increase in African exports by 2035 and a 109% rise in intra-African goods movements.
“It’s a huge opportunity for UK businesses to build more resilient supply chains to grow and ensure that development across Africa. This trade brings benefit to Africa and helps to further integrate Africa into the global trading network.
“Trade has a unique capacity, through the exchange of knowledge, to transform lives, transform communities and to transform nations. Building closer, more streamlined trading relationships between the UK and Africa, will bring huge benefits to both African nations and the United Kingdom.”
On his part, the Nigeria High Commissioner to the UK, Ambassador Sarafa Tunji Isola OFR, talked about the fact that Nigeria sees UK as one of its most important partners in Africa and that Nigeria is committed to working with the UK Government and its businesses and exporters to boost trade between our two great nations.
Making reference to the strong existing relationship between the United Kingdom and Nigeria, the High Commissioner advised the stakeholders to take full advantage of the bilateral cooperation across economic development, trade and investment, in the interests of both British and Nigerian Businesses.
He outlined the Nigeria government’s commitment to building infrastructure in order to develop Nigeria as a world-class economy, while encouraging participants to consider investing in Nigeria’s mining, agricultural and Information Technology sectors including the energy sector.
The High Commissioner, however expressed concern that despite the huge opportunities in the country, Nigeria is not among the first 20 UK trading partners. He then stated that, this figure can be improved upon, if both parties take advantage of the channels put in place to improve trade ties, such as the Developing Countries Trading Scheme (DCTS) and the AfCFTA.
It is worthy of note, that Ambassador Isola’s efforts at developing strong trading links between the United Kingdom and Nigeria, are already yielding results with many UK companies, seeking opportunities in Africa’s largest market.
Also, in attendance at the dinner were, High Commissioners from Namibia, Uganda and representatives from Kenya and trade envoys.
Rt. Hon. Andrew Mitchell, Member of Parliament (MP), the Minister for Development & Africa in the Foreign, Commonwealth and Development Office (FCDO) gave the Keynote address and the event was chaired by Chi Onwurah MP, Chair of the Africa All Party Group (AAPG).
Chi Onwurah, MP said, “it was an excellent discussion of the opportunities and challenges of trade between the United Kingdom and Africa and how to address the barriers to mutually beneficial trade growth.”
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