UK moves to partner: Ms Emma Wade-Smith, the United Kingdom Trade Commissioner for Africa, says that the United Kingdom is working with African countries to address market access barriers and improve the business environment for trade.
Wade-Smith while speaking at a webinar hosted by the Lagos Chamber of Commerce and Industry (LCCI) on Thursday, July 1, said that the arrangements would also make trade between Nigeria and the United Kingdom easier and cheaper.
The theme of the webinar was “International Conference on Brexit, Opportunities for Africa and the United Kingdom.”
Following the United Kingdom’s exit from the European Union (Brexit), the country was free to set its own trade policies and negotiate with other countries.
Wade-Smith stated that there was a wide range of potential and opportunities in priority sectors such as agriculture, energy, education and skills, healthcare and life sciences, mining, defence and security, financial services, and the creative industry.
She, however, state that all of the United Kingdom’s activities in Africa were underpinned by technology and green growth to address climate change.
She stated that some of the United Kingdom’s plans included starting from scratch by identifying local partners and identifying opportunities in both countries that were mutually beneficial.
“Nigeria is such a vibrant, dynamic, and vital partner for the United Kingdom.
“The impact of the COVID-19 pandemic is minor in comparison to the effects of climate change, so we must do everything possible to limit the widespread climate disruptions.”
“These include sustainable infrastructure, healthcare, and water products, as well as ways to reduce our carbon footprint in order to drive economic growth.
“We will also use the preferential trading agreement to increase exports and imports between us, as well as provide technical and other support,” she added.
Mrs Abike Dabiri-Erewa, Chairperson of the Nigerians in Diaspora Commission (NiDCOM), stated that Brexit has created a once-in-a-lifetime opportunity for African nations to capitalize on.
She disclosed that summits aimed at improving trade investments, particularly opportunities for diaspora investment were on board.
She, however, stressed the need for the opportunities to be mutually beneficial to both countries.
“Nigeria’s huge diaspora population has a strong role to play to facilitate trade and we are encouraging trade investments with several summits to improve trade.
“Brexit creates a unique opportunity for Africa nations to leverage on and we must work together to improve business environment to drive trade.
“We are ready to take on investment opportunities and the likely expansion that Brexit brings,” she said.
In her remarks, Mrs Toki Mabogunje, President, LCCI said that Britain’s departure from the EU presented numerous trade and investment partnership opportunities for the African continent.
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Mabogunje cited the United Nations report which stated that Africa’s population of 1.3 billion would rise to 2.4 billion by 2050.
“With the youngest population in the world, Africa will drive the global labour market, as her young people impact the world with creativity, innovation and entrepreneurship.
“Africa, with its Continental Free Trade Area Agreement, with a GDP of 3.3 trillion dollars is now the largest free trade area in the world since the creation of the World Trade Organisation.
“With harmonised tariffs, rules and standards, this is a market no one can ignore.
“The U.K. Accounts for 4.8 per cent of total African exports according to the UK Office for National Statistics.
“With Brexit, our expectation is that this percentage will increase significantly as investment and trade volumes with African countries improves.
“This will create jobs and boost growth in Africa and the U.K,” she said.
