From: Sisi Ochigbo, Abuja
The Nigerian Export Promotion council has stated that Foreign Direct Investment into the country could rise from $1billion to $4.5billion by 2030.
This can be achieved through strengthening of bilateral trade and investment cooperation agreement TICA, as there is no better time to seize this opportunity than now when economic diversification is given the front burner by the present administration of President Mohummadu Buhari.
The Executive Director/ CEO Nigerian Export Promotion Council Olusegun Awolowo disclosed this at the Nigeria-United Kingdom trade diagnostic study in Abuja, stating that as far as he is concerned, Nigeria should take advantage of the over 2million Nigerians in Diaspora in the UK to increase food export.
He however listed some barriers to export in meeting UK standards to include origin reputation, traceability, certifications and logistics.
Speaking, Richard Ough Head of Economic Development Department for International Development DFID, between UK and Nigeria was launched as a commitment to support both economies to grow and prosper.
He said, “Nigeria is a real frontier economy with huge potential for trade and investment opportunities for British firms, and its key economic partner to the UK in Africa. Bilateral trade in 2017 was $4.2 billion and has grown an average of 7% per annum since 2008.
“The UK through the department for international trade DFID is exploring how Nigerian exporters can maximize the use of the existing trade preference, including by supporting exporters dialogue with trade regulators through a community of practice as well as identifying market access barriers that could be removed to enhance trade between both countries.