A former President of the African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, has emphasised that trade remains a powerful driver of development, even amid global disruptions.
He noted that while deglobalisation is dismantling traditional supply chains, new trade routes and opportunities are emerging, particularly within Africa, to meet domestic and regional market demands.
In a statement on Monday, during the inauguration of Prince Abimbola Olashore as the 19th President of the Nigerian-British Chamber of Commerce (NBCC), Oramah said the Chamber has a central role in strengthening Nigeria and UK trade relations and boosting intra-African commerce.
He said while deglobalisation was disrupting and dismantling complex supply chains, new trade routes and supply chains were emerging to meet domestic demand in different markets.
“I am confident that with or without globalisation, Africa‘s trade-driven transformation is on its way, and I am proud to say that Afreximbank rose to its calling and is, and will continue to be, instrumental in charting this promising path,” he said.
“The quality of NBCC members could form the nucleus of leadership required to push economic transformation forward, no matter the odds the external environment presents,” Oramah added.
Oramah urged true African leadership to abandon the luxuries of privilege and embrace the duty of sacrifice.
The bank’s former president said Afreximbank had taken concerted action towards resolving the institutional failures that had constrained the continent’s development aspirations.
This, he stated, has provided Africa with a good chance to overcome emerging challenges, saying business leaders, NBCC members, and political leaders have their job cut out for them.
Also speaking, a former Minister for Power, Works and Housing, Mr Babatunde Fashola, said trade and diplomacy had become handy tools for development, especially with tariffs playing a big role in global growth.
He, however, stated that the only limitations to the country’s trade capacity in a globally digitalised world were humans.
Fashola said the country’s Nigeria First Policy and a few other reforms had begun to align the nation in productivity and trade.
He called for more focus on Small and Medium Enterprises (SMEs), deeply interrogating the challenges facing them by creating solutions to not only support existing brands but also create new ones.
The former minister also highlighted the role of infrastructure in boosting and expanding trade.
On his part, Governor Babajide Sanwo-Olu, represented by the Deputy Governor of Lagos, Dr Obafemi Hamzat, said both nations were bound not only by shared pasts but by a mutual desire for innovation, growth, and sustainable prosperity.
He noted that total trade by both countries in 2024 was at £7.5bn, of which UK exports to Nigeria amounted to £5.3bn, while imports from Nigeria stood at £2.2bn.
He, however, stated that despite the numbers, Nigeria still ranked only as the UK’s thirty-seventh largest trading partner, representing roughly 0.4 per cent of its total global trade.
“These figures remind us that while progress has been made, the true potential of our partnership remains far from fully realized,” he said.
Sarah Howard, Chair at British Chambers of Commerce, said Olashore’s leadership came at a pivotal time between Nigeria and Britain.
She said both countries would continue to champion innovation for business growth, stating that the importance of UK-Nigeria trade relations cannot be overstated.
Howard affirmed her interest in strengthening Nigeria-UK trade and investment in 2026 and unlocking the immense potential of both countries, delivering business prosperity for both nations.
Also, British Deputy High Commissioner Johnny Baxter, affirming that trade is also diplomacy, said the UK’s developing countries trading scheme allowed for over 90 percent of products to go into the UK duty-free.
He said both countries must embrace an enhanced trade and investment partnership while identifying barriers to trade and working together to resolve those barriers. The UK is pleased to work with NBCC.
In his acceptance speech, the newly inaugurated president, Olashore, said the leadership was a privileged position he did not take lightly.
Olashore stated his renewed commitment to the vision of strengthening Nigeria-UK trade for the prosperity of the business community and indeed the nation.
He said his administration was mindful of the challenges and realities of the current times, with global economic shifts, domestic challenges, and the fast-changing dynamics of international trade.
He affirmed that with the support of his executives, his administration would champion key priorities that should define the next stage of the chamber.
“We intend to continue to drive trade and investment between Nigeria and the United Kingdom and will focus on initiatives that unlock real opportunities, empower businesses, and attract investment that strengthens our economy.
“We must enhance the visibility with stakeholders and position NBCC as a leading voice in Nigerian-UK trade.
“We will strengthen our advocacy, we will engage policymakers more strategically and position the chamber as a trusted contributor to economic development discourse,” he said
