The Centre for the Promotion of Private Enterprise (CPPE) and the Lagos Chamber of Commerce and Industry (LCCI) have called for trade expansion ahead of President Bola Tinubu’s state visit to the United Kingdom.
In separate communications, the organisations urged President Tinubu to deepen economic ties as he visits the UK on the invitation of the King of England, King Charles III. His state visit to the UK next week will mark Nigeria’s first such visit to the UK in 37 years, when Military President Ibrahim Babangida was head of state.
The chief executive of CPPE, Mr Muda Yusuf, said the planned visit by Mr Tinubu to the UK is significant on multiple fronts.
“At a time of shifting global alliances and economic realignments, the visit presents both opportunity and responsibility.
“It is expected that leading Nigerian business figures will accompany the President, creating a platform for expanding trade flows, deepening investment partnerships, promoting Nigeria as a destination for capital, and strengthening financial-sector linkages.
“The UK remains a major source of portfolio flows, development finance, and private-sector investment into Nigeria. Structured engagements during the visit could unlock opportunities in infrastructure, energy, financial services, technology, manufacturing, and agribusiness,” Mr Yusuf stated.
On her part, the Director General of the LCCI, Mrs Chinyere Almona, noted that the visit represents a historic opportunity to recalibrate Nigeria–UK relations from traditional diplomacy to focused economic diplomacy.
“At a time when Nigeria is implementing bold macroeconomic reforms, this visit should be leveraged to secure concrete commitments on trade expansion, long-term investment, and cooperation on the business environment.
“From the perspective of the Lagos Chamber of Commerce and Industry, the overriding objective should be to translate goodwill into measurable economic outcomes that strengthen Nigeria’s productive base and export capacity,” she said.
According to her, recent data underscore the strategic importance of the UK to Nigeria’s economy, noting that in Q3 2025, Nigeria recorded capital importation of approximately US$6.01 billion, representing a significant year-on-year surge.
“Notably, the United Kingdom emerged as Nigeria’s largest source of capital inflows, accounting for about US$2.94 billion, or nearly half of total inflows during the quarter. These inflows were driven predominantly by portfolio investment, particularly into the financial and banking sectors, reflecting renewed foreign investor confidence following Nigeria’s macroeconomic adjustments.
“On the trade front, total trade in goods and services between Nigeria and the UK stood at approximately £8 billion in the 12 months to mid-2025,” she said.
She said, however, that the relationship remains structurally imbalanced, with UK exports to Nigeria significantly exceeding Nigeria’s exports to the UK.
“Ultimately, the economic agenda of this state visit should be guided by Nigeria’s most pressing challenges: export diversification, inflation-induced cost pressures, infrastructure deficits, and the need for stable long-term capital,” Mrs Almona said in an interview with Nairametrics.