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UK to begin accepting Naira Payments from Nigerian Business Owners in the UK

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UK to begin accepting Naira Payments from Nigerian Business Owners in the UK - BellaNaija

Former President of the Nigerian-British Chamber of Commerce (NBCC), Dapo Adelegan, says acceptance of payment in Nigerian currency by the British Government will enhance trade and technology transfer between both countries.

Adelegan made the assertion in an interview on Wednesday in Lagos.

The British Government on February 9, through its export credit agency, UK Export Finance (UKEF), said it will accept Naira payments from Nigerian business owners trading with the UK.

Adelegan said that the initiative was a monumental step that will deepen trade, open more opportunities, expand patronage and market scope of products from both countries.

The export credit agency said the initiative is a clear indication of the value the UK placed on its relationship with Nigeria.

UKEF added that the step would increase trade and investment between both countries.

“If we look at the quality of manufactured equipment and technology; Made-in-Britain is number one.

“Through this, we will access technology transfer, boost the capacity of workforce and impact on our outputs of consumables and products in the market.

“It is a win-win situation that will go beyond procurement, as there are multiple layers of benefits that this will bring to the economy,’’ Adelegan said.

Joyce Akpata, Director-General, Nigerian-American Chamber of Commerce (NACC), also said the initiative will ease importation of goods from the UK to Nigeria and strengthen economic ties.

“The UK has the largest concentration of Nigerians in the diaspora and given cultural ties, it is something that should have happened before now,’’ Akpata said.

The director general said the initiative would improve knowledge sharing and technology transfer.

“We will see a lot of businesses in the UK supplying equipment and machinery backed by this finance to their Nigerian counterparts.

“This will enhance the activities of manufacturers, especially the growing SMEs that are into processing.

“It will also take off issues of foreign exchange challenges and instability in the market,’’ she said.

Akpata noted that the scheme would be a welcome opportunity for most Nigerian businesses that could not access financing locally.

She urged other countries, especially the United States, to take a cue from the UK to evolve initiatives that will assist businesses to maximise opportunities and strengthen trade ties.

Trade experts put the value of trade between Nigeria and the UK at about £8 billion, with oil and gas making up 60 per cent of the figure.

The News Agency of Nigeria (NAN) was established by the Federal Government of Nigeria in May 1976 to gather and distribute news on Nigeria and cover events of interest to Nigeria at the international level for the benefit of the Nigerian Media and the Public.

4 Comments

  1. Fizzy

    February 15, 2018 at 8:28 pm

    Why won’t they. Dem dey tell Persin? UK and useless arrogance. Time was when the UK was a Mecca for Nigerian traders. Now, everybody goes to Dubai, Turkey, China and the USA.

  2. Physio Tinu

    February 16, 2018 at 1:30 am

    this is good news for our economy right? Clapping.

  3. Oye

    February 16, 2018 at 7:00 am

    Medecin after death…

    They just realizing their potential loss after quitting brexit, now Mumu Nigerians will accept this ho-ha… thinkingbita some revolutionary move. Just wait and see.

    The whole advantage is to the UK… they know Nigerians spend money like water and want to encourage more unnecessary expenditure by collecting direct currency.

    If they really want our money then they should relax some of their immigration rules for nigerians?

    • Frida

      February 16, 2018 at 11:34 am

      Exactly. Smh

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