EVENT REPORT
Economic Outlook UK–Nigeria 2026: Direction, Stability, Growth and Private Sector Outlook
Hosted by: Nigeria British Chambers of Commerce (NBCC)
In Collaboration with: Institute of Directors (IoD) Africa Group
Author: Godson Azu
CEO, CaterandMerger Consult UK
1. Introduction and Background
The Nigeria British Chambers of Commerce (NBCC), in strategic collaboration with the Institute of Directors (IoD) Africa Group, successfully hosted a high-level business and economic dialogue titled “Economic Outlook UK–Nigeria 2026: Direction, Stability, Growth and Private Sector Outlook.”
The event convened an influential audience of business leaders, investors, policymakers, diplomatic representatives, and public sector stakeholders, reflecting the growing importance of the UK–Nigeria economic corridor and the urgency of aligning public policy with private sector-led growth.
The central objective of the meeting was to examine Nigeria’s evolving economic trajectory, assess bilateral trade and investment prospects, and explore practical pathways for deepening collaboration between Nigerian and UK businesses ahead of 2026 and beyond.
2. Opening Session and Welcome Remarks
The meeting was anchored by Cllr. Biyi Oloko, Vice Chairman of IoD Africa Group, who set the tone by emphasizing the importance of evidence-based dialogue, private sector participation, and strategic partnerships in shaping sustainable economic outcomes.
In his capacity as Chief Host, Mr. Joel Popoola, Chairman of IoD Africa Group, warmly welcomed all participants and provided brief introductions of distinguished guests, speakers, and sponsors. He urged both speakers and participants to engage with an open mind, listen attentively to the presentations, and focus on identifying tangible opportunities for collaboration, co-investment, and cross-border partnerships.
Mr. Popoola underscored that the future of UK–Nigeria economic relations must move beyond ceremonial engagements toward results-driven, commercially viable, and scalable partnerships.
3. Distinguished Guests and High-Level Representation
The event was honoured by the presence and participation of:
• Rt. Hon. Florence Eshalomi MP – UK Trade Envoy to Nigeria
• Nigeria Acting High Commissioner, represented by Alhaji Magaji, Minister/Head of Trade and Investment
• Prince Abimibola Olashore – President/Chairman of Council, NBCC
• Amb. Ms. Macenje Che-Che Mazoka – Zambia High Commissioner to the UK
• Amb. Biruk Mekonnen – Ethiopia Ambassador to the UK
• Representatives of the Ghana High Commission
• Representatives of the Algeria Embassy in the UK
• Dr. Yemi Kale – Afreximbank
• Mr. Steven Lynch – British Chambers of Commerce
• Mr. Robert Lally
• Ms. Sabila Din
• Mr. Olokorede Adenowo
• CEO, First Bank UK
• Representatives of Access Bank UK and other sponsors
• Senior executives, investors, and sector leaders from both countries
This broad diplomatic and institutional presence reinforced the multi-country and multi-sector relevance of the UK–Nigeria economic conversation.
4. Goodwill Address – UK Trade Envoy to Nigeria
In her goodwill speech, Rt. Hon. Florence Eshalomi MP, UK Trade Envoy to Nigeria, thanked NBCC and IoD Africa Group for organizing a timely and strategic dialogue.
She highlighted that UK–Nigeria trade volume has grown to approximately £8 billion and continues to expand, reflecting strong commercial ties and increasing investor confidence. She reaffirmed the UK Government’s commitment to:
• Supporting market access for Nigerian and UK businesses
• Encouraging private sector-led growth
• Promoting sustainable investment in key sectors such as energy, infrastructure, technology, agriculture, and financial services
Her remarks emphasized Nigeria’s strategic importance to the UK’s Africa trade agenda and the need to convert policy frameworks into measurable business outcomes.
5. Goodwill Messages from Diplomatic Missions
Goodwill messages were delivered by:
• The Nigeria High Commission (through Alhaji Magaji)
• The Ethiopian Ambassador
• Representatives of Ghana, Zambia, and Algeria
Collectively, the diplomatic speakers emphasized:
• Regional integration and cross-border trade
• The importance of stable policy environments
• The role of diaspora and international partnerships in accelerating African economic transformation
6. Keynote Presentation – Dr. Yemi Kale (Afreximbank)
The keynote address by Dr. Yemi Kale provided a data-driven and forward-looking analysis of Nigeria’s economic outlook.
Key areas covered included:
• Macroeconomic indicators and growth projections
• Inflation, exchange rate dynamics, and fiscal pressures
• Trade competitiveness and export diversification
• Structural reforms and private sector productivity
• Risks and opportunities in Nigeria’s medium-term outlook
Dr. Kale emphasized that while Nigeria faces significant economic challenges, there are strong opportunities for growth through:
• Export-oriented industrialization
• Financial sector deepening
• Infrastructure investment
• Policy consistency and governance reforms
His presentation was followed by an interactive Question-and-Answer session, which allowed participants to engage directly on policy clarity, investment risks, and sector-specific opportunities.
7. Panel Discussions and Corporate Interventions
Following the keynote, a panel discussion brought together industry leaders and institutional representatives to explore practical strategies for:
• Improving ease of doing business
• Enhancing access to finance
• De-risking investments
• Strengthening UK–Nigeria business-to-business (B2B) linkages
A brief corporate message from Access Bank UK further highlighted the role of financial institutions in facilitating trade finance, project funding, and cross-border transactions.
8. Closing Remarks
The event concluded with closing remarks by Ms. Adaobi, Director General of NBCC, who expressed appreciation to all speakers, guests, sponsors, and participants for their active engagement.
She noted that the discussions provided a clearer understanding of Nigeria’s current economic realities and the future direction of UK–Nigeria relations, particularly in the context of real-time engagement and solidified venture partnership deals.
9. Key Takeaway
A defining statement of the event was delivered by Mr. Steven Lynch of the British Chambers of Commerce, who stated:
“It is time to stop the talks that end in the room, and start pitching business-to-business in real time, both in Nigeria and in the United Kingdom.”
This message captured the spirit of the meeting—moving from dialogue to deal-making.
10. Networking and Partnership Building
The post-event networking and drinks reception provided a valuable platform for participants to:
• Establish new connections
• Explore partnership opportunities
• Initiate commercial conversations
This session reinforced the practical business value of the gathering.
11. Conclusion
The Economic Outlook UK–Nigeria 2026 meeting successfully advanced the conversation on bilateral economic cooperation, positioning the private sector as the primary engine of growth and transformation.
The collaborative efforts of NBCC and IoD Africa Group were widely commended, and the event stands as a strong model for future high-impact economic engagement between the United Kingdom and Nigeria.
Report Compiled By:
Godson Azu
CEO, CaterandMerger Consult UK
