Adelegan: Labour’s victory may be positive for Nigeria-British relations

Labour’s victory in the UK election this year is expected to have a positive impact on Nigeria-British relations, according to Prince Dapo Adelegan, the 14th President and Chair of the Council at the Nigeria British Chamber of Commerce. In a recent interview with CNBC Africa, Adelegan emphasized the importance of the historical and economic ties between Nigeria and the UK and highlighted the opportunities for economic diplomacy in light of the new Labour government. Adelegan noted that traditionally, the Labour Party has been more aligned with social welfare, friendly international relations, and immigration policies, which could benefit Nigeria in terms of trade and foreign direct investment. Adelegan pointed out that Nigeria spends nearly two billion pounds annually on education in the UK, showcasing the strong educational ties between the two countries. He also mentioned the significant non-oil export business between Nigeria and the UK, indicating the potential for further economic collaboration. Adelegan urged the Nigerian government to capitalize on this opportunity to strengthen its relationship with the UK and attract investment to support Nigeria's economy. He highlighted the importance of developing economic diplomacy with the UK and leveraging Britain's understanding of the Nigerian market to attract European investors. Adelegan also emphasized the need for a softer immigration policy from the UK to accommodate the large Nigerian population residing in the country. He suggested that while maintaining control over immigration, the Labour government's friendlier stance towards immigrants could benefit Nigerian professionals and students in the UK. Adelegan further discussed the ongoing business opportunities between Nigeria and Britain, including recent trade missions and collaborations through the Nigeria British Chamber of Commerce. He stressed the importance of elevating economic diplomacy in the UK to facilitate increased foreign direct investment in Nigeria. Adelegan addressed the perceptions of British investors towards Nigeria, highlighting the country's immense market potential despite perceived risks. He noted that many British companies are already operating in Nigeria and that the understanding of the Nigerian business environment by British investors could lead to significant returns on investment in the country. Adelegan concluded by underscoring the benefits of investing in Nigeria, despite the inherent risks, citing the high returns and opportunities for growth in the market. Overall, Adelegan's insights point towards a promising future for Nigeria-UK relations under the new Labour government, with a focus on economic diplomacy and trade cooperation.