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 brought together an influential audience of business leaders, investors, policymakers, diplomatic representatives, and public sector stakeholders. This reflected the growing importance of the UK–Nigeria economic corridor and the urgent need to align 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 strengthening 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 introduced the distinguished guests, speakers, and sponsors. He encouraged speakers and participants to engage openly, listen attentively, and focus on identifying tangible opportunities for collaboration, co-investment, and cross-border partnerships.

Mr. Popoola stressed 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 dialogue.

4. Goodwill Address – UK Trade Envoy to Nigeria

In her goodwill address, Rt. Hon. Florence Eshalomi MP, UK Trade Envoy to Nigeria, expressed appreciation to NBCC and IoD Africa Group for organizing a timely and strategic forum.

She noted that UK–Nigeria trade volume has grown to approximately £8 billion and continues to expand, reflecting strong commercial ties and rising 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, including 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 translate 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 representatives highlighted:

The importance of regional integration and cross-border trade
The need for 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 discussed 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 despite existing economic challenges, Nigeria has strong growth potential 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, allowing 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 featuring industry leaders and institutional representatives explored practical strategies for:

Improving ease of doing business
Enhancing access to finance
De-risking investments
Strengthening UK–Nigeria business-to-business (B2B) linkages

A corporate message from Access Bank UK 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:

“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 participants with opportunities to:

Establish new connections
Explore partnership opportunities
Initiate commercial conversations

This session further reinforced the practical business value of the gathering.

11. Conclusion

The Economic Outlook UK–Nigeria 2026 meeting successfully advanced discussions 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.