Nigerian Vice-President advocates setting up of Bi-National Commission with U.K
Vice President Kashim Shettima has advocated for creation of the Nigeria-UK Bi-National Commission to strengthen bilateral relations between the two nations, an official statement said on Wednesday.
The Vice President said in Abuja, Nigeria’s capital when he received the British High Commissioner to Nigeria, Mr Richard Montgomery said the two countries have long standing relationship, businesses and shared common interests.
He lauded the British government for its regular support and assistance to Nigeria while expressing hope for a more robust business relations ahead.
“I will urge you to facilitate the setting up of the Nigeria-UK Binational Commission. The Bi-national Commission can be the driver for accelerating enhanced business relationship between our two countries.
“We need to ramp up the trade between our two nations taking into cognizance, our proximity and the long lasting relationship.
“There is no nation that we are close to than the UK, but our trade represent less than five per cent of the volume of our import and export,” Shettima said.
The VP said Nigeria has embarked on reforms to position the country’s economy, including the removal of subsidy on petrol.
“This is just the beginning, because it was a fait accompli to withdraw the fuel subsidy. We either get rid of the fuel subsidy or the fuel subsidy gets rid of the Nigerian nation. In 2012, we spent 10 billion dollars on fuel subsidy alone.
“Last month, we were purportedly consuming 67 million litres per day, but after the removal of the subsidy it dropped to 41 million litres per day, nearly four per cent off. So the whole subsidy regime was opaque, ridden with a lot of inconsistencies.”
He said that the multiple exchange rate regime was also run corruptly with negative consequences on the economy, thus the government had no other option but to collapse the exchange rate regimes into one.
“In the coming weeks and months, we are going to make more pronouncements on how to reposition the Nigerian economy and make it vibrant for businesses.”
He also spoke on the role of the private sector in driving economic growth and Nigerian government efforts to find lasting solution to the security challenges in the country through both kinetic and non-kinetic approaches.
In his remarks, Montgomery commended the new administration’s proactive economic policies especially the reforms, and lauded the long standing relationship and cooperation with Nigeria, especially in areas of trade and investment, security and defence, digital technology, and education.
He assured the willingness of the UK government in partnering more closely with the Nigeria towards achieving overall development of the nation.
