London, United Kingdom – 6 February 2026 – The Nigerian-British Chamber of Commerce (NBCC) successfully convened the maiden edition of the NBCC Economic Outlook UK in London. The event which took place on Friday, February 6th, 2026 brought together senior policymakers, economists, financial institutions, and private sector leaders of the Nigeria-UK business community to examine the theme: Nigeria-UK 2026 Economic Direction: Stability, Growth and Private Sector Outlook. Hosted in partnership with the Institute of Directors (IoD Africa Group, with FirstBank UK as Headline Sponsor and supported by DCSL Corporate Services Ltd. and Access Bank UK, the landmark forum provided a high-level platform for strategic dialogue on macroeconomic reforms, investment climate developments, trade expansion, and the evolving role of the private sector in strengthening bilateral economic relations. In his welcome address, Prince Abimbola Olashore, President and Chairman of Council, NBCC, reaffirmed the Chamber’s commitment to deepening commercial ties between Nigeria and the United Kingdom. He stated that ‘This forum provides an important platform to examine where stability is emerging, where growth opportunities lie, and how the private sector can act as the engine for sustainable and mutually beneficial development between our two economies.’ The event featured distinguished special guests, including Florence Eshalomi MP, Labour Member of Parliament for Vauxhall & Camberwell Green and UK Trade Envoy to Nigeria, and H.E. Ms. Macenje “Che Che” Mazoka, Zambian High Commissioner to the UK, Ambassador to the Holy See and Ireland, whose goodwill messages laid emphasis on the strategic importance of Africa-UK economic partnerships. Other special guests in attendance include High Commissioners from Algeria, Ethiopia, and Ghana High Commissions to the United Kingdom. Insightful keynote presentations were delivered by Dr. Yemi Kale, Group Chief Economist and Managing Director, Research & Trade Intelligence at Afreximbank, and Razia Khan, Head of Research and Chief Economist, Africa & Middle East at Standard Chartered Bank. Both speakers provided forward-looking analyses on Nigeria’s macroeconomic reforms, inflation trajectory, foreign exchange stability, growth projections, and Africa’s positioning within a shifting global economic landscape. The UK Department for Business and Trade was ably represented by Robert Lally -Africa Lead, Economic Security and Trade Relations who gave an overview of the current policy and trade framework. The panel discussion which was steered by Mrs. Awuneba Ajumogobia further enriched the dialogue, with contributions from Steven Lynch MBE, Director of International Trade at the British Chambers of Commerce; Sabila Din, CEO and Founder of DIN Consultants; and Olukorede Adenowo, Chief Executive Officer of FirstBank UK. Discussions were hinged on practical strategies for expanding trade flows, improving access to finance, strengthening regulatory clarity, mitigating risk, and accelerating private sector-led growth between Nigeria and the UK. This forum marked an important milestone in advancing structured economic engagement in the UK and reaffirmed the Chamber’s commitment to sustaining momentum through continued dialogue and partnership development. The strong participation of key stakeholders across the UK-Nigeria business corridor reaffirmed the relevance of the NBCC as a leading platform for bilateral trade advocacy, investment facilitation, and private sector collaboration. The Nigerian-British Chamber of Commerce extends its sincere appreciation to its partners, sponsors, speakers, and attendees for contributing to the success of this inaugural Economic Outlook UK. The Chamber looks forward to building on the outcomes of this event to further strengthen economic cooperation and unlock new opportunities for growth in 2026 and beyond.  

The naira could face renewed pressure this year as the gap between the official and parallel market exchange rates widens, potentially ending the rare stability the currency recorded last year, according to Bismarck Rewane, Managing Director of Financial Derivatives Company. Speaking at the Economic Outlook forum organised by the Nigerian-British Chamber of Commerce (NBCC), Rewane noted that the spread between the official and market rates has widened to ₦71, signalling fresh strain in the foreign exchange market. “The gap between the official rate and market rate has begun to widen at ₦71, suggesting renewed pressure in the FX market,” Rewane said. “The naira is expected to weaken to roughly ₦1,640 per dollar by the end of 2026.” The naira recorded its strongest performance in more than a decade last year, appreciating by 7.5 percent, following a sharp 41 percent depreciation in 2024. The recovery was supported by policy reforms introduced by the Central Bank of Nigeria, including the Electronic Foreign Exchange Matching System, which restored transparency to the FX market. However, the currency weakened by 0.3 percent week-on-week to ₦1,423.14 per dollar this week, as demand pressures outweighed supply. Despite this, analysts surveyed by BusinessDay expect the naira to remain broadly stable in the near term, supported by a favourable external position marked by a sustained current account surplus and robust foreign exchange reserves. Public debt outlook Rewane also warned that Nigeria’s debt-to-GDP ratio is expected to rise to 40.6 percent in 2026, though he stressed that the increase would be gradual rather than destabilising. “The slope of this increase will be gentle rather than explosive. Debt will be rising, but not on a clearly unsustainable trajectory in GDP-ratio terms,” he said. He projected that public debt would edge up steadily to about 43.5 percent of GDP by 2030, entering 2026 already at an elevated level. Tax reform risks Rewane identified public misunderstanding of Nigeria’s newly introduced tax reforms as the biggest political risk facing the administration of President Bola Tinubu. “The biggest political risk this administration faces today is the misunderstanding of these tax laws because people believe that they are being violated,” he said. He described the new tax laws as complex and confusing, warning that public misperception could undermine reform efforts. Nigeria began implementing four harmonised tax laws in January as part of a broader strategy to simplify tax administration, eliminate leakages, broaden the tax base, and raise tax revenue as a share of GDP from about 10 percent to 18 percent within two years. Government officials have countered concerns of increased taxation, stating that most workers will pay less tax. Notably, individuals earning ₦800,000 or less annually are exempt from personal income tax under the new regime. For entrepreneurs and small businesses, the reforms eliminate company income tax for firms with annual turnover of ₦50 million or less, exempt eligible businesses from the 4 percent Development Levy, and remove requirements for VAT registration, collection, and remittance. Investment outlook Commenting on the broader economic landscape, Prince Abimbola Olashore, President and Chairman of Council of the NBCC, said Nigeria is at a pivotal moment, facing challenges alongside significant investment opportunities. “Given the way the global world is going, the best place to be nowadays must be Nigeria. This is where the action is,” Olashore said.

The Nigerian-British Chamber of Commerce (NBCC) has confirmed Ms. Adaobi Onyedum as its Director General, effective January 1, 2026. The confirmation was announced in a statement issued by the Chamber’s Communications Team and approved by the NBCC Council, following her successful tenure as Acting Director General and her prior role as Director of Partnerships and Fundraising. Onyedum brings over eight years of cross-sector experience spanning global development, international diplomacy, strategic partnerships, stakeholder engagement, and large-scale resource mobilisation across Africa and the United Kingdom. During her time at the Chamber, she led initiatives that mobilised over ₦300 million in funding, spearheaded partnerships for a high-level UK–Nigeria trade mission involving more than 50 organisations, and contributed to the development of a regional entrepreneurship and business development platform in collaboration with leading institutions. According to the Chamber, her appointment followed “a period of demonstrated leadership and strong operational performance during her acting tenure, as well as a proven institutional track record within the Chamber.” As Director General, Onyedum will oversee the execution of NBCC’s strategic objectives, strengthen bilateral trade and investment relations between Nigeria and the United Kingdom, enhance member value, and drive institutional growth, financial sustainability, and global visibility. Speaking on her appointment, Onyedum expressed her commitment to advancing the Chamber’s mandate. “I am committed to positioning the Nigerian-British Chamber of Commerce as a credible, member-driven, and impact-focused institution that advances trade-led growth, strengthens private sector collaboration, and supports sustainable economic development between Nigeria and the United Kingdom,” she said. A seasoned global development and partnerships professional, Onyedum has held leadership roles at organisations including Slum2School Africa, Intelligent Innovations, SkillPaddy, and the Murtala Muhammed Foundation, where she designed multi-year donor engagement strategies and mobilised international funding exceeding $500,000. She also leads strategic initiatives at the NBCC Women and Youth Entrepreneurship Development Centre, supporting entrepreneurship development, capacity building, mentorship, and access to resources for women and young people. Onyedum holds a Bachelor’s degree in English from the University of Nigeria, a Master’s degree in Media and Marketing Communications from Pan-Atlantic University, Lagos, and a Professional Certificate in Non-Profit Management from Lagos Business School.

The Nigerian-British Chamber of Commerce (NBCC) has intensified its policy advocacy efforts following a strategic engagement with the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in Abuja. The visit, led by NBCC President and Chairman of Council, Prince Abimbola Olashore, forms part of the Chamber’s renewed drive to strengthen public–private sector collaboration, deepen UK–Nigeria trade and investment relations, and address regulatory challenges affecting its members. During the meeting, Olashore reaffirmed NBCC’s role as a key bridge between the business community and government, while expressing the Chamber’s support for ongoing fiscal and structural reforms aimed at enhancing Nigeria’s competitiveness and boosting investor confidence. “The NBCC remains committed to strengthening the bridge between business and policy. We appreciate the Honourable Minister’s openness to partnership and constructive dialogue,” Olashore stated. In his response, Minister Edun commended the Chamber’s proactive engagement and reiterated the Federal Government’s commitment to creating a stable and predictable macroeconomic environment that supports private-sector-led growth. He noted that current fiscal reforms are focused on revenue stabilisation, improved efficiency, and targeted support for sectors with strong export potential. Discussions during the meeting explored areas of potential collaboration, including joint investment promotion initiatives, support for small and medium-sized enterprises (SMEs), tax policy reforms, and the co-hosting of stakeholder forums to ensure continuous feedback between policymakers and the private sector. Minister Edun also encouraged the NBCC to continue providing data-driven policy recommendations to inform government decision-making on fiscal and trade-related matters. The engagement concluded with a mutual commitment to institutionalise sustained dialogue between the Chamber and the Ministry, reinforcing collaboration on policies critical to Nigeria’s economic recovery and long-term investor confidence.