The total trade in goods and services, including imports and exports between the UK and Nigeria currently stands at £5.5 billion.
A statement issued on Monday revealed that out of the £5.5 billion, total UK exports to Nigeria amounted to £3.3 billion in the four quarters to the end of Q2 2022 while total UK imports from Nigeria amounted to £2.2 billion in the four quarters to the end of Q2 2022.
Speaking at the 8th Economic Development Forum between UK and Nigeria, the UK International Trade Secretary, Kemi Badenoch said, “Nigeria is Africa’s largest economy and I’m delighted to see our trade and investment links grow, already worth £5.5 billion. The successes of the EDF over the last four years has helped address crucial market access barriers and boosted our exchanges in key sectors such as legal and financial services.
“I welcome the shared interest in exploring an enhanced trade and investment partnership between our nations that will open up new opportunities for UK and Nigerian business, create jobs and future-proof our economies against a changing world.”
Also, Nigeria’s Minister for Industry, Trade and Investment, Adeniyi Adebayo said UK and Nigeria must continue to work together to resolve market access issues and enhance economic cooperation.
“The EDF has been a fantastic forum and it is important that what comes out of the working group builds upon its principles and strengthens its outcomes. I know that both Nigeria and the United Kingdom have exchanged policy papers detailing how they wish to proceed, and I look forward to feedback as both papers are reviewed.
“Increased collaboration with Nigeria and other developing markets is needed to mitigate against both current and potential future supply-chain challenges. To this end, the introduction of the Developing Countries Trading Scheme is warmly welcomed. The reduction in tariffs on hundreds of everyday products should be a win for both Nigerian exporters and UK consumers who are able to access our products at a lower price.
“In 2021, UK exports to Nigeria were said to be $1.64 Billion and Nigerian exports to the UK $1.12 Billion. Not too far apart. As we move into 2023 it will be good to see the DCTS grow these numbers. Increasing bilateral trade is key for both nations and the agreement we are forging must strategically promote its increase. We must continue to work together to resolve market access issues and enhance economic cooperation,” Adebayo said.
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