UK, Nigeria Trade Volume Rises to £5.5bn

The United Kingdom has disclosed that total trade in goods and services (exports plus imports) between it and Nigeria currently stands at £5.5 billion.

Both sides also expressed their interest in pursuing a potential Enhanced Trade and Investment Partnership at the UK-Nigeria Economic Development Forum (EDF).

This was announced on Monday in a statement issued by Press Officer of the UK Deputy High Commission in Lagos, Ndidiamaka Eze, noted that of this £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.

The agreement in the EDF Memorandum of Understanding (MoU) came to a close on Monday, and the UK and Nigeria agreed that the Enhanced Trade and Investment Partnership will offer an alternative high-profile mechanism to progress bilateral economic issues of mutual strategic importance, under which both sides will continue to work together to resolve market access issues and enhance economic cooperation.

Also Read: Emefiele Says Nigeria’s Inflation May Drop To Below 15% Next Year

The EDF, which held in Abuja on Monday was launched by the former UK Prime Minister, Theresa May and President Muhammadu Buhari in August 2018 and held bi-annually; serving as a platform to address market access barriers, respond to opportunities and challenges of doing business and boost bilateral trade and investment in our two countries.

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.”

UK Prime Minister’s Trade Envoy to Nigeria, Helen Grant said: “The UK and Nigeria go far when we go together. We are supporting Nigeria on the path to becoming a higher-growth, more inclusive and more sustainable economy as we move towards the 2023 elections.
“This is part of a wider push by the UK to drive a free trade, pro-growth agenda across the globe, using trade to drive prosperity and help eradicate poverty. A potential Enhanced Trade and Investment Partnership would include a series of commitments to tackle non-tariff market access barriers to deliver tangible results for businesses in both the UK and Nigeria.”

Nigeria Minister for Industry, Trade and Investment, Otunba Adeniyi Adebayo CON said: “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 (DCTS) 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.”

The event attracted so many stakeholders especially from the academia, as well as technology enthusiasts, including prospective start-up companies, fintech organisations and other interested sectors whose activities are billed to be energized through diligent implementation of the NDEPS and other extant policies guiding the digital economy agenda of the Nigerian government.