Nigeria’s exports into the UK from June 2022 to June 2023 are worth £3.3 billion, new data has revealed.
The British Deputy High Commissioner, Jonny Baxter revealed figures when speaking about the level of trade between both countries according to NAN reports.
Nigeria’s current export valuation is up £1.4billion higher than the previous year’s record, According to Baxter,
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- “The overall trade figures, which includes imports and exports is £7.6 billion and of that, £4.3 billion are made up of UK products that are imported into Nigeria, and that figure has gone up a £1billion, if you compare with the figure of the year before.
- “The rest of the £ 3.3 billion are Nigerian exports into the UK, and this has gone up by £ 1.4 billion so the increase in Nigeria export into the UK has been much more fast.”
He attributed this positive trend in Nigeria’s exports to the UK to the introduction of the Developing Countries Trading Scheme (DCTS), which has bolstered trade relations between the two nations. Baxter elaborated,
- “The UK is committed to fostering favourable trade conditions, and the DCTS, launched in June this year, plays a crucial role. It covers around 65 developing countries, including Nigeria, and offers reduced or tariff-free access to the UK market for Nigerian goods and services. This tariff reduction makes Nigerian products more affordable in the UK market, boosting their popularity.”
What else does the UK have in store for Nigeria?
Baxter also highlighted ongoing efforts to address trade barriers and challenges between the UK and Nigeria.
Looking ahead, he announced that in April 2024, the UK would host an African Investment Summit, providing Nigerian companies with a platform to engage with British investors, seek investment opportunities, and contracts, and explore import and export possibilities.
He noted that this summit would also feature a special side event focused on Nigeria’s creative industry, recognizing its growing significance in Nigeria’s economy.
- “Nigeria is such a classic place where the creatives are so important and they have produced a lot of money and wealth and indeed, I think it is an increasing area for Nigeria’s economy, and it is brilliant that the African Investment Summit would have this side event,” he said
Which Agricultural products are likely with huge Market in the Uk? And which products from UK we are importing into Nigeria that gives is unfavourable Trade inbalance?