UK Nigeria Trade Hits €5.5b

The trade volume between United Kingdom and Nigeria stands at 5.5 billion pounds.

This was revealed by the two countries on Monday in Abuja.

This was disclosed in a statement jointly signed by the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo and Uk Trade Envoy to Nigeria, Helen Grant at the 8th ministerial meeting of the United Kingdom-Nigeria Economic Development Forum (EDF).

According to the statement, the total trade in goods and services (exports plus imports) between the UK and Nigeria currently stands at 5.5 billion pounds.

“Of this 5.5 billion pounds, total UK exports to Nigeria amounted to 3.3 billion pounds in the four quarters of 2022, while total UK imports from Nigeria amounted to 2.2 billion pounds in the four quarters of Q2 2022,’’ it said.

The statement said that UK and Nigeria reaffirmed their commitment to deepen the trade relationship between both countries.

“It was a confirmation of their shared interest in pursuing an enhanced trade and investment partnership for increased engagement.

“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 this, both sides will continue to work together to resolve market access issues and enhance economic cooperation,’’ the statement said.

It quoted the UK International Trade Secretary, Kemi Badenoch as saying “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”.

Similarly, Uk Trade Envoy to Nigeria, Helen Grant said “the UK and Nigeria go far when we go together.