2022: Nigeria buys £3.3 billion worth of goods from the UK and sells £2.2 billion
The UK and Nigeria said the trade volume between the two countries stood at 5.5 billion pounds in the four quarters of 2022.
This is contained in a statement issued in Abuja, jointly signed by Minister of Industry, Trade and Investment, Adeniyi Adebayo and UK Trade Envoy to Nigeria, Helen Grant, during the 8th ministerial meeting of the UK-Nigeria Economic Development forum.
According to the statement, total trade in goods and services (exports plus imports) between the UK and Nigeria currently stands at £5.5 billion a year.
“Of these £5.5 billion, total UK exports to Nigeria amounted to £3.3 billion in the four quarters of 2022, while total UK imports from Nigeria amounted to 2.2 billion pounds in the four quarters of 2022,” he said.
The statement said the UK and Nigeria reaffirmed their commitment to deepen the trade relationship between the two countries.
“It was a confirmation of their common interest in pursuing an enhanced trade and investment partnership for increased engagement.
"The UK and Nigeria have agreed that the enhanced trade and investment partnership will provide a far-reaching alternative mechanism for advancing bilateral economic issues of mutual strategic importance.
“Under this, the two sides will continue to work together to resolve market access issues and strengthen economic cooperation,” the statement said.
He quotes UK International Trade Secretary Kemi Badenoch as saying: "Nigeria is Africa's largest economy and I am delighted to see our trade and investment ties growing, worth already £5.5 billion.
"EDF successes over the past four years have helped overcome critical barriers to market access and boosted our trade in key sectors such as legal and financial services.
"I welcome the shared interest in exploring a stronger trade and investment partnership between our nations that will unlock new opportunities for British and Nigerian businesses, create jobs and sustain our economies in the face of to a changing world."
Similarly, the UK's trade envoy to Nigeria, Helen Grant, said that "the UK and Nigeria go far when we go together.
“We are helping Nigeria become a faster growing, more inclusive and more sustainable economy as we approach the 2023 elections.
"This is part of a wider UK campaign to promote an agenda of free trade and growth around the world, using trade to drive prosperity and help eradicate poverty.
“A potential enhanced trade and investment partnership would include a series of commitments to remove non-tariff barriers to market access to deliver tangible results for businesses in the UK and Nigeria ", she said.
Ms Badenoch said the UK had recently inaugurated the Developing Countries Trading System (DCTS) with enhanced preferences for trade and investment between Nigeria and the UK.
According to her, the new regime, which will come into force in early 2023, will reduce tariffs on hundreds of everyday products from developing countries.
"This will be good news for Nigerian exporters. It will also extend tariff reductions to hundreds of additional products exported from Nigeria and other developing countries, going beyond the EU's Generalized Scheme of Preferences .
"This is in addition to the thousands of products that Nigeria can already export to the UK duty-free," she said.
For his part, Mr. Adebayo said it was important that the results of the working group build on its principles and reinforce its results.
"I know that Nigeria and the UK have exchanged guidance documents detailing how they wish to proceed, and I look forward to your feedback as the two documents are reviewed.< /p>
"I have always had the firm belief that there is no crisis without opportunity and solution.
"Increased collaboration with Nigeria and other developing markets is needed to mitigate current and potential supply chain challenges.
"To this end, the introduction of the Developing Countries Trading System (DCTS) is warmly welcomed.
"The reduction of tariffs on hundreds of everyday products should be a victory for Nigerian exporters and UK consumers who can access our products at a lower price...
The UK and Nigeria said the trade volume between the two countries stood at 5.5 billion pounds in the four quarters of 2022.
This is contained in a statement issued in Abuja, jointly signed by Minister of Industry, Trade and Investment, Adeniyi Adebayo and UK Trade Envoy to Nigeria, Helen Grant, during the 8th ministerial meeting of the UK-Nigeria Economic Development forum.
According to the statement, total trade in goods and services (exports plus imports) between the UK and Nigeria currently stands at £5.5 billion a year.
“Of these £5.5 billion, total UK exports to Nigeria amounted to £3.3 billion in the four quarters of 2022, while total UK imports from Nigeria amounted to 2.2 billion pounds in the four quarters of 2022,” he said.
The statement said the UK and Nigeria reaffirmed their commitment to deepen the trade relationship between the two countries.
“It was a confirmation of their common interest in pursuing an enhanced trade and investment partnership for increased engagement.
"The UK and Nigeria have agreed that the enhanced trade and investment partnership will provide a far-reaching alternative mechanism for advancing bilateral economic issues of mutual strategic importance.
“Under this, the two sides will continue to work together to resolve market access issues and strengthen economic cooperation,” the statement said.
He quotes UK International Trade Secretary Kemi Badenoch as saying: "Nigeria is Africa's largest economy and I am delighted to see our trade and investment ties growing, worth already £5.5 billion.
"EDF successes over the past four years have helped overcome critical barriers to market access and boosted our trade in key sectors such as legal and financial services.
"I welcome the shared interest in exploring a stronger trade and investment partnership between our nations that will unlock new opportunities for British and Nigerian businesses, create jobs and sustain our economies in the face of to a changing world."
Similarly, the UK's trade envoy to Nigeria, Helen Grant, said that "the UK and Nigeria go far when we go together.
“We are helping Nigeria become a faster growing, more inclusive and more sustainable economy as we approach the 2023 elections.
"This is part of a wider UK campaign to promote an agenda of free trade and growth around the world, using trade to drive prosperity and help eradicate poverty.
“A potential enhanced trade and investment partnership would include a series of commitments to remove non-tariff barriers to market access to deliver tangible results for businesses in the UK and Nigeria ", she said.
Ms Badenoch said the UK had recently inaugurated the Developing Countries Trading System (DCTS) with enhanced preferences for trade and investment between Nigeria and the UK.
According to her, the new regime, which will come into force in early 2023, will reduce tariffs on hundreds of everyday products from developing countries.
"This will be good news for Nigerian exporters. It will also extend tariff reductions to hundreds of additional products exported from Nigeria and other developing countries, going beyond the EU's Generalized Scheme of Preferences .
"This is in addition to the thousands of products that Nigeria can already export to the UK duty-free," she said.
For his part, Mr. Adebayo said it was important that the results of the working group build on its principles and reinforce its results.
"I know that Nigeria and the UK have exchanged guidance documents detailing how they wish to proceed, and I look forward to your feedback as the two documents are reviewed.< /p>
"I have always had the firm belief that there is no crisis without opportunity and solution.
"Increased collaboration with Nigeria and other developing markets is needed to mitigate current and potential supply chain challenges.
"To this end, the introduction of the Developing Countries Trading System (DCTS) is warmly welcomed.
"The reduction of tariffs on hundreds of everyday products should be a victory for Nigerian exporters and UK consumers who can access our products at a lower price...
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