Nigeria’s Trade with the United Kingdom Hits £2.2 billion

Trade between Nigeria in 2022 hit £5.5 billion. Of the £5.5 billion, Nigeria’s trade export volume to the United Kingdom hit £2.2 billion in the same period under review.

The British Deputy High Commissioner in Lagos noted that the relationship between both countries has been productive.

According to Ben Llewelyn-Jones, British Deputy High Commissioner in Lagos, UK exports to Nigeria totaled £3.3 billion in 2022. The deputy high commissioner disclosed this information on Sunday in an interview in Lagos.

Based on a report from the People’s Gazette, a Nigerian media agency, the commissioner stated that the UK government was looking at measures to boost trade links with Nigeria, such as collaborating on the introduction of electric meters.

Mr. Ben Llewelyn-Jones disclosed that overall UK imports from Nigeria during the time were £2.2 billion, which implies that both countries had a total of £5.5 billion in trade volume between them.

According to the ambassador, the UK government has also created the Developing Countries Trading Scheme (DCTS), which would boost and strengthen Nigerian exports. He stated that 99% of items shipped to the UK will be duty-free under the arrangement.

“With the introduction of the DCTS, which would take off in April, 99% of Nigeria’s exports to the UK would be duty-free, as we see this as a real opportunity to improve trading between both countries. The UK market is a very large one, so we have reached out to small and large businesses in different parts of the country. This is intended to help exporters and other people in the trading business to make the United Kingdom an export destination.” the commissioner said.

“Also, it is important to note that our government has been carrying out a lot of work in the country through initiatives such as British International Investment which looks into the possibilities of investment and provides them. We work closely with the Nigerian authorities to overcome some challenges that come with investing in the country, and we are also working on several ways to further strengthen the relationship between both countries,” he added.

Mr. Llewellyn-Jones stated that the UK government was considering cooperating with Nigeria to equip the country with power meters.

“The UK is known to have one of the most sophisticated meterings in the world, which would make a quality difference in Nigeria when it comes to the electricity sector as consumers would get the best value for their money spent,” he said.

“In terms of services, there are different British schools in the country, as well as various partnerships with universities across the country. This goes to show that we are also about substance. We are committed to ensuring that we explore every opportunity available to strengthen the bilateral relationship between both countries,” he added.