- Nigeria exports goods worth £3.3 billion to the UK, with a £1.4 billion increase since the previous year.
- The DCTS strengthens economic ties, making Nigerian exports more affordable in the UK market.
- Nigerian businesses to explore contracts, investments, and creative industry opportunities in April 2024.
According to recent data, Nigeria exported goods worth £3.3 billion to the UK between June 2022 and June 2023.
Based on NAN reports, Jonny Baxter, the British deputy high commissioner, provided statistics when discussing the volume of commerce between the two nations. Nigeria’s export worth has increased by £1.4 billion since last year’s record.
Baxter claims that; “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 ascribed the development of the Developing Countries Trading Scheme (DCTS), which has improved economic ties between the two countries, as the cause of this upward trend in Nigeria’s exports to the UK.
Baxter went on to say, “The UK is committed to fostering favorable 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.”
Baxter also emphasized continuing initiatives to deal with obstacles to commerce between the UK and Nigeria.
Looking ahead, he declared that the UK will hold an African Investment Summit in April 2024, giving Nigerian businesses a chance to interact with British businessmen, look for contracts and investment opportunities, and investigate import and export options.
He mentioned that, in recognition of the creative industry’s expanding importance to Nigeria’s economy, this summit will also include a unique side event devoted to it.
“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.
