The trade relations between Nigeria and the United Kingdom have soared to £7bn, according to British High Commissioner to Nigeria, Richard Montgomery.
In an interview with the News Agency of Nigeria in Abuja, Montgomery revealed that both nations have sealed a fresh agreement on enhanced trade and investment partnership.
This agreement aims to bolster cooperation across critical sectors such as agriculture, creative industries, legal services, financial services, and education.
Currently, the UK exports goods and services worth approximately £4bn to Nigeria, while Nigeria’s exports to the UK tally at around £3bn.
Montgomery emphasized the significance of the new agreement in amplifying trade volumes and fortifying economic ties between the two countries.
He stated, “Trading by both countries is relatively balanced because the UK exports about £4bn worth of goods and services to Nigeria while Nigeria exports to the UK about £3bn worth of goods.”
“We need to do more because if you look at last year’s figure compared to the penultimate, there was not much of an increase in trade volume. It was an increase of about two per cent. So trade in the last few years has changed. And the aim of our enhanced Trade and Investment Partnership is to boost trade and investment between both countries and also to raise these numbers,” he explained.
Montgomery highlighted Nigeria’s potential to leverage the new post-Brexit trading agreement, known as the Developing Countries Trading Scheme, which removes tariffs on thousands of products worldwide to facilitate free trade.
He noted that Nigeria has at least 3,000 tariff-free products it could export to the UK, including cashew, cotton, cocoa, and agricultural products.
Additionally, Montgomery underscored the opportunity for Nigeria to expand its commercial agriculture sector, citing the abundance of land and resources.
He expressed optimism about increasing trade between the UK and Nigeria, particularly with Nigeria’s bold reforms and the advent of new technologies in the financial services sector.
