Home » Nigeria-UK trade relations hit £7bn — British envoy

Nigeria-UK trade relations hit £7bn — British envoy

by John Ojewale
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British High Commissioner to Nigeria Richard Montgomery said on Sunday that trade connections between Nigeria and the United Kingdom had topped £7 billion.

Montgomery revealed in an interview with the News Agency of Nigeria (NAN) in Abuja that the two countries had inked a new deal to strengthen their trade and investment cooperation.

The pact seeks to strengthen collaboration in critical areas such as agriculture, creative industries, legal services, financial services, and education.

The UK now exports roughly £4 billion in products and services to Nigeria, whereas Nigeria’s exports to the UK are approximately £3 billion.

The British envoy stated that the new agreement is intended to boost trade volumes and deepen economic connections between the two countries.

He said:

“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.”






cc: Punch Ng

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