Thursday, 30 May 2024
Trending
AfricaTrading

Trade between the UK and Nigeria is worth £7 billion: British High Commissioner

  • Trade between the UK and Nigeria is presently valued at over £7 billion.
  • Nigeria imports commodities worth around £3 billion from the UK.
  • Montgomery reported that trade volume between Nigeria and the UK has increased by a meager 2%.

According to Richard Montgomery, the British High Commissioner to Nigeria, trade between the UK and Nigeria is presently valued at over £7 billion. Nigeria imports commodities worth around £3 billion from the UK, whereas the UK exports goods and services worth about £4 billion to Nigeria.

Given that both nations sell over £3 billion worth of goods to the UK and approximately £4 billion worth of goods and services to Nigeria, their trade relationship is rather balanced.

UK-Nigeria Trade

Montgomery reported that trade volume between Nigeria and the UK has increased by a meager 2%. He also stressed that stronger trade figures are anticipated as a result of the recently announced cooperation between the two countries.

He also emphasized how the UK’s post-Brexit Developing Countries Trading Scheme (DCTS), which eliminates tariffs on hundreds of goods to support free trade, will benefit Nigeria.

Nigeria might increase commerce with the UK by exporting goods from industries like banking and legal services, education, and the creative sector, as well as agricultural items including cashews, cotton, cocoa, vegetables, and lumber.

Montgomery said that strict standards and a lack of operational expertise were the two biggest obstacles facing international companies operating in the UK. For advice about exporting to the UK, he suggested using the Department of Business and Trade’s Growth Gateway.

Montgomery, citing Nigeria’s recent reforms—such as the elimination of fuel subsidies, the fight against oil theft, and foreign exchange reforms—expressed hope about growing commerce between the UK and Nigeria. With the support of the Central Bank of Nigeria’s new policies, these adjustments are drawing back British investors to Nigeria.

Related posts
TradingWorld

“The Firm” by the US is to Help the Cut Off Countries from Chinese Trade

China believed itself administered the island to be essential for the Chinese domain and fought the…
Read more
AfricaAgriculture

Next Month Africa's Young Agritech Innovators Will Meet Together

Champs from AYuTe public contests in a few nations will be at the meeting to seek top local…
Read more
AfricaEventsTechnology

Continent's Largest Influential Tech and Start-Up Event GITEX AFRICA 2024 is Coming

GITEX AFRICA 2024 (www.GITEXAFRICA.com), the landmass’ biggest and most compelling tech and…
Read more
Newsletter
Become a Trendsetter

To get your breaking, trending, latest news immediately without diluting its truthfulness join with worldmagzine immediately.

Leave a Reply

Your email address will not be published. Required fields are marked *

AsiaCryptoNFTs

Joko Widodo Warns Against Using Cryptocurrency and NFTs for Money Laundering

Worth reading...