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Nigeria-UK trade volume hits £5.5 billion

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The United Kingdom (UK) International Trade Secretary, Kemi Badenoch has revealed that the trade volume between Nigeria and UK hit £5.5 billion at the end of the fourth quarter of 2022.

Badenoch disclosed this in Abuja on Tuesday at the 8th Economic Development Forum (EDF).

According to Badenoch, “Nigeria is Africa’s largest economy and I’m delighted to see our trade and investment links grow, already worth £5.5 billion.”

“The total trade in goods and services (exports plus imports) between the UK and Nigeria currently stands at £5.5billion. Of this £5.5 billion: total UK exports to Nigeria amounted to £3.3 billion in the four quarters to the end of Q2 2022, while total UK imports from Nigeria amounted to £2.2 billion in the four quarters to the end of Q2 2022.

Read also:UK to fund Nigerian women-owned businesses with $100m

“The successes of the EDF over the last four years have helped address crucial market access barriers and boosted our exchanges in key sectors such as Legal and Financial Services.

“I welcome the shared interest in exploring an Enhanced Trade and Investment Partnership between our nations that will open up new opportunities for UK and Nigerian business, create jobs and future-proof our economies against a changing world.”

Also, UK Prime Minister’s Trade Envoy to Nigeria, Helen Grant, said the UK was supporting Nigeria on the path to becoming a higher-growth, more inclusive and more sustainable economy as the 2023 elections approach.

Grant added: “This is part of a wider push by the UK to drive a free trade, pro-growth agenda across the globe, using trade to drive prosperity and help eradicate poverty. A potential Enhanced Trade and Investment Partnership would include a series of commitments to tackle non-tariff market access barriers to deliver tangible results for businesses in both the UK and Nigeria.”

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