Exploring Ways to Improve UK-Nigeria Trading Relations: British Envoy Reports £5.5bn Trade Volume
We are excited to bring you the latest news on the trading relations between Nigeria and the United Kingdom. According to the British Deputy High Commissioner in Lagos, Ben Llewelyn-Jones, the total UK exports to Nigeria amounted to £3.3 billion in the four quarters of 2022, while the total UK imports from Nigeria amounted to £2.2 billion in the same period. This puts the trade volume between the United Kingdom and Nigeria at a staggering £5.5 billion.
To improve trading relations, the UK government is exploring ways to partner with Nigeria, including supplying electric meters. The UK government has also introduced the Developing Countries Trading Scheme (DCTS), which will encourage and improve the exportation of goods from Nigeria. Under the scheme, 99 per cent of goods exported to the UK will be duty-free, presenting a real opportunity to improve trading between both countries.
You can see below a depict of the changes in the value of Nigeria's exports to the UK from 2015 to 2020.
It is important to note that the UK market is a very large one, and the government has reached out to small and large businesses in different parts of the country to help exporters and other people in the trading business make the United Kingdom an export destination. The government has also been carrying out a lot of work in the country through initiatives such as British International Investment, which looks into the possibilities of investment and provides support to businesses.
Llewellyn-Jones noted that the UK government is looking at partnering with Nigeria in supplying electric meters to the country. The UK is known to have one of the most sophisticated metering systems in the world, which would make a significant difference in Nigeria's electricity sector as consumers would get the best value for their money spent.
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