Richard Montgomery, the British High Commissioner to Nigeria, has disclosed that bilateral trade between Nigeria and the UK has surged to £7 billion.
Nigeria imported approximately £4 billion worth of goods and services from the UK, while exporting about £3 billion worth of goods to the UK. This represents a slight 2 percent increase in trade volume between the two nations. Montgomery credited recent reforms by the Nigerian government, including addressing fuel subsidy removal, oil theft, and forex issues, for enhancing trade relations and attracting UK investors back to Nigeria.
Furthermore, recent data from the Department for Business and Trade showed that in the last six months of 2023, Nigeria was the UK’s 39th largest trade partner. Key imported products from Nigeria included refined oil, toilet and cleansing preparations, textile fabrics, and general industrial machinery, while top exported goods from Nigeria to the UK included crude oil, refined oil, gas, aircraft accessories, and metal ores and scrap.
Source: Business Day