Nigeria’s total trade with the United Kingdom declined by 25% in the first quarter of 2024, despite higher values from the naira devaluation, according to the National Bureau of Statistics (NBS). Trade between the two countries dropped from N602.36 billion in Q1 2023 to N451.45 billion in Q1 2024. Compared to the previous quarter (Q4 2023), which had N522.79 billion in trade, this marks a 14% quarter-on-quarter decrease.
Despite the weak naira, which typically boosts export competitiveness, the decline in trade suggests other factors are at play. Both imports and exports have decreased. Imports from the UK fell slightly by 2% from N186.99 billion in Q4 2023 to N183.34 billion in Q1 2024, though they increased by 25% year-on-year from N146.88 billion in Q1 2023.
Exports saw a more significant drop, contributing to the overall decline in trade. Export values decreased by 20% quarter-on-quarter, from N335.8 billion in Q4 2023 to N268.11 billion in Q1 2024, and plummeted by 41% year-on-year from N455.48 billion in Q1 2023. Despite the challenges, Nigeria’s re-exports to the UK included items like interchangeable tools, articles of iron/steel, and machines for voice, images, or data, totaling significant amounts in Q1 2024. Additionally, food preparation items worth N1.8 billion were exported to the UK.
Imports from the UK in Q1 2024 included granite worth N11.77 million and heat exchange units worth N15.93 billion.