British High Commissioner to Nigeria, Richard Montgomery, revealed on Sunday that trade relations between Nigeria and the United Kingdom have reached £7 billion.
He announced this during an interview with the News Agency of Nigeria (NAN) in Abuja, highlighting a new agreement on enhanced trade and investment partnership between the two nations.
The agreement aims to bolster cooperation in key sectors such as agriculture, creative industries, legal services, financial services, and education.
Currently, the UK exports around £4 billion worth of goods and services to Nigeria, while Nigeria’s exports to the UK amount to approximately £3 billion.
Montgomery emphasized the need for increased trade volumes and stronger economic ties between the two nations, noting that last year saw only a marginal increase of about two per cent in trade volume.
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The enhanced Trade and Investment Partnership aims to elevate these figures.
He highlighted the potential benefits for Nigeria under the UK’s post-Brexit trading agreement called the Developing Countries Trading Scheme (DCTS), which removes tariffs on thousands of products worldwide to facilitate free trade.
Nigeria has around 3,000 tariff-free products it could export to the UK, including agricultural products like cashew, cotton, cocoa, and processed vegetables.
Montgomery also emphasized the potential for growth in commercial agriculture in Nigeria, citing the country’s abundant land and workforce.
He expressed optimism about increased trade with Nigeria, particularly due to the country’s bold reforms, including the removal of fuel subsidies, efforts to tackle oil theft, and foreign exchange reforms aimed at facilitating easier access to funds for investors.
Additionally, Montgomery praised the entry of new technologies into Nigeria’s financial services sector, which is expected to significantly enhance the industry’s efficiency and effectiveness.
He reiterated the UK’s commitment to further strengthening trade relations with Nigeria and fostering mutually beneficial economic partnerships.
