UK Exports from Nigeria Hit £3.3billion in June

New data has just unveiled that Nigeria’s exports to the United Kingdom from June 2022 to June 2023 have reached a total value of £3.3 billion.

Jonny Baxter, the British Deputy High Commissioner, shared these statistics while discussing the robust trade relationship between both nations, as reported by NAN.

Nigeria’s current export value has surged by £1.4 billion compared to the previous year, according to Baxter. He elaborated, “When considering the overall trade figures, encompassing both imports and exports, the total stands at £7.6 billion. Out of this, £4.3 billion accounts for UK products imported into Nigeria, reflecting a £1 billion increase compared to the previous year. The remaining £3.3 billion represents Nigerian exports to the UK, marking a substantial £1.4 billion increase. Clearly, Nigeria’s exports to the UK have experienced a significant boost.”

He attributed this positive trend in Nigeria’s exports to the UK to the introduction of the Developing Countries Trading Scheme (DCTS), which has bolstered trade relations between the two nations. Baxter elaborated,

“The UK is committed to fostering favourable trade conditions, and the DCTS, launched in June this year, plays a crucial role. It covers around 65 developing countries, including Nigeria, and offers reduced or tariff-free access to the UK market for Nigerian goods and services. This tariff reduction makes Nigerian products more affordable in the UK market, boosting their popularity.”
What else does the UK have in store for Nigeria?
Baxter also highlighted ongoing efforts to address trade barriers and challenges between the UK and Nigeria.

Looking ahead, he announced that in April 2024, the UK would host an African Investment Summit, providing Nigerian companies with a platform to engage with British investors, seek investment opportunities, and contracts, and explore import and export possibilities.

He noted that this summit would also feature a special side event focused on Nigeria’s creative industry, recognizing its growing significance in Nigeria’s economy.

“Nigeria is such a classic place where the creatives are so important and they have produced a lot of money and wealth and indeed, I think it is an increasing area for Nigeria’s economy, and it is brilliant that the African Investment Summit would have this side event,” he said