The British High Commissioner in Nigeria Dr. Richard Montgomery says trade relations between Nigeria and the United Kingdom have reached approximately seven billion pounds sterling. Montgomery disclosed this information while highlighting the signing of a new agreement on enhanced trade and investment partnership between the two countries.
Under the new agreement, Nigeria and the UK have committed to collaborating across various sectors, including agriculture, the creative industry, legal services, financial services, and education. Montgomery emphasized the balanced nature of trade between the two nations, noting that the UK exports about four billion pounds sterling worth of goods and services to Nigeria, while Nigeria exports approximately three billion pounds worth of goods to the UK.
Despite the relatively balanced trade volumes, Montgomery expressed the need for further efforts to increase trade and investment between Nigeria and the UK. He pointed out that the trade volume between the two countries saw only a marginal increase of about two percent compared to previous years, indicating the necessity for enhanced collaboration to boost trade numbers.
Highlighting opportunities for Nigeria in the post-Brexit era, Montgomery mentioned the Developing Countries Trading Scheme (DCTS), a new trading agreement implemented by the UK. He emphasized that Nigeria can benefit from this scheme and leverage it to enhance its trade relations with the UK.
The enhanced trade and investment partnership between Nigeria and the UK aim to foster mutually beneficial economic cooperation, stimulate trade growth, and expand investment opportunities for both countries. As efforts continue to strengthen bilateral ties, stakeholders are optimistic about the potential for further growth and development in Nigeria-UK trade relations.
