The total trade in goods and services (exports plus imports) between the UK and Nigeria currently stands at £5.5billion.
Of this £5.5 billion: total UK exports to Nigeria amounted to £3.3 billion in the four quarters to the end of Q2 2022; while total UK imports from Nigeria amounted to £2.2 billion in the four quarters to the end of Q2 2022.
This was made known in a statement by the UK Mission in Nigeria on Monday in which it said the UK reaffirmed its commitment to strengthen and deepen its trade relationship with Nigeria.
Both countries were said to have confirmed their shared interest in pursuing a potential Enhanced Trade and Investment Partnership at the eighth and final UK-Nigeria Economic Development Forum (EDF) which was held Monday at the Transcorp Hilton Hotel in Abuja.
The EDF was launched by the former Prime Minister, Theresa May and President Muhammed Buhari in August 2018 and held bi-annually; serving as a platform to address market access barriers, respond to opportunities and challenges of doing business and boost bilateral trade and investment in the two countries.
The statement noted that Since 2018, the EDF has played a crucial role in strengthening the UK-Nigeria trading relationship and through this forum, both countries have been able to unlock finance, facilitate better regulatory link ups, support British and Nigerian businesses and engage on important global issues.
“The total trade in goods and services (exports plus imports) between the UK and Nigeria currently stands at £5.5billion. Of this £5.5 billion: total UK exports to Nigeria amounted to £3.3 billion in the four quarters to the end of Q2 2022; while total UK imports from Nigeria amounted to £2.2 billion in the four quarters to the end of Q2 2022.
“The agreement in the EDF Memorandum of Understanding (MoU) comes to a close today, and the UK and Nigeria agreed that the Enhanced Trade and Investment Partnership will offer an alternative high-profile mechanism to progress bilateral economic issues of mutual strategic importance, under which both sides will continue to work together to resolve market access issues and enhance economic cooperation,” the Mission stated.
UK International Trade Secretary, Kemi Badenoch said: “The successes of the EDF over the last four years has helped address crucial market access barriers and boosted our exchanges in key sectors such as Legal and Financial Services”.
The UK Prime Minister’s Trade Envoy to Nigeria, Helen Grant said: “The UK and Nigeria go far when we go together. We are supporting Nigeria on the path to becoming a higher-growth, more inclusive and more sustainable economy as we move towards the 2023 elections”.