Abuja, Nov. 29, 2022 -The volume of trade between the United Kingdom and Nigeria Nigeria has risen to 5.5 billion pounds annually.
The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo and Uk Trade Envoy to Nigeria, Helen Grant confirmed the figures in a statement at the 8th ministerial meeting of the United Kingdom-Nigeria Economic Development Forum (EDF)
According to the statement, the total trade in goods and services (exports plus imports) between the UK and Nigeria currently stands at 5.5 billion pounds.
“Of this 5.5 billion pounds, total UK exports to Nigeria amounted to 3.3 billion pounds in the four quarters of 2022, while total UK imports from Nigeria amounted to 2.2 billion pounds in the four quarters of Q2 2022,’’ it said.
The statement said that UK and Nigeria reaffirmed their commitment to deepen the trade relationship between both countries.
“Under this, both sides will continue to work together to resolve market access issues and enhance economic cooperation,’’ the statement said.
It quoted the UK International Trade Secretary, Kemi Badenoch, as saying “Nigeria is Africa’s largest economy and I’m delighted to see our trade and investment links grow, already worth £5.5 billion.
“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.
“We are supporting Nigeria on the path to becoming a higher-growth, more inclusive and more sustainable economy as we move toward the 2023 elections.
“This is part of a wider push by the UK to drive a free trade, pro-growth agenda across the globe, using trade to drive prosperity and help eradicate poverty,” she said. (GBN)
