Nigeria’s exports into the UK from June 2022 to June 2023 are worth £3.3 billion, according to new data revealed by the British Deputy High Commissioner, Jonny Baxter.
Baxter, who was speaking about the bilateral relationship between Nigeria and the UK, also disclosed that 132,000 Nigerians were issued “all sorts of UK visas” which include visit, work, and study visas in the first half of 2023.
He said Nigeria’s current export valuation is up £1.4billion higher than the previous year’s record.
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“The overall trade figures, which includes imports and exports is £7.6 billion and of that, £4.3 billion are made up of UK products that are imported into Nigeria, and that figure has gone up a £1 billion, if you compare with the figure of the year before,” Baxter said.
“The rest of the £3.3 billion are Nigerian exports into the UK, and this has gone up by £ 1.4 billion so the increase in Nigeria export into the UK has been much more fast.”
According to Baxter, this positive trend in Nigeria’s exports to the UK is a result of the introduction of the Developing Countries Trading Scheme (DCTS), which has bolstered trade relations between the two nations.
He said the UK is committed to fostering favorable 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,” he said.
Nigeria’s exports to the UK have encountered barriers, limiting the number of goods allowed into the UK from Nigeria. Baxter said efforts are ongoing to address trade barriers and challenges between the two countries.
As part of the efforts, the High Commissioner said the UK would host an African Investment Summit in April 2024, providing Nigerian companies with a platform to engage with British investors, seek investment opportunities, and contracts, and explore import and export possibilities.
The summit would also feature a special side event focused on Nigeria’s creative industry, recognizing its growing significance in Nigeria’s economy, according to him.
“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.
Moves like this are not only expected to bolster trade between Nigeria and the UK but also the number of Nigerians securing UK visas yearly.
“We welcome and value the many Nigerians that we have coming to the UK to study or settle, as long as they are coming through legal routes, and it is important that the country’s rules are followed and respected,” Baxter said.