The British High Commissioner to Nigeria, Richard Montgomery, has said that trade relations between Nigeria and the United Kingdom (UK) currently stands at about £7 billion.
Montgomery disclosed this during an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday.
Breaking down the trade figures between Nigeria and the UK, the British High Commissioner to Nigeria revealed that the UK exports approximately £4 billion worth of goods and services to Nigeria, whereas Nigeria exports around £3 billion worth of goods to the UK, showcasing a relatively balanced trade relationship.
Montgomery noted a marginal 2% increase in trade volume between Nigeria and the UK. He emphasized that the recently signed partnership between both countries is expected to further boost trade and investment, leading to improved trade figures.
Montgomery noted that Nigeria stands to gain from the UK’s post-Brexit Developing Countries Trading Scheme (DCTS), which removes tariffs on thousands of products to promote free trade. He highlighted that Nigeria could export at least 3,000 tariff-free products to the UK under this scheme.
The British High Commissioner to Nigeria highlighted that Nigeria could enhance trade with the UK by exporting agricultural products like cashew, cotton, cocoa, vegetables, and timber. He also noted that sectors such as financial and legal services, education, and the creative industry could benefit from the Developing Countries Trading Scheme.