Nigeria Export Trade to UK stood at £3.3bn by June 2023 – British Deputy High Commissioner
Baxter gave the figure while speaking on the level of trade between both countries in an interview with the News Agency of Nigeria (NAN) in Lagos on Thursday.
He said that the figure was 1.4 billion pounds higher than what was achieved in the corresponding year before.
“The overall trade figures, which include imports and exports, are 7.6 billion pounds, and of that, 4.3 billion are made up of UK products that are imported into Nigeria, and that figure has gone up by 1 billion pounds if you compare it with the figure of the year before.
“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 Nigerian exports into the UK has been much more rapid, and this is great news.
“It shows that Nigeria is producing goods and services that people in the UK want to buy, and they are being bought and purchased from Nigeria,” he said.
He noted that the introduction of the Developing Countries Trading Scheme (DCTS) has further strengthened trade relations between both countries
“The UK is committed to creating the best conditions possible for trade to continue to strengthen, and in June this year, we started a new programme called DCTS.
“It is a global scheme covering all developing countries in the region of 65 countries, and Nigeria in particular benefits from that.
“What it does is that it allows more and more goods into the UK with reduced tariffs or no tariffs at all, and for Nigeria, 99 per cent of what Nigerians export to the UK in goods and services is tariff-free.
“This means that it is cheaper for people in the UK to buy those Nigerian goods, which are therefore going to be more popular, and it is a great thing for Nigeria to benefit from,” he said.
Baxter revealed that both countries were exploiting ways to address some barriers and hindrances to trade.
He said that in April 2024, the UK would host an African Investment Summit, which would serve as a platform for Nigerian Companies to meet British investors.
“ In April next year, the UK is hosting an African investment summit and Nigeria would be a big player as it is an opportunity for Nigerian companies to pitch to British companies for investments, contracts, imports and exports.
“As part of that, there would be a special side event on Nigerian creatives, as I think in the past, maybe people haven’t focused so much on the creative industry as part of the economy.
“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.