CEM REPORT, TRADE | Bilateral trade between Nigeria and the United Kingdom reached £7.6 billion between June 2022 to June 2023, an increase of £2.4 billion from what was recorded a year ago.
The British Deputy High Commissioner, Jonny Baxter disclosed the figures while speaking about the level of trade between both countries.
Imports grew by £1 billion to reach £4.3 billion while exports stood at £3.3 billion an increase of 1.4 billion when compared with the previous year’s figure, NAN reports.
“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 £1billion, if you compare 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 Nigeria export into the UK has been much more fast.”
He attributed the increase in trade relations to the introduction of the Developing Countries Trading Scheme (DCTS) which he noted 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 by reduced tariffs or no tariffs at all and for Nigeria, 99 per cent of what Nigeria’s export to the UK in goods and service is tariffs-free.
“This means that it is cheaper for people in the UK to buy those Nigerian goods and therefore are going to be more popular and it is a great thing for Nigeria to benefit from.”
On strengthening trade relations further, Baxter stated that the UK would host an African Investment Summit in April 2024, 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
“Nigeria is such a classic place where the creatives are so important and they have produced a lot of money and wealth. 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 noted that this summit would also feature a special side event focused on Nigeria’s creative industry, recognizing its growing significance in Nigeria’s economy.
Meanwhile, annual trade volume between Nigeria and Japan currently stands at about $10 billion yearly.
The Japanese Ambassador and Permanent Representative to the Economic Community of West African States (ECOWAS), Matsunaga Kazuyoshi, made this disclosure when the Managing Director of the Nigerian Ports Authority (NPA), Mohammed Bello-Koko, and his management team paid him a courtesy visit.
The Japanese Ambassador commended the NPA for facilitating the growth in the value of Nigeria-Japan trade volume, which he said now stands at $10 billion yearly (N76trn).
Kazuyoshi promised to broker greater partnership between the NPA and the Japan External Trade Office (JETRO).
“The current trade volume between both countries has now risen to $10 billion annually,” he added.
Responding, Bello-Koko said: “Given the national exigency of strengthening the value of the naira, we are keen on growing the export value of the growth in trade figures between Nigeria and Japan.
“We have new initiatives and offerings in place to support Nigerian exports and exporters, which we invite the global Japanese community,” he said.
Bello-Koko was at the Embassy of Japan in Nigeria to discuss new vistas of investment opportunities the Authority’s platforms can offer.
The visit was at the instance of the Japanese Ambassador and Permanent Representative to ECOWAS.