Nigeria, UK to Improve Trade Relations as Exports Hit £5.5bn

February 14, 2023
improve trade relations

By Aduragbemi Omiyale

The Nigerian and the United Kingdom governments are currently exploring ways to improve trade relations between them to fortify their respective economies.

The British Deputy High Commissioner in Lagos, Mr Ben Llewelyn-Jones, informed the News Agency of Nigeria (NAN) in a recent interview that this would raise the current trade volume from £5.5 billion.

A breakdown showed that the value of exports from the UK to Nigeria in 2022 stood at £3.3 billion, while the value of exports from Nigeria to the UK stood at £2.2 billion.

For the British diplomat, this figure can be improved if both parties take advantage of the channels put in place to improve trade ties.

According to him, from April 2023, about 99 per cent of goods exported to the UK from Nigeria would be duty-free under the Developing Countries Trading Scheme (DCTS) introduced by the UK government.

“With the introduction of the DCTS, which would take off in April, 99 per cent of Nigeria’s exports to the UK would be duty-free, as we see this as a real opportunity to improve trading between both countries.

“The UK market is a huge one, so we have reached out to small and large businesses in different parts of the country, and this is intended to help exporters and other people in the trading business to make the United Kingdom an export destination.

“Also, it is essential to note that our government has been carrying out a lot of work in the country through initiatives such as British International Investment which looks into the possibilities of investment and provides them.

“We work closely with the Nigerian authorities to overcome some challenges that come with investing in the country, and we are also working on several ways to strengthen the relationship between both countries further,” Mr Llewellyn-Jones said.

He also disclosed that his government intends to import prepaid meters into Nigeria to help bridge the metering gap.

Many electricity consumers in Nigeria are yet to be metered despite the efforts made by the government to stop estimated billing, which is rippling electricity users off because they pay for what they did not consume.

But Mr Llewellyn-Jones said this is an area his government was looking to explore and bring succour to Nigerians.

“In trading, there are different markets that can be explored, and we are exploring different ways to make Nigeria our top trade partner, and it is important to note that sometimes, it is about the quality one has to offer.

“The UK is known to have one of the most sophisticated meterings in the world, which would make a quality difference in Nigeria when it comes to the electricity sector as consumers would get the best value for their money spent,” he stated.

Aduragbemi Omiyale

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

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