How Nigeria and the UK’s trade had developed by June – British Deputy High Commissioner

According to the British Deputy High Commissioner, Jonny Baxter, Nigeria’s exports to the UK from June 2022 to June 2023 were valued 3.3 billion pounds.

The information was provided by Baxter in an interview with the News Agency of Nigeria (NAN) in Lagos when discussing the volume of trade between the two nations.

The sum, according to him, was 1.4 billion pounds higher than what was accomplished the year before.

“The total amount of trade, including imports and exports, is 7.6 billion pounds, of which 4.3 billion are made up of UK goods imported into Nigeria. If you compare that amount to the previous year’s amount, it has increased by one billion pounds.

The remaining 3.3 billion are made up of 1.4 billion more worth of Nigerian exports to the UK. Therefore, it is wonderful news that Nigerian exports to the UK have increased so quickly.

It demonstrates that Nigeria is generating things and services that consumers in the UK desire to acquire and that these goods and services are being purchased from Nigeria, he said.

He stated that the adoption of the Developing Countries Trading Scheme (DCTS) had improved trade ties between the two nations.

The UK is dedicated to establishing the best circumstances for trade to continue to grow, and in June of this year, we launched a new programme called DCTS.

“It is an international programme that benefits all of the 65 poor nations in the area, but Nigeria especially reaps the benefits.

“What it does is it lets more and more commodities into the UK with zero or lower tariffs, and for Nigeria, 99 percent of what Nigeria exports to the UK in goods and services is duty-free.

Nigeria will greatly gain from this because it will make it more affordable for individuals in the UK to purchase those Nigerian items, which will also increase their popularity.

According to Baxter, both nations were looking for creative solutions to trade barriers and other obstacles.

He said that the UK would hold an African Investment Summit in April 2024, giving Nigerian businesses a chance to network with British investors.

Nigeria will play a major role in the African investment conference that the UK will hold in April of next year because Nigerian businesses will have the chance to compete with British businesses for contracts, investments, imports, and exports.

“As a part of that, there would be a special side event on Nigerian artists, as I believe that in the past, people may not have placed as much emphasis on the creative industry as a component of the economy.

“Nigeria is such a classic place where the creatives are so prominent and have generated a lot of money and wealth. It is undoubtedly a growing sector of the Nigerian economy, and I believe it is wonderful that this event would be held as a side event to the African Investment Summit, ” he added. (NAN)