A new data has revealed that Nigeria’s exports into the UK from June 2022 to June 2023 are worth £3.3 billion.
The British Deputy High Commissioner, Jonny Baxter revealed figures when speaking about the level of trade between both countries.
Nigeria’s current export valuation is up £1.4billion higher than the previous year’s record, According to Baxter,
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 compared with the figure of the year before.
He also said that the rest of the 3.3 billion pounds 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 this positive trend in Nigeria’s exports to the UK to the introduction of the Developing Countries Trading Scheme (DCTS), which has bolstered trade relations between the two nations. Baxter elaborated. He also mentioned that the UK is committed to fostering favourable trade conditions, and the DCTS, launched in June this year, plays a crucial role. It covers around 65 developing countries, including Nigeria, and offers reduced or tariff-free access to the UK market for Nigerian goods and services. This tariff reduction makes Nigerian products more affordable in the UK market, boosting their popularity.
Baxter also highlighted ongoing efforts to address trade barriers and challenges between the UK and Nigeria.
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