UK And Nigeria’s Trade Links Worth £7 Billion


Dr. Richard Montgomery, the British High Commissioner in Nigeria, disclosed yesterday that the value of trade between Nigeria and the UK is estimated to be around £7 Billion.


He discussed a recent deal between the two countries intended to increase trade and investment across a number of areas, including agricultural, creative industries, legal, financial services, and education, while speaking to the News Agency of Nigeria (NAN) in Abuja.


Montgomery emphasised the balanced nature of trade between the two countries and acknowledged Nigeria’s capacity to export over 3,000 products to the UK without tariffs, a discovery made during extensive visits to different parts of Nigeria.


The newly established trade and investment partnership, launched in February, seeks to attract more investments into Nigeria’s agricultural sector. Montgomery also mentioned advancements in technology within the financial services sector that are set to significantly enhance it.


Highlighting the challenges faced by foreigners doing business in the UK, Montgomery cited a lack of knowledge on business operations and meeting standards (non-tariff barriers to trade). He noted the availability of resources such as the Growth Gateway, provided by the Department of Business and Trade, offering guidance to potential exporters to the UK.


Expressing optimism, Montgomery believes that the UK will increase its trade engagement with Nigeria, driven by what he described as “bold reforms” by the Federal Government.

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