According to Ben Llewellyn-Jones, the Deputy High Commissioner for the UK in Lagos, UK exports to Nigeria totaled 3.3 billion pounds during 2022’s first four quarters. The Commissioner revealed that the UK imported 2.2 billion pounds worth of goods from Nigeria during that time. Estimating the value, Ben Llewellyn-Jones revealed that this resulted in a 5.5 billion pound trade volume between the UK and Nigeria.
The data were provided by Mr. Llewellyn-Jones in a Lagos interview with the News Agency of Nigeria. He stated that the UK government was looking into measures to strengthen trade ties with Nigeria; including working together to introduce energy meters.
The ambassador said that the UK government had also launched the Developing Countries Trading Scheme (DCTS), which would promote and enhance Nigerian exports of commodities. He said that under the scheme, 99 percent of goods exported to the UK will be duty free.
“With the introduction of the DCTS, which would take off in April, 99 percent of Nigeria 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 massive 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 important to note that our government has been carrying out a lot of work in the country through initiatives 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 further strengthen the relationship between both countries.”
“In trading, there are different markets that can be explored, and we are exploring different ways to make Nigeria our top trade partner. It is essential to note that sometimes, it is about the quality one has to offer.
“The UK is known to have one of the most sophisticated metering 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.
“In terms of services, there are different British schools in the country as well as various partnerships with universities across the country. This goes to show that we are also about substance.
“We are committed to ensuring that we explore every opportunity available to strengthen the bilateral relationship between both countries,” he said.
