Trade volume between Nigeria and United Kingdom is now 5.5 billion pounds.
This was contained in a statement jointly signed by the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo and Uk Trade Envoy to Nigeria, Helen Grant at the 8th ministerial meeting of the United Kingdom-Nigeria Economic Development Forum (EDF).
According to the statement, the total trade in goods and services (exports plus imports) between the UK and Nigeria currently stands at 5.5 billion pounds.
“Of this 5.5 billion pounds, total UK exports to Nigeria amounted to 3.3 billion pounds in the four quarters of 2022, while total UK imports from Nigeria amounted to 2.2 billion pounds in the four quarters of Q2 2022,’’ it said.
The statement said that UK and Nigeria reaffirmed their commitment to deepen the trade relationship between both countries.
“It was a confirmation of their shared interest in pursuing an enhanced trade and investment partnership for increased engagement.
“UK and Nigeria agreed that the enhanced trade and investment partnership will offer an alternative high-profile mechanism to progress bilateral economic issues of mutual strategic importance.
“Under this, both sides will continue to work together to resolve market access issues and enhance economic cooperation,’’ the statement said.
It quoted the UK International Trade Secretary, Kemi Badenoch as saying “Nigeria is Africa’s largest economy and I’m delighted to see our trade and investment links grow, already worth £5.5 billion.
Culled from dmarketforces.com
