Would you like to receive notifications on latest updates of the following headlines?

Nigeria-UK Trade Relations Hit £7bn -  Envoy

POSTED ON May 6, 2024 •   Politics      BY Benedicta Bassey
British High Commissioner to Nigeria Richard Montgomery/Photo credit: Thebridgenewsng.com


British High Commissioner to Nigeria Richard Montgomery said trade relations between Nigeria and the United Kingdom have reached £7bn.

The Montgomery announced that the two nations have signed a new agreement on enhanced trade and investment partnership.

The agreement aims to boost cooperation in key sectors such as agriculture, creative industries, legal services, financial services, and education.

The UK currently exports around £4bn worth of goods and services to Nigeria, while Nigeria’s exports to the UK stand at approximately £3bn.

The British envoy said the new agreement is expected to increase trade volumes and strengthen economic ties between the two nations.

“Trading by both countries is relatively balanced because the UK exports about £4bn worth of goods and services to Nigeria while Nigeria exports to the UK about £3bn worth of goods,” he said.

“We need to do more because if you look at last year’s figure compared to the penultimate, there was not much of an increase in trade volume. It was an increase of about two per cent.

“So trade in the last few years has changed. And the aim of our enhanced Trade and Investment Partnership is to boost trade and investment between both countries and also to raise these numbers,” he explained.

The envoy added that Nigeria has at least 3,000 tariff-free products that it could export to the UK. “In agricultural exports, Nigeria can export cashew, cotton, or cocoa from the middle belt.”

He stated, “There are lots of commercial farmers involved in vegetables, which can be processed, and there is also timber. And we think that there’s a big potential for commercial agriculture in the future in Nigeria.

“You have the land, you have the people. The new trading scheme should be an opportunity for Nigeria. We can do more in financial and legal services.”

Montgomery revealed that new technologies are entering the financial services sector which will greatly improve the sector.

This was contained in an interview with the News Agency of Nigeria (NAN) in Abuja.

READ ALSO
Rivers sole administrator unveils 2025 budget amid protests against emergency rule
BY Abiodun Saheed Omodara April 4, 2025 0

The Sole Administrator of Rivers State, Vice Admiral Ibok-Ete Ibas, has announced plans for a new bu...

READ ALSO
Kano praises Emir Sanusi II’s leadership qualities in reinstatement ceremony
BY Abiodun Saheed Omodara April 2, 2025 0

KANO, Nigeria - Governor Abba Kabir Yusuf has stated that his government reinstated Khalifa Muhammad...

READ ALSO
APC caution Cross River members against unauthorize legal suits
BY Abiodun Saheed Omodara April 1, 2025 0

RIVERS, Nigeria - The cross Rivers chapter of the All Progressives Congress has wa...

READ ALSO
SERAP urges withdrawal of bill targeting Non-Voters in Nigeria
BY Abiodun Saheed Omodara March 31, 2025 0

The Socio-Economic Rights and Accountability Project (SERAP) has appealed to Senate President Godswi...

READ ALSO
Amid doubts and challenges,Tinubu celebrates 73rd birthday with gratitude to Nigerians
BY Abiodun Saheed Omodara March 30, 2025 0

President Bola Tinubu shared that he nearly abandoned his presidential ambitions for 2023 due to a m...

READ ALSO
Senate set to prioritize Tinubu’s Tax Reform Bills after recess
BY Abiodun Saheed Omodara March 30, 2025 0

The Senate is poised to prioritize the evaluation and approval of President Bola Tinubu’s tax...

READ ALSO
Proposed Age Limit Sparks Outcry Among Political Parties
BY Suleiman Jimoh March 28, 2025 0

In a move that has ignited widespread criticism and debate, Nigeria's House of Representatives recen...

READ ALSO
Nigeria, Canada forge new Aviation ties with bilateral Air services agreement
BY Abiodun Saheed Omodara March 26, 2025 0

ABUJA, Nigeria - In a notable achievement for the aviation sector, the Minister of Aviation and Aero...

OUR CHANNELS:

Ogun police respond to rising attacks at Sagamu interchange
BY Abiodun Saheed Omodara April 5, 2025 0

There are worries regarding the attacks and killings by hoodlums targeting commuters traveling to Ab...


Rwanda match takes precedence as Super Eagles eye world cup qualification
BY Abiodun Saheed Omodara April 5, 2025 0

Super Eagles Coach, Eric Chelle, has indicated that his team will place greater emphasis on the upco...


LASU celebrates 28th convocation with Over 11,000 graduates, honors distinguished Nigerians
BY Abiodun Saheed Omodara April 3, 2025 0

LAGOS, Nigeria - Lagos State University (LASU) announced on Thursday that it will be graduating no l...


Federal high court orders forfeiture of $20,000 from traveler for customs violation
BY Abiodun Saheed Omodara April 3, 2025 0

LAGOS, Nigeria - A Federal High Court in Lagos has mandated the forfeiture of $20,000 seized by the...


German eye Nigeria's mineral wealth as foreign direct investments surge
BY Abiodun Saheed Omodara April 3, 2025 0

Ongoing initiatives to draw in Foreign Direct Investments (FDIs) seem to be bearing fruit, as certai...


Lagos faces severe traffic chaos as Independence Bridge repairs begin after Sallah holiday
BY Abiodun Saheed Omodara April 3, 2025 0

LAGOS, NIGERIA - Lagos residents faced a challenging situation yesterday as they returned to work fo...


FG signs $174.6M agreement with UNIDO to enhance Nigeria's industry
BY Abiodun Saheed Omodara April 3, 2025 0

The Federal Government and the United Nations Industrial Development Organisation (UNIDO) have enter...


U.S. shows highest anxiety over AI Job loss amidst technological advancements
BY Abiodun Saheed Omodara April 3, 2025 0

Despite its advanced status, research indicates that the United States of America (USA) has the high...


Bayelsa communities threaten to halt oil production over security contract dispute
BY Abiodun Saheed Omodara April 3, 2025 0

BAYELSA, Nigeria - Nigeria’s struggling oil output may be on the brink of another crisis as co...


NITDA Partners Afrovision technologies to bridge job gap for Nigeria’s Tech Talent
BY Abiodun Saheed Omodara April 3, 2025 0

In an effort to tackle the ongoing challenge of job placement for Nigeria’s expanding tech tal...


More Articles

Load more...

Menu