British High Commissioner to Nigeria, Richard Montgomery, has disclosed that trade between Nigeria and the United Kingdom has reached its highest point ever, valued at £7.9 billion (approximately N16 trillion).
Speaking in Abuja during an interview with the News Agency of Nigeria (NAN), Montgomery highlighted that the landmark achievement was largely boosted by the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP). According to him, the framework is designed to dismantle non-tariff trade and investment barriers, opening greater opportunities for collaboration in key industries.
Montgomery further explained that the ETIP complements the Developing Countries Trading Scheme (DCTS), which offers Nigeria tariff reductions and more flexible trade terms on exports. “The 7.9 billion pounds or N16 trillion trade is the highest in the history of UK-Nigeria relations. This shows a very positive trajectory,” he said.
He noted that the ETIP agreement identifies mutually beneficial sectors where the UK has comparative advantage and where Nigeria is seeking to expand its economic opportunities. “This partnership is ministerially driven, involving Nigeria’s Ministry of Industry, Trade and Investment, and the UK’s Department for Business and Trade,” he added.
Montgomery pointed out that while Britain may not dominate in every sector, it has strong expertise in financial services, financial technology, artificial intelligence, and advanced digital platforms. He also identified opportunities in the creative economy, higher education, agriculture, advanced energy solutions, and manufacturing.
He emphasized that the ETIP is aimed at generating employment, stimulating growth, and unlocking investment for both economies. “It is mutually agreed, mutually negotiated, and serves the interests of both countries,” Montgomery stressed.
