Nigeria-UK Trade Volume Hits £5.5bn

Nigeria-UK Trade Volume Hits £5.5bn

Nigeria and United Kingdom’s (UK) trade volume hit £5.5b billion at the end of the fourth quarter of 2022.

UK’s International Trade Secretary, Kemi Badenoch, made this disclosure at the 8th Economic Development Forum (EDF).

Her words: “Nigeria is Africa’s largest economy and I’m delighted to see our trade and investment links grow, already worth £5.5 billion.”

“The total trade in goods and services (exports plus imports) between the UK and Nigeria currently stands at £5.5billion. Of this £5.5 billion: total UK exports to Nigeria amounted to £3.3 billion in the four quarters to the end of Q2 2022, while total UK imports from Nigeria amounted to £2.2 billion in the four quarters to the end of Q2 2022.

“The successes of the EDF over the last four years have helped address crucial market access barriers and boosted our exchanges in key sectors such as Legal and Financial Services.

“I welcome the shared interest in exploring an Enhanced Trade and Investment Partnership between our nations that will open up new opportunities for UK and Nigerian business, create jobs, and future-proof our economies against a changing world.”

Nigeria’s total trade volume

According to the National Bureau of Statistics (NBS), Nigeria’s total merchandise trade stood at N12,841.54 billion in the second quarter of 2022.

The NBS, in a report, disclosed that the figure was lower than the value recorded in the first quarter of 2022 which stood at N13,001.28 billion indicating a marginal decrease of 1.23%.

”However, it was higher than the value recorded in the corresponding period of 2021 which stood at N9,712.02 billion,” the report read.

The report also said Nigeria’s merchandise trade slightly fell in Q2 2022 due to a decline in import trade resulting in an improved trade balance.

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