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‘Nigeria, UK Trade Relations worth £7b’

The trade relations between Nigeria and the United Kingdom currently stand at about seven billion pounds sterling.

The British High Commissioner in Nigeria, Richard Montgomery, who made this disclosure said Nigeria and the UK signed a new agreement on enhanced trade and investment partnership and agreed to work on a range of sectors.

He identified the sectors as agriculture, the creative industry, legal, financial services, and education.

Montgomery stated that trade between the UK and Nigeria is balanced. “Trading by both countries is relatively balanced because the UK exports about four billion pounds sterling worth of goods and services to Nigeria while Nigeria exports to the UK about three billion pounds worth of goods.

“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.

“Nigeria can benefit and take advantage of a new post-Brexit trading agreement that the UK has put in place that is called the Developing Countries Trading Scheme (DCTS).”

In February, Nigeria and the UK signed the new trade agreement to boost trade and investment between both countries.

The agreement known as Enhanced Trade and Investment Partnership (ETIP) is expected to unlock new opportunities for UK and Nigerian businesses.

Nigerian Trade Minister Doris Nkiruka Uzoka-Anite signed the ETIP alongside UK’s Business and Trade Secretary Kemi Badenoch in Abuja.

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