The value of Nigeria’s annual exports to the United Kingdom (UK) has reached $2.5billlion. This is as trade relations between both countries stand at an impressive 7.5 billion pounds.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, made this known during the Nigerian-British Chamber of Commerce 2024 Presidential Dinner Awards Ceremony in Lagos.
She said by targeting a modest 1-5 per cent increase in exports to the UK over the next two years, Nigeria could generate an additional $25-125 million in export revenue.
This, the Minister said, would strengthen sectors such as agriculture, manufacturing, and oil, while enhancing foreign reserves and reinforcing the country’s global competitiveness.
She, therefore, urged the Nigerian-British Chamber of Commerce (NBCC) to lead the charge, by expanding market access, fostering partnerships, and supporting productivity improvements to make this goal a reality.
“Together we can move the needle on the trade volumes and productivity, ensuring that this relationship truly delivers prosperity for both nations,” Oduwole said, adding that the collective commitment should drive tangible progress.
