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UK, Nigeria Trade Balance Hits €35b, with Nigeria Leveraging Over €10b

Nigeria’s trade exchange with the United Kingdom has grown to about €35 billion as at last year, accounting for about one-third of Nigeria’s foreign trade.

Also, the country‘s trade balance with UK stood at over €10 billion in favour of Nigeria.

In the same vein, the European Union has commended Nigeria for offsetting the $850 million backlog of debt owed foreign airlines.

The positive foreign trade outlook came just as the Dutch Entrepreneurial Development Bank (FMO) and Nigeria’s First City Monument Bank (FCMB) signed a $25 million NASIRA guarantee agreement.

The guarantee will enable FCMB to expand its funding to agricultural, youth, and women-owned SMEs without requiring collateral, targeting a client group typically deemed too risky by banks. Also, as part of the build up to the economic engagement, the European Union and Eurocham Nigeria (the European Business Chamber) signed today a €300,000 grant agreement to support further development of the Chamber.

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