Trade ties between Nigeria and the United Kingdom have surged to £7 billion, announced British High Commissioner Richard Montgomery in an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday.
Montgomery revealed that the two nations have inked a new agreement aimed at bolstering trade and investment cooperation, particularly in critical sectors such as agriculture, creative industries, legal services, financial services, and education.
Currently, the UK exports approximately £4 billion worth of goods and services to Nigeria, with Nigeria reciprocating with exports valued at around £3 billion to the UK. Montgomery emphasized that the new agreement is expected to further amplify trade volumes and deepen economic ties between the two nations.
Highlighting the potential benefits for Nigeria, Montgomery underscored the importance of leveraging the UK’s post-Brexit trading agreement, known as the Developing Countries Trading Scheme (DCTS). This scheme, he explained, eliminates tariffs on thousands of products worldwide, facilitating free trade and providing Nigeria with an opportunity to export at least 3,000 tariff-free products to the UK.
In particular, Montgomery highlighted Nigeria’s potential in agricultural exports, citing products such as cashew, cotton, cocoa, and processed vegetables as promising avenues for trade growth. He also noted the potential for expansion in commercial agriculture, given Nigeria’s abundant land and workforce.
Furthermore, Montgomery expressed optimism about the prospects for increased trade, particularly in financial and legal services, as new technologies enter the sector. He commended Nigeria’s bold reforms, including the removal of the fuel subsidy, efforts to combat oil theft, and foreign exchange reforms, which are expected to attract more investors by streamlining fund access and transfer processes.
