British High Commissioner to Nigeria, Richard Montgomery, announced on Sunday that trade relations between Nigeria and the United Kingdom have soared to £7 billion. In an interview with the News Agency of Nigeria (NAN) in Abuja, Montgomery disclosed that the two nations have inked a new agreement on enhanced trade and investment partnership, aimed at bolstering cooperation across various sectors.
The agreement is designed to bolster collaboration in key areas 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, while Nigeria’s exports to the UK amount to around £3 billion.
Montgomery emphasized the significance of the new agreement in enhancing trade volumes and strengthening economic ties between both countries. He highlighted that while trade has seen a modest increase in recent years, the goal of the enhanced Trade and Investment Partnership is to significantly boost trade and investment between Nigeria and the UK.
The British envoy underscored Nigeria’s potential to benefit from the post-Brexit trading agreement known as the Developing Countries Trading Scheme (DCTS). This scheme, regarded as one of the world’s most generous, removes tariffs on thousands of products worldwide to facilitate free trade. Montgomery noted that Nigeria has access to at least 3,000 tariff-free products it could export to the UK, particularly in agricultural exports like cashew, cotton, and cocoa.
Furthermore, Montgomery expressed optimism about the future of trade relations, particularly in financial and legal services, citing advancements in technology and bold reforms undertaken by the Nigerian government. He commended Nigeria’s efforts in removing the “crippling fuel subsidy,” combating oil theft, and implementing foreign exchange reforms, noting that these reforms have attracted investor confidence and paved the way for increased trade.