United Kingdom and Nigeria on Monday in Abuja said that the trade volume between the two countries stood at 5.5billion pounds.<\/p>\n\n\n\n
This is contained in a statement signed by the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo and Uk Trade Envoy to Nigeria, Helen Grant at the 8th ministerial meeting of the United Kingdom-Nigeria Economic Development Forum (EDF)<\/p>\n\n\n\n
According to the statement the total trade in goods and services (exports plus imports) between the UK and Nigeria currently stands at 5.5billion pounds.<\/p>\n\n\n\n
\u201cOf this 5.5 billion pounds, total UK exports to Nigeria amounted to 3.3 billion pounds in the four quarters to the end of Q2 2022, while total UK imports from Nigeria amounted to 2.2 billion pounds in the four quarters to the end of Q2 2022,\u2019\u2019 it said.<\/p>\n\n\n\n
The statement said that UK and Nigeria reaffirmed their commitment to deepen the trade relationship between the two countries.<\/p>\n\n\n\n
\u201cIt was a confirmation of their shared interest in pursuing an enhanced trade and investment partnership for increased engagement.<\/p>\n\n\n\n
\u201cUK and Nigeria agreed that the enhanced trade and investment partnership will offer an alternative high-profile mechanism to progress bilateral economic issues of mutual strategic importance.<\/p>\n\n\n\n
\u201cUnder this, both sides will continue to work together to resolve market access issues and enhance economic cooperation,\u2019\u2019 the statement said.<\/p>\n\n\n\n
It quoted the UK International Trade Secretary, Kemi Badenoch as saying \u201cNigeria is Africa\u2019s largest economy and I\u2019m delighted see our trade and investment links grow, already worth \u00a35.5 billion.<\/p>\n\n\n\n
\u201cThe successes the EDF over the last four years has helped address crucial market access barriers and boosted our exchanges in key sectors such as legal and financial Services.<\/p>\n\n\n\n
\u201cI welcome the shared interest in exploring an enhanced trade and investment partnership between our nations that will open up new opportunities for UK and Nigerian business, create jobs and future-proof our economies against a changing world\u201d.<\/p>\n\n\n\n
Similarly, Uk Trade Envoy to Nigeria, Helen Grant said \u201cThe UK and Nigeria go far when we go together.<\/p>\n\n\n\n
\u201cWe are supporting Nigeria on the path to becoming a higher-growth, more inclusive and more sustainable economy as we move towards the\u202f2023 elections.<\/p>\n\n\n\n
\u201cThis is part of a wider push by the UK to drive a free trade, pro-growth agenda across the globe, using trade to drive prosperity and help eradicate poverty.<\/p>\n\n\n\n
\u201cA potential enhanced trade and investment partnership would include a series of commitments to tackle non-tariff market access barriers to deliver tangible results for businesses in both the UK and Nigeria,\u2019\u2019 she said.<\/p>\n\n\n\n
Badenoch said that UK recently launched the Developing Countries Trading Scheme (DCTS) with enhanced preferences for Nigeria-UK Trade and Investment.<\/p>\n\n\n\n
According to her, the new scheme which will come into effect in early 2023, will cut tariffs on hundreds of everyday products from developing countries.<\/p>\n\n\n\n
\u201cThis will be welcome news to Nigerian exporters. It will equally extend tariff cuts to hundreds of more products exported from Nigeria and other developing countries, going further than the EU\u2019s Generalised Scheme of Preferences.<\/p>\n\n\n\n
\u201cThis is on top of the thousands of products, which Nigeria can already export to the UK duty-free,\u2019\u2019 she said.<\/p>\n\n\n\n
On his part, Adebayo said that it was important that what comes out of the working group builds upon its principles and strengthens its outcomes.<\/p>\n\n\n\n
\u201cI know that both Nigeria and the United Kingdom have exchanged policy papers detailing how they wish to proceed, and I look forward to feedback as both papers are reviewed.<\/p>\n\n\n\n
\u201cI have always held the strong conviction that there is no crisis without an accompanying opportunity and solution.<\/p>\n\n\n\n
\u201cIncreased collaboration with Nigeria and other developing markets is needed to mitigate against both current and potential future supply-chain challenges.<\/p>\n\n\n\n
\u201cTo this end, the introduction of the Developing Countries Trading Scheme (DCTS) is warmly welcomed.<\/p>\n\n\n\n
\u201cThe reduction in tariffs on hundreds of everyday products should be a win for both Nigerian exporters and UK consumers who are able to access our products at a lower price,\u2019\u2019 he said.<\/p>\n\n\n\n
The minister said that in 2021, UK exports to Nigeria were $1.64 Billion and Nigerian exports to the UK $1.12 Billion.<\/p>\n\n\n\n
\u201cNot too far apart. As we move into 2023 it will be good to see the DCTS grow these numbers,\u2019\u2019 he said.<\/p>\n\n\n\n
Adebayo said that increasing bilateral trade was key for both nations and the agreement must strategically promote its increase.<\/p>\n\n\n\n
\u201cWe must continue to work together to resolve market access issues and enhance economic cooperation.<\/p>\n\n\n\n
\u201cThe Ministry is committed to developing, implementing, and reviewing policies that encourage both foreign and local investment and industrialisation.<\/p>\n\n\n\n
\u201cSince the last EDF we have progressed significantly with the development of our investment policy and the Nigerian Investment Promotion Commission (NIPC) has almost finalised the investment roadmap.<\/p>\n\n\n\n
\u201cThese initiatives help provide organisations with the confidence to continue making long-term, sustainable investments in Nigeria,\u2019\u2019 he said.<\/p>\n\n\n\n
EDF was launched by the former Prime Minister, Theresa May and President Muhammadu Buhari in Aug. 2018 and held bi-annually.<\/p>\n\n\n\n
It is serving as a platform to address market access barriers, respond to opportunities and challenges of doing business and boost bilateral trade and investment in the two countries.<\/p>\n\n\n\n
While the forum is playing a crucial role in strengthening the UK-Nigeria trading relationship, both countries have been able to unlock finance, facilitate better regulatory link ups, support British and Nigerian businesses and engage on important global issues.<\/p>\n\n\n
United Kingdom and Nigeria on Monday in Abuja said that the trade volume between the two countries stood at 5.5billion pounds. This is contained in a statement signed by the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo and Uk Trade Envoy to Nigeria, Helen Grant at the 8th ministerial meeting of the United […]<\/p>\n","protected":false},"author":2,"featured_media":46840,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1366,949,241],"tags":[44,217],"class_list":["post-46839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-economy","category-foreign","tag-trade","tag-uk","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n