Nigeria’s Exports Surge to £3.3bn in UK, Boosted by Developing Countries Trading Scheme
New data released by the British Deputy High Commissioner, Jonny Baxter, reveals that Nigeria’s exports to the UK from June 2022 to June 2023 reached a value of £3.3 billion. This figure represents a significant increase of £1.4 billion compared to the previous year’s record. Baxter also highlighted that 132,000 Nigerians were issued various types of UK visas, including visit, work, and study visas, in the first half of 2023.
The overall trade figures between Nigeria and the UK stand at £7.6 billion, with £4.3 billion consisting of UK products imported into Nigeria. This represents a £1 billion increase compared to the previous year. The remaining £3.3 billion represents Nigerian exports to the UK, which have seen a significant boost of £1.4 billion.
The positive trend in Nigeria’s exports to the UK can be attributed to the introduction of the Developing Countries Trading Scheme (DCTS). This scheme, launched in June 2023, has strengthened trade relations between the two nations. Covering around 65 developing countries, including Nigeria, the DCTS offers reduced or tariff-free access to the UK market for Nigerian goods and services. This tariff reduction has made Nigerian products more affordable in the UK market, increasing their popularity.
Despite the progress made, Nigeria’s exports to the UK still face certain barriers. However, efforts are underway to address these trade barriers and challenges between the two countries. In April 2024, the UK will host an African Investment Summit, providing Nigerian companies with an opportunity to engage with British investors, explore investment opportunities and contracts, and expand import and export possibilities. The summit will also include a special side event focused on Nigeria’s creative industry, recognizing its growing significance in the country’s economy.
Furthermore, these initiatives are expected to not only boost trade between Nigeria and the UK but also increase the number of Nigerians securing UK visas each year. The British Deputy High Commissioner emphasized the importance of Nigerians coming to the UK through legal routes and following the country’s rules and regulations.
In conclusion, Nigeria’s exports to the UK have experienced a significant surge, reaching a value of £3.3 billion. This growth can largely be attributed to the introduction of the Developing Countries Trading Scheme, which has provided Nigerian products with easier access to the UK market. Efforts are ongoing to address trade barriers and challenges, and the upcoming African Investment Summit in 2024 is expected to further enhance trade relations between the two countries.
