Nigeria’s Exports Surge to £3.3bn in UK, Boosted by Developing Countries Trading Scheme

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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.

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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.

Frequently Asked Questions (FAQs) Related to the Above News

What is the value of Nigeria's exports to the UK from June 2022 to June 2023?

Nigeria's exports to the UK during this period reached a value of £3.3 billion, representing a significant increase of £1.4 billion compared to the previous year.

How many Nigerians were issued UK visas in the first half of 2023?

In the first half of 2023, 132,000 Nigerians were issued various types of UK visas, including visit, work, and study visas.

What is the total trade figure between Nigeria and the UK?

The total trade figure between Nigeria and the UK stands at £7.6 billion, with £4.3 billion consisting of UK products imported into Nigeria and £3.3 billion representing Nigerian exports to the UK.

What has contributed to the increase in Nigeria's exports to the UK?

The increase in Nigeria's exports to the UK can be attributed to the introduction of the Developing Countries Trading Scheme (DCTS), which offers reduced or tariff-free access to the UK market for Nigerian goods and services.

What is being done to address trade barriers between Nigeria and the UK?

Efforts are underway to address trade barriers and challenges between Nigeria and the UK. 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.

How are initiatives like the African Investment Summit expected to impact trade relations?

Initiatives like the African Investment Summit are expected to enhance trade relations between Nigeria and the UK. They are also likely to increase the number of Nigerians securing UK visas each year.

What is the significance of Nigeria's creative industry in the upcoming African Investment Summit?

The African Investment Summit will include a special side event focused on Nigeria's creative industry, recognizing its growing significance in the country's economy.

What is the importance of Nigerians following the UK's rules and regulations when coming to the country?

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 for a smooth and lawful immigration process.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

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