British High Commissioner Richard Montgomery recently revealed the strong commercial links between Nigeria and the United Kingdom (UK), which are currently valued at almost £7 billion, in an interview with the News Agency of Nigeria (NAN) in Abuja.
This disclosure illuminates the substantial trade connections and opportunities for future cooperation between the two countries.
Montgomery emphasized the balanced nature of commerce between Nigeria and the UK by breaking down the trade data. Nigeria sends roughly £3 billion worth of products and services to the UK, while the UK exports roughly £4 billion worth of goods and services to Nigeria. This balance highlights the advantages that both parties gain from the trade alliance.
Montgomery, who noted a slight 2% increase in trade volume, expressed optimism about the future of UK-Nigeria commerce despite the obstacles presented by the current state of the world economy. He stressed how important the newly inked partnership agreement is to creating more trade and investment opportunities, which would improve trade figures even more.
The UK’s post-Brexit Developing Countries Trading Scheme (DCTS), which offers Nigeria a profitable opportunity to leverage, was one of the discussion’s main highlights. Through tariff-free access to the UK market for almost 3,000 products, Nigeria would profit from this initiative, which will facilitate easier trade transactions and promote economic growth.
Montgomery listed a number of industries that Nigeria would benefit from the DCTS, including the creative sector, financial and legal services, education, and agriculture (cashew, cotton, cocoa, vegetables, and timber). Nigeria can increase its export potential and solidify its place in the UK market by carefully utilizing these industries.
Montgomery addressed the difficulties faced by international companies looking to join the UK market and emphasized the significance of operational expertise and adherence to strict regulations. He suggested sites like the Department of Business and Trade’s Growth Gateway, which provides exporters with helpful advice and industry-specific data catered to Nigeria’s requirements.
Montgomery further emphasized the need to adhere to UK safety regulations, emphasizing the partnership between UK standards organizations and the Standards Organization of Nigeria (SON) to expedite Nigerian product certification procedures. Gaining market access and establishing trust with UK customers depend on adhering to these requirements.
Montgomery concluded by noting Nigeria’s recent governmental actions and changes targeted at enhancing the investment climate and expressing confidence in the robustness of commerce between the UK and Nigeria.
The future of commerce between the United Kingdom and Nigeria is bright, with coordinated efforts to take advantage of the opportunities provided by the DCTS and address obstacles through strategic collaboration. This will likely lead to increased economic cooperation and prosperity for both countries.
