British High Commissioner to Nigeria, Richard Montgomery, revealed a significant milestone in trade relations between Nigeria and the United Kingdom, reaching £7 billion. In an exclusive interview with the News Agency of Nigeria (NAN) in Abuja, Montgomery highlighted the signing of a new agreement aimed at enhancing trade and investment partnership between the two nations.
The agreement targets collaboration across vital sectors such as agriculture, creative industries, legal services, financial services, and education, aiming to bolster economic cooperation and mutual growth.
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 need for increased efforts to expand trade volumes, noting a modest two percent increase in recent years.
Highlighting the post-Brexit trading dynamics, Montgomery underscored the potential benefits for Nigeria through the Developing Countries Trading Scheme (DCTS), offering tariff-free access to thousands of products worldwide. Nigeria stands to gain from over 3,000 tariff-free products under this scheme, particularly in agriculture, with exports such as cashew, cotton, and cocoa presenting promising opportunities.
Montgomery further identified areas of potential growth, including commercial agriculture and advancements in financial and legal services, citing new technologies set to revolutionize the sector. He commended Nigeria’s bold reforms, including the removal of fuel subsidies and efforts to combat oil theft, which have bolstered investor confidence and paved the way for increased trade partnerships.
With both nations poised for enhanced economic collaboration, Montgomery expressed optimism for a prosperous future, underpinned by robust trade relations and sustained reforms fostering a conducive business environment.
