The trade partnership between Nigeria and the UK is a testament to the enduring ties and shared interests between the two nations. Both nations are currently building on their relationship to create a vibrant trading partnership that holds immense potential for mutual growth. From oil and gas to agriculture and finance, the bilateral trade between Nigeria and the UK spans a wide range of sectors.
Based on the most recent report from the UK's Department for Business and Trade factsheets, as of Q3, 2023, the overall trade in goods and services (exports plus imports) between the UK and Nigeria was £6.7 billion, up £136 million, or 2.1%, from Q3 2022.
"In the four quarters to the end of Q3 2023, UK exports of goods to Nigeria decreased by 21.2 percent or £357m in current prices, compared to the four quarters to the end of Q3 2022 while UK exports of services to Nigeria increased by 21.3 percent or £461m in current prices, compared to the four quarters to the end of Q3 2022," the report stated.
In a nutshell, Nigeria's imports from the United Kingdom (UK) declined, while its exports saw a slight increase of 1.2% or £32m compared to the same period in 2022, which totaled, £2.7bn.
Nigeria purchased £817 million (30.3%) worth of services and supplied £1.9 billion (69.7%) worth of goods to the UK, according to the report's research.
The report also highlighted the most traded goods between these countries. With that said, here are the top 5 products Nigeria imported from the UK by value, in the four quarters to the end of Q3 2023.
| 1. | Refined oil | £669.4 million | 50.4% |
| 2. | Toilet & cleansing preparations | £50.0 million | 3.8% |
| 3. | Textile fabrics | £49.7 million | 3.7% |
| 4. | General industrial machinery (intermediate) | £33.7 million | 2.5% |
| 5. | Miscellaneous foods | £27.4 million | 2.1 |
Comments