The enduring bond between Nigeria and the UK is exemplified in their robust trade partnership, marking a collaborative effort towards mutual advancement. Diverse sectors including oil, gas, agriculture, and finance witness active bilateral trade endeavors between the two nations. Of these sectors, the oil and gas sectors generate the most revenue for Nigeria.
According to the most recent data from the UK's Department for Business and Trade factsheets, as of Q3, 2023, the overall trade in goods and services between the UK and Nigeria amounted to £6.7 billion, reflecting a £136 million increase from Q3 2022.
The report highlights a 21.2% decline in UK exports of goods to Nigeria, totaling £357 million in current prices for the four quarters up to the end of Q3 2023.
Conversely, UK exports of services to Nigeria witnessed a 21.3% increase, amounting to £461 million in current prices for the same period compared to the previous year.
In summary, while Nigeria's imports from the UK experienced a decline, its exports recorded a modest uptick of 1.2% or £32 million compared to the corresponding period in 2022, totaling £2.7 billion.
Notably, Nigeria's procurement of services from the UK amounted to £817 million (30.3%), while its exports of goods stood at £1.9 billion (69.7%), as per the report's findings.
The report also highlighted the most traded goods between these countries. With that said, here are the top 5 products Nigeria exported to the UK by value, in the four quarters to the end of Q3 2023.
Top 5 products Nigeria exported to the UK in 2023
| 1. | Crude oil | £1.2 billion | 62.6% |
| 2. | Refined oil | £334.5 million | 17.8% |
| 3. | Gas | £292.4 million | 15.6% |
| 4. | Aircraft | £21.7 million | 1.2% |
| 5. | Metal ores & scrap | £12.1 million | 0.6% |
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