The UK exported 3.3 billion pounds to Nigeria in the first four quarters of 2022, according to Mr Ben Llewelyn-Jones, British Deputy High Commissioner in Lagos.
According to a recent interview, the total UK imports from Nigeria during the period totaled 2.2 billion pounds.
He estimates that trade between the United Kingdom and Nigeria is worth 5.5 billion pounds.
Llewellyn-Jones went on to say that the UK government was looking into ways to improve trade relations with Nigeria, such as working together to implement electric meters.
The UK government, according to the envoy, has also introduced the Developing Countries Trading Scheme (DCTS), which will encourage and improve Nigerian exports.
He said that under the scheme, 99 percent of goods exported to the UK would be duty-free.
“With the introduction of the DCTS, which would take off in April, 99 percent of Nigeria’s exports to the UK would be duty-free, as we see this as a real opportunity to improve trading between both countries.
“The UK market is a very large one so we have reached out to small and large businesses in different parts of the country, and this is intended to help exporters and other people in the trading business make the United Kingdom an export destination.
“Also, it is important to note that our government has been carrying out a lot of work in the country through initiatives such as British International Investment, which looks into the possibilities of investment and provides them.
“We work closely with the Nigerian authorities to overcome some challenges that come with investing in the country and we are also working on several ways to further strengthen the relationship between both countries”.
Llewellyn-Jones noted that the UK government was looking at partnering with Nigeria in supplying electric meters to the country.
“In trading, there are different markets that can be explored, and we are exploring different ways to make Nigeria our top trade partner, and it is important to note that sometimes it is about the quality one has to offer.
“The UK is known to have one of the most sophisticated metering systems in the world, which would make a quality difference in Nigeria when it comes to the electricity sector as consumers would get the best value for their money spent.
“In terms of services, there are different British schools in the country as well as various partnerships with universities across the country. This goes to show that we are also about substance.
“We are committed to ensuring that we explore every opportunity available to strengthen the bilateral relationship between both countries,” he said.