British High Commissioner to Nigeria, Richard Montgomery, has announced that trade relations between Nigeria and the United Kingdom have reached \u00a37 billion.<\/p>\n
In an interview with the News Agency of Nigeria (NAN) in Abuja, Montgomery revealed that the two nations have signed a new agreement on enhanced trade and investment partnership.<\/p>\n
This agreement aims to boost cooperation in key sectors such as agriculture, creative industries, legal services, financial services, and education.<\/p>\n
Currently, the UK exports around \u00a34 billion worth of goods and services to Nigeria, while Nigeria’s exports to the UK stand at approximately \u00a33 billion.<\/p>\n
The new agreement is expected to increase trade volumes and strengthen economic ties between the two nations, further solidifying their economic partnership.<\/p>\n
\u201cTrading by both countries is relatively balanced because the UK exports about \u00a34bn worth of goods and services to Nigeria while Nigeria exports to the UK about \u00a33bn worth of goods,\u201d he said.<\/p>\n
\u201cWe need to do more because if you look at last year\u2019s figure compared to the penultimate, there was not much of an increase in trade volume. It was an increase of about two per cent.<\/p>\n
\u201cSo trade in the last few years has changed. And the aim of our enhanced Trade and Investment Partnership is to boost trade and investment between both countries and also to raise these numbers,\u201d he explained.<\/p>\n
According to him, Nigeria can benefit and take advantage of a new post-Brexit trading agreement that the UK has put in place that is called the Developing Countries Trading Scheme (DCTS).<\/p>\n
Montgomery noted that DCTS is one of the world\u2019s most generous schemes, removing tariffs on thousands of products worldwide to facilitate free trade.<\/p>\n
The envoy added that Nigeria has at least 3,000 tariff-free products that it could export to the UK. \u201cIn agricultural exports, Nigeria can export cashew, cotton, or cocoa from the middle belt.\u201d<\/p>\n
He stated, \u201cThere are lots of commercial farmers involved in vegetables, which can be processed, and there is also timber. And we think that there\u2019s a big potential for commercial agriculture in the future in Nigeria.<\/p>\n
\u201cYou have the land, you have the people. The new trading scheme should be an opportunity for Nigeria. We can do more in financial and legal services.\u201d<\/p>\n
Montgomery revealed that new technologies are entering the financial services sector which will greatly improve the sector.<\/p>\n
Further, he expressed optimism that the UK will increase trade with Nigeria, citing the country\u2019s bold reforms.<\/p>\n","protected":false},"excerpt":{"rendered":"
British High Commissioner to Nigeria, Richard Montgomery, has announced that trade relations between Nigeria and the United Kingdom have reached \u00a37 billion. In an interview with the News Agency of Nigeria (NAN) in Abuja, Montgomery revealed that the two nations have signed a new agreement on enhanced trade and investment partnership. This agreement aims to […]<\/p>\n","protected":false},"author":49,"featured_media":321689,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2],"tags":[72120,66746,76412,183],"class_list":["post-321688","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-british-high-commissioner-to-nigeria","tag-richard-montgomery","tag-trade-relations","tag-uk"],"yoast_head":"\n