NIGERIA and the United Kingdom are seeking ways to remove market barriers impeding the bilateral trade relations between them.
The two countries have consequently pledged to establish an official working group to enhance trade partnership for their mutual benefits.
Both countries also planned to focus on how Nigeria’s trade relations can be enhanced given the present level of development in the country.
These were part of the communique issued at the end of the 7th ministerial meeting of the UK-Nigeria Economic Development Forum held in London on Tuesday evening.
The Nigerian delegation was led by the Minister of Industry, Trade and Investment, Adeniyi Adebayo.
Also part of the delegation was the Minister of State for Finance, Budget and National Planning, Clem Agba, and Nigeria’s Chief Trade Negotiator, Yonov Agah.
The UK delegation was led by its Minister for International Trade, H.E. Penny Mordaunt.
He was accompanied by the United Kingdom’s Trade Envoy to Nigeria, Helen Grant.
A statement on Wednesday, April 27, 2022 by the Special Assistant on Media to the Minister of Industry, Trade and Investment, Ifedayo Sayo, said the goal of the ministerial meeting was to deliberate on specific economic challenges faced by both countries and how to remove critical market access barriers to trade relations.
The meeting also provided an opportunity for the trade ministers of both countries to be updated on the outcome of a lower level business dialogue between UK business operators in Nigeria and the Federal Government, and to share relevant updates on implementation of commitments by both countries to address challenges faced by UK investors in Nigeria.
Speaking at the forum, Adebayo said, “The Nigerian Government is committed to implementing reforms that can attract more foreign direct investment into key industries, boost trade and development, and create employment opportunities for Nigeria’s youth by leveraging technology.
“We welcome the commitment to enhancing the relationship between our two countries today and underscore the significance of deepening our bilateral trade policy relationship in a mutually beneficial manner.”
According to Statista, the internet’s leading statistics database, the value of UK goods exported to Nigeria had seen fluctuations since 2012. In 2020, trade goods dispatched to Nigeria from the UK were worth around $1.3 billion, a slight decrease on the previous year.
The value of goods imported from Nigeria to the UK saw similar fluctuations, with Nigeria having a slight trade surplus from its trade activities with the UK.