Nigeria-UK total trade increases by 18.5%
27 December 2023 |
2:15 am
Total trade in goods and services (exports and imports) between the UK and Nigeria sits at £6.9 billion, an increase of 18.5 per cent or £1.1 billion, latest figures from the UK’s Department for Business and Trade have revealed.
Total trade in goods and services (exports and imports) between the UK and Nigeria sits at £6.9 billion, an increase of 18.5 per cent or £1.1 billion, latest figures from the UK’s Department for Business and Trade have revealed.
Of this £6.9 billion, total UK exports to Nigeria amounted to £4.0 billion, an increase of 11.3 per cent or £406 million, compared to 2022. Total UK imports from Nigeria amounted to £2.9 billion, an increase of 30.0 per cent or £670 million.
According to the report, Nigeria remains the UK’s 38th largest trading partner, accounting for 0.4 per cent of total UK trade. Of all UK exports to Nigeria, £1.4 billion were goods and £2.6 billion (64.3 per cent) were services. Towards the end of 2023, UK exports of goods to Nigeria decreased by 16.6 per cent compared to 2022 while exports of services to Nigeria increased by 36.8 per cent or £689 million, compared to 2022.
Towards the end of 2023, total UK imports from Nigeria were £2.9 billion, an increase of 30.0 per cent compared to 2022. Imported goods stood at £2.1 billion (73.6 per cent) while services stood at £767 million (26.4 per cent). This means the UK reported a total trade surplus of £1.1 billion with Nigeria, compared to a trade surplus of £1.3 billion in the four quarters of 2022. In the same time frame, it reports a trade-in services surplus of £1.8 billion with Nigeria, compared to a trade-in services surplus of £1.2 billion in the four quarters of 2022.
The top five goods exported from the UK to Nigeria in the four quarters of 2023 were, Refined oil (£748.4 million or 52.6 per cent); textile fabrics (£51.0 million or 3.6 per cent); Toilet and cleansing preparations (£47.6 million or 3.3 per cent); General industrial machinery (£36.4 million or 2.6 per cent) and mechanical power generators (£29.9 million or 2.1 per cent).
The top five goods imported to the UK from Nigeria in the same time frame include Crude oil (£1.1 billion or 51.0 per cent); refined oil (£505.3 million or 23.7 per cent); gas (£460.0 million or 21.5 per cent); aircraft (£21.5 million or 1.0 per cent) and metal ores and scrap (£10.6 million or 0.5 per cent).
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