Abuja: British High Commissioner to Nigeria, Richard Montgomery, has announced that the current trade value between Nigeria and the United Kingdom has reached an unprecedented level of 7.9 billion pounds, equivalent to 16 trillion naira. Montgomery shared this information during an interview with the News Agency of Nigeria (NAN) in Abuja.
According to News Agency of Nigeria, Montgomery highlighted the role of the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP) in boosting trade relations by eliminating non-tariff barriers and fostering cooperation in priority sectors. He explained that the ETIP, in collaboration with the Developing Countries Trading Scheme (DCTS), aims to increase trade value through favorable trading terms and tariff reductions on Nigerian products.
Montgomery expressed his delight at the record-breaking trade figures, emphasizing the positive trajectory of the bilateral trade relationship. He noted that the ETIP represents a collaborative effort between the UK and Nigerian governments, working under the guidance of their respective ministers of industry, investment, and trade.
The High Commissioner highlighted the strategic advantage of the ETIP in identifying areas where the UK holds a comparative advantage and where Nigeria seeks to create more economic opportunities. While acknowledging that the UK is not competitive in all sectors, Montgomery pointed out the country’s strengths in financial services, new technology, financial technology, artificial intelligence, and digital platforms.
Montgomery further mentioned the UK’s contributions to Nigeria’s creative economy, advanced manufacturing, and energy solutions. He also noted the UK’s significant investments in higher education and agriculture in Nigeria, aiming to enhance Nigeria’s agricultural exports.
The ETIP sets priorities across various sectors and encourages collaboration between businesses and government agencies to unlock further investment and growth, Montgomery concluded.