Dr Richard Montgomery, the British High Commissioner in Nigeria, on Sunday said trade relations between Nigeria and the United Kingdom (UK) currently stands at about seven billion pounds sterling.
Montgomery told the News Agency of Nigeria (NAN) in Abuja that Nigeria and the UK signed a new agreement on enhanced trade and investment partnership and agreed to work on a range of sectors.
He identified the sectors as agriculture, the creative industry, legal, financial services, and education.
Montgomery stated that trade between the UK and Nigeria is balanced.
“Trading by both countries is relatively balanced because the UK exports about four billion pounds sterling worth of goods and services to Nigeria while Nigeria exports to the UK about three billion pounds worth of goods .
“We need to do more because if you look at last year’s figure compared to the penultimate, there was not much of an increase in trade volume.
“It was an increase of about two per cent. So 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.
“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).
“This scheme called the DCTS is one of the most generous schemes in the world in the sense that it removes tariffs on thousands of products from across the world to make free trade easier,” he said.
The envoy said that having visited many parts of Nigeria, the UK realised that Nigeria had at least 3,000, tariff-free products that it could export to the UK.
According to him, the enhanced trade investment partnership signed between the two countries in February is aimed at attracting more investment to the agric sector.
He said Nigeria could boost trade with UK by exporting more of its agric products.
“In agricultural exports, Nigeria can export cashew, cotton, or cocoa from the middle belt.”(NAN)
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