Nigeria-UK Trade Surges to N12.3 Trillion in 2023

Nigeria-UK Trade Surges to N12.3 Trillion in 2023

Nigeria-UK Trade Surges to N12.3 Trillion in 2023

The Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, has disclosed that the trade value between Nigeria and the United Kingdom surged to N12.3 trillion (£6.7bn) by the close of 2023.

During the signing ceremony of the Memorandum of Understanding on the Enhanced Trade and Investment Partnership (ETIP) in Abuja on Tuesday, Minister Uzoka-Anite highlighted the enduring commercial ties between both nations, underscoring the UK’s position as Nigeria’s top trade partner in both imports and exports.

“The first target is to reduce barriers to trade,” she emphasized, noting the ministry’s commitment to fostering a conducive business environment, particularly as Nigeria progresses towards accession to the African Continental Free Trade Area (AfCFTA), aiming to diversify the economy and enhance exports.

Moreover, Uzoka-Anite emphasized the government’s efforts toward home-grown industrialization initiatives to bolster exports, emphasizing that the MOU signing signifies a stepping stone for Nigeria to harness the inherent opportunities.

Hon. Olukemi Badenoch, Secretary of State for the Department of Business and Trade, echoed sentiments on the enduring trade relationship, highlighting the centennial celebrations of multinational companies like Shell and Unilever in Nigeria.

Badenoch elaborated on the comprehensive scope of the MOU, spanning 14 areas including energy investments, poverty alleviation, and creative industries, emphasizing the collaborative effort required from the private sector to effectively implement the agreement.

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