Trade Between Nigeria, Britain Hits £7.2 Billion Amid Growing Economic Ties
Trade between the United Kingdom and Nigeria has surged to £7.2 billion in the four quarters leading up to the end of Q4 2024, according to newly released data from the British government.
The British High Commissioner to Nigeria, Dr. Richard Montgomery, confirmed the milestone during a media briefing, describing the bilateral relationship as “dynamic and multi-dimensional.”
Despite a 7.6% decline from the previous year largely due to a 28.3% drop in UK imports from Nigeria—the trade figures highlight growing UK exports to Africa’s largest economy. UK exports to Nigeria rose by 3.2%, amounting to £5.3 billion, while imports stood at £1.9 billion.
This shift resulted in a UK trade surplus of £3.4 billion, up from £2.4 billion the previous year.
Top UK exports to Nigeria include refined oil, mechanical power generators, and industrial machinery. Conversely, Nigeria’s key exports to the UK remain crude oil, refined oil, and gas.
“Nigeria continues to be the UK’s second-largest trading partner in Africa and our biggest export market on the continent.
“We see this partnership not only as a trade relationship but as a gateway to innovation, investment, and mutual growth,” Montgomery stated.
The UK has also deepened its investment footprint across several critical sectors of the Nigerian economy.
Recent UK-backed investments have targeted agriculture, digital technology, education, clean energy, financial services, and the creative industries. A standout move includes British International Investment’s $40.5 million injection into the cocoa sector through a strategic partnership with Nigeria’s Johnvents Group earlier this year.
Dr. Montgomery lauded recent economic reforms under President Bola Tinubu’s administration, noting improvements in government revenue, reductions in fiscal deficits, and increased foreign exchange stability.
However, he expressed concern about Nigeria’s ongoing security challenges, which he said could hinder sustainable investment and long-term economic reform.
“The UK is working closely with Nigeria’s Office of the National Security Adviser to help address these threats. The success of economic reforms hinges on security and stability,” Montgomery warned.
The UK government’s commitment to boosting bilateral trade and investment is expected to continue under the Enhanced Trade and Investment Partnership framework, which aims to create a more enabling environment for British and Nigerian businesses alike.
As the UK looks to deepen ties with strategic partners in Africa post-Brexit, Nigeria remains a critical player in shaping a mutually beneficial future for both nations.
