A report by the UK’s Department for Business and Trade factsheets has shown that the top five goods it imported from Nigeria was to the tune of 1,860,700,000.
The report stated that the top five products imported from Nigeria included crude oil worth £1.2bn or 62.6 per cent of all UK goods imported from Nigeria, refined oil worth £334.5m or 17.8 per cent, gas valued at £292.4m or 15.6 per cent; aircraft valued at £21.7m or 1.2 per cent and metal ores & scrap valued at £12.1m or 0.6 per cent.
It stated that the value of the products was in the four quarters to the end of Q3 2023.
Conversely, it said the products it exported to Nigeria were refined oil worth £669.4m or 50.4 per cent; toilet & cleansing preparations valued at £50m or 3.8 per cent; textile fabrics worth £49.7 million or 3.7 per cent; general industrial machinery, £33.7m or 2.5 per cent and miscellaneous foods worth £27.4m or 2.1 per cent.
Why Nigeria is yet to achieve SDGs goals – Akume
Restructuring should be driven by economic viability – Adesina
It went further to state that the total trade in goods and services between the UK and Nigeria was £6.7bn during the period of “four quarters to the end of Q3 2023.”
It said this was an increase of 2.1 per cent or £136m in current prices from the four quarters to the end of Q3 2022.
“During the period, the total UK exports to Nigeria amounted to £4bn, an increase of 2.7 per cent or £104m in current prices, compared to the four quarters to the end of Q3 2022,” it said.
It noted that £1.3bn of the trade (33.6%) were goods and £2.6 billion (66.4%) were services.
“UK exports of goods to Nigeria decreased by 21.2 per cent or £357m in current prices, compared to the four quarters to the end of Q3 2022 while UK exports of services to Nigeria increased by 21.3 per cent or £461m in current prices, compared to the four quarters to the end of Q3 2022. In the four quarters to the end of Q3 2023, total UK imports from Nigeria were £2.7bn (an increase of 1.2 per cent or £32m in current prices, compared to the four quarters to the end of Q3 2022).
“Of all UK imports from Nigeria in the four quarters to the end of Q3 2023, £1.9bn (69.7 per cent) were goods and £817m (30.3 per cent) were services. In the same period, UK imports of goods from Nigeria decreased by 4.3 per cent or £85m in current prices, compared to the four quarters to the end of Q3 2022 while UK imports of services from Nigeria increased by 16.7 per cent or £117m in current prices, compared to the four quarters to the end of Q3 2022,” it added.
The said trade figure showed the UK reported a total trade surplus of £1.3bn with Nigeria, compared to a trade surplus of £1.2bn in the four quarters to the end of Q3 2022.
