The UK and Nigeria have witnessed a substantial surge in trade and investment, with the total trade in goods and services reaching £7.5 billion in the four quarters leading up to Q4 2022.
This figure represents a remarkable increase of 78.2% (£3.3 billion) in current prices compared to the same period in 2021, signaling the deepening economic ties between the two nations.
According to the latest factsheet released by the authorities, the UK’s exports to Nigeria contributed significantly to this growth, amounting to £4.3 billion during the four quarters up to the end of Q4 2022.
This figure indicates an impressive 58.8% rise (£1.6 billion) from the corresponding period in 2021, highlighting the UK’s expanding market presence in Nigeria.
Conversely, Nigeria’s exports to the UK also witnessed a remarkable surge, with total imports from the country reaching £3.1 billion during the same period. This represents a staggering increase of 114.4% (£1.7 billion) from the previous year’s four quarters, indicating Nigeria’s growing role as a trading partner with the UK.
In terms of trade volume, Nigeria held the position of the UK’s 38th largest trading partner during the four quarters leading up to the end of Q4 2022, constituting 0.4% of the total UK trade.
Furthermore, the factsheet revealed that in 2021, the UK’s outward stock of foreign direct investment (FDI) to Nigeria amounted to £3.4 billion, accounting for 0.2% of the UK’s total outward FDI stock.
This indicates the UK’s confidence in Nigeria’s potential as an investment destination.
On the other hand, Nigeria’s inward stock of foreign direct investment in the UK in 2021 stood at £806 million, underscoring Nigeria’s interest in tapping into the UK’s thriving market and economy.
The statistics demonstrate the strengthening economic relationship between the UK and Nigeria, showcasing the immense potential for further growth and collaboration.
As both nations continue to foster these ties, opportunities for trade and investment are expected to multiply, contributing to mutual economic prosperity in the years ahead
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