Nigeria and the United Kingdom’s trading partnership demonstrates the two countries’ long-standing ties and common interests. Both countries are currently strengthening their connection to form a thriving trading cooperation with enormous potential for mutual progress.
Nigeria-UK bilateral commerce covers a wide range of sectors, including oil and gas, agriculture, and finance.
As of Q3, 2023, the UK-Nigeria trade in goods and services (exports plus imports) was £6.7 billion, up £136 million or 2.1% from Q3 2022, according to the most recent report from the UK’s Department for Business and Trade.
“In the four quarters to the end of Q3 2023, UK exports of goods to Nigeria decreased by 21.2 percent 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 percent or £461m in current prices, compared to the four quarters to the end of Q3 2022,” the report said.
In a nutshell, Nigeria’s imports from the United Kingdom (UK) decreased, while exports increased by 1.2%, or £32 million, compared to the same period in 2022, when they reached £2.7 billion.
According to the report’s study, Nigeria spent £817 million (30.3%) on services and supplied the UK with £1.9 billion (69.7%) in goods.
The survey also identified the most commonly traded items between these countries. With that said, here are the top five products Nigeria imported from the UK in terms of value for the last four quarters, ending in Q3 2023.
| Rank | Product | Trade value (Q3 2022 – Q3 2023) | % of overall trade |
|---|---|---|---|
| 1. | Refined oil | £669.4 million | 50.4% |
| 2. | Toilet & cleansing preparations | £50.0 million | 3.8% |
| 3. | Textile fabrics | £49.7 million | 3.7% |
| 4. | General industrial machinery (intermediate) | £33.7 million | 2.5% |
| 5. | Miscellaneous foods | £27.4 million | 2.1% |
