Nigeria-UK Commerce Value £7bn, Says British Envoy

Nigeria-UK Commerce Value £7bn, Says British Envoy

Richard Montgomery, the British excessive commissioner to Nigeria, says commerce relations between Nigeria and the UK (UK) are about £7 billion.

Montgomery spoke in an interview with NAN in Abuja on Sunday.

He stated Nigeria and the UK signed a brand new settlement on enhanced commerce and funding partnership, in addition to agreed to work within the agriculture, inventive, authorized, monetary companies, and training sectors.

“Buying and selling by each international locations is comparatively balanced as a result of the UK exports about £4 billion price of products and companies to Nigeria whereas Nigeria exports to the UK about £3 billion price of products,” he stated.

“We have to do extra as a result of in case you have a look at final yr’s determine in comparison with the penultimate, there was not a lot of a rise in commerce quantity. It was a rise of about two per cent. So, commerce in the previous couple of years has modified.

“And the purpose of our enhanced Commerce and Funding Partnership is to spice up commerce and funding between each international locations and in addition to boost these numbers.

“Nigeria can profit and reap the benefits of a brand new post-Brexit buying and selling settlement that the UK has put in place that known as the Growing International locations Buying and selling Scheme (DCTS).”

In keeping with the British envoy, DCTS is among the many world’s most beneficiant schemes because it removes tariffs on 1000’s of merchandise worldwide to make free commerce simpler.

Montgomery stated having visited a number of areas in Nigeria, the UK realised the nation has no less than 3,000 tariff-free merchandise that it might export.

He stated the improved partnership signed between the 2 international locations in February is geared toward attracting extra funding to the agricultural sector, including that Nigeria might increase commerce with the UK by exporting extra of the sector’s merchandise.

“In agricultural exports, Nigeria can export cashew, cotton, or cocoa from the center belt,” he stated.

“There are many business farmers concerned in greens, which might be processed, and there’s additionally timber.

“And we expect that there’s a giant potential for business agriculture sooner or later in Nigeria. You’ve gotten the land you could have the folks.

“The brand new buying and selling scheme must be a possibility for Nigeria. We will do extra in monetary and authorized companies.”

He stated new applied sciences are getting into the monetary companies sector which is able to vastly enhance the sector.

Montgomery stated two challenges of doing enterprise within the UK that foreigners have to take cognisance of are lack of expertise on tips on how to do enterprise and in addition the requirements (non-tariff boundaries to commerce).

“Whenever you go onto the web and seek for UK Division for Enterprise and Commerce, you’ll entry the expansion gateway web page the place you’ll get info on commerce, relying on what sector you’re in. There’s even a web page for Nigeria,” he stated.

“Within the space of requirements, if you wish to promote some merchandise within the UK, there are security requirements you must meet, and you should have a certification. Nigeria has its personal certification.

“And Requirements Organisation of Nigeria (SON) is working with UK requirements organisation to reconcile requirements or allow them to certify for the UK market to assist ease commerce.”

Montgomery stated he’s optimistic the UK would do extra commerce in Nigeria as a result of daring reforms applied by the Nigerian authorities.

He applauded the nation for removing of the “crippling gasoline subsidy,” the tackling of oil theft, getting oil revenues, and in addition the international trade reforms.

“You all know that the international trade system prior to now chased away buyers as a result of it’s tough to get your trade performed and also you have no idea whether or not it is possible for you to to maneuver cash throughout borders,” he stated.

Nonetheless, Montgomery stated the brand new trade charges coverage beneath the current authorities and the management of the Central Financial institution of Nigeria (CBN) is attracting buyers.