The British High Commissioner to Nigeria, Dr. Richard Montgomery, has said that the trade volume between the United Kingdom and Nigeria currently stands at £7.2billion.
Montgomery, who stated this on Wednesday in Abuja at a UK-Nigeria Economic Growth Press Conference, explained that the UK and Nigeria share a dynamic, long-standing, and multi-dimensional trade relationship, currently valued at £7.2 billion.
This partnership, he said, is a cornerstone of the broader bilateral ties, driving prosperity, innovation, and collaboration.
He noted that Nigeria is the UK’s second-largest trading partner in Africa, and the UK’s largest export market, underscoring its strategic importance.
Speaking on the UK and Nigeria Enhanced Trade and Investment Partnership (ETIP), he said in February 2024, the ETIP was signed which is the first of its kind with an African country, and only globally.
This landmark agreement, according to him, reflects the UK’s shared ambition to deepen economic ties.
He said: “The ETIP is a jointly developed framework designed to foster inclusive growth.
“It aligns with Prime Minister Starmer’s growth agenda and with His Excellency President Tinubu’s 8-Point Economic Agenda, supporting job creation, economic expansion, and business environment reforms.
“It enhances collaboration between public and private sectors, promotes technical cooperation, and addresses non-tariff barriers such as quality standards, quotas, import licenses and custom complex procedures to unlock, sustainable trade and investment opportunities.
“ETIP spans eight key sectors, Clean Growth, Education, Health and Life Sciences, Creative Industries, Agriculture, Finance and Financial Services, Legal Services and Investment, as well as regulatory Cooperation (covering technical trade barriers, intellectual property, customs and trade facilitation)”
He revealed that the British High Commission is working with the Federal Ministry of Industry, Trade and Investment (FMITI) and other key Nigerian government agencies such as The Presidential Enabling Business Environment Council (PEBEC) to implement ETIP.
On the Key milestones of ETIP, Montgomery said,”So far, we have launched the UK-Nigeria Business Dialogue, the development of the Transitional Education Guidelines (TNE) which have paved the way for UK education institutions to come to Nigeria and the formation of the Creative Industries Working Group,) co-chaired on our side by the newly appointed Prime Minister’s Trade Envoy to Nigeria Florence Eshalomi MP.
“The ETIP is designed to unlock greater trade in sectors where both countries have comparative advantages.”
He stated that UK businesses continue to play a vital role in Nigeria’s development across multiple sectors such as clean energy,healthcare,transport and education, among others.
According to him, “While we continue to implement ETIP, UK businesses continue to play a vital role in Nigeria’s development across multiple sectors.
“In clean energy, UK firms such as Konexa, Ryse Energy and Stemaco and many more are delivering long-term, sustainable energy solutions.
“In healthcare, A leading UK firm is supplying cancer treatment centres with cutting-edge technology and firms such as Elephant healthcare are operating in Kaduna State, in partnership with the state government to digitize the public primary healthcare system
“In transport, UK rolling stock has been supplied to LAMATA, and we are exploring opportunities to introduce e-mobility solutions in Lagos State.
“In education, following the arrival of Charter House and Rugby School, we anticipate several announcements in the coming months from UK universities looking to establish a presence in Nigeria.”
