UK-Nigeria Trade in 2022: An Overview

UK-Nigeria Trade in 2022: An Overview

The commercial relationship between the United Kingdom and Nigeria has shown an encouraging progression in 2022, given the impressive trade statistics between both nations. Nigeria, Africa's largest economy and most populous country, shares a great deal of business and legal similarities with the UK, mainly attributable to their shared history and the prominence of English as Nigeria's lingua franca. This strong connection significantly influences the commercial ties between both nations.

According to data from the UK government's official trade website, www.great.gov.uk, total UK exports to Nigeria reached ￡4.3 billion in the four quarters leading to the end of the fourth quarter in 2022. While this represents only 0.5% of total UK exports during the same period, it's worth noting that Nigeria ranks as the 30th largest UK export market.

In terms of goods, the UK exports a diverse range of products to Nigeria. Leading the list is refined oil, with exports valued at more than ￡907.5 million. This is followed by textile fabrics, with exports exceeding ￡53.5 million. The third largest category is toilet and cleansing preparations, which saw exports of over ￡50.9 million. Mechanical power generators (intermediate) were also in high demand, with exports totaling around ￡36.5 million. Finally, medicinal and pharmaceutical products accounted for more than ￡30.8 million in UK exports to Nigeria.

The substantial figures indicate the significance of Nigeria as a trading partner for the UK and highlight the continued growth and potential in this bilateral relationship. By maintaining a robust and diverse export portfolio, the UK can cater to the broad needs of the Nigerian market, from energy to healthcare, thereby deepening the trade ties between the two nations.

In summary, 2022 witnessed a vibrant trade interaction between the UK and Nigeria, pointing to a promising future for both nations' commercial relations.