The value of the United Kingdom’s goods exports to Nigeria has decreased by 21.2 per cent or £357m at the end of the third quarter of 2023, according to the latest UK’s Department for Business and Trade factsheets on Nigeria obtained
The report stated that total trade in goods and services (exports plus imports) between the UK and Nigeria as of Q3, 2023 was £6.7bn, an increase of 2.1 per cent or £136m from Q3 2022.
The value of trade between the two countries as of Q3, 2023 was the same as 2013 and near that of 2022, which stood at £6.9bn, which was higher than the previous nine years.
A breakdown showed that at the end of Q3 2023, total UK exports to Nigeria amounted to £4.0bn (an increase of 2.7 per cent or £104m compared to the previous year
“Of all UK exports to Nigeria in the four quarters to the end of Q3 2023, £1.3bn (33.6 per cent) were goods and £2.6bn (66.4 per cent) were services.
“In the four quarters to the end of Q3 2023, UK exports of goods to Nigeria decreased by 21.2 per cent 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 per cent or £461m in current prices, compared to the four quarters to the end of Q3 2022,” part of the report said.
For 2023, the report said that for trade in goods only, “UK exports of goods to Nigeria decreased by 9.4 per cent as of 2023 in current prices, compared to the same period the previous year. Similarly, UK imports of goods from Nigeria decreased by 4.8 per cent, in current prices, over the same period.”
On the import front, the value of total UK imports from Nigeria was £2.7bn signalling an increase of 1.2 per cent or £32m compared to the end of Q3 2022.
An analysis of the report showed that Nigeria’s exports to the UK were mostly goods whose value stood at £1.9bn (69.7 per cent) while £817m (30.3 per cent) in services were imported.
In the same period, Nigeria’s exports to the UK decreased by 4.3 per cent or £85m compared to Q3 2022, while exported services from Nigeria increased by 16.7 per cent or £117m.
According to the report, the top five goods imported from the UK include refined oil, which accounted for 50.4 per cent of all UK goods exported to Nigeria, followed by toilet and cleansing preparations, textile fabrics, general industrial machinery and miscellaneous foods.
