UK-Nigeria trade hits record £7.9bn as British High Commissioner links post-Brexit policy to stronger ties and rising diaspora numbers

UK-Nigeria trade hits record £7.9bn, reaching its highest-ever level, according to British High Commissioner to Nigeria, Richard Montgomery.

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Speaking in Abuja on Wednesday, Montgomery described the current trade value — approximately ₦16 trillion — as unprecedented, and a direct result of post-Brexit trade policies that have reshaped Britain’s global partnerships.

“Nigeria has been one of the biggest beneficiaries of Brexit,” Montgomery said, noting that new visa and immigration regimes have not only expanded trade but also increased the Nigerian diaspora in the UK from 300,000 in 2021 to 550,000 by 2025.

The envoy emphasised that Brexit has given the UK greater independence in forging trade deals with non-EU countries, unlocking fresh economic opportunities with Nigeria through the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP).

“The 7.9 billion pounds or ₦16 trillion trade is the highest it’s ever been between the UK and Nigeria,” Montgomery noted. “It’s a very positive trajectory.”

He highlighted that ETIP, launched to remove non-tariff barriers and foster collaboration in priority sectors, is already delivering strong results.

Under the scheme, both nations have agreed on key areas such as financial services, fintech, artificial intelligence, digital platforms, and agriculture, where each has comparative advantages.

Montgomery added that the UK is also playing a growing role in Nigeria’s higher education and creative economy, alongside advanced energy solutions and manufacturing.

“The aim is mutual growth. It’s about creating jobs in both countries, not just opening markets. ETIP is not imposed; it’s negotiated and agreed by both governments,” he said.

The Developing Countries Trading Scheme (DCTS) is also being leveraged to provide Nigeria with more generous tariff terms, supporting increased export volumes in key sectors.

Montgomery also acknowledged the importance of business engagement and regulatory support to fully unlock the partnership’s potential.

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“It’s exciting because we have mechanisms in place, in both government and business, to follow through on these priorities and turn them into real growth,” he added.

Source: Read more at arise.tv