The Federal Government of Nigeria and the United Kingdom (UK) have reinforced their commitment to enhancing trade relations. This was stated by Amb. Nura Rimi, Permanent Secretary of the Federal Ministry of Industry, Trade, and Investment, during the Inaugural Nigeria-UK Business Dialogue in Abuja.
Following the signing of a Memorandum of Understanding (MoU) to boost trade and investment, Rimi highlighted the significance of the dialogue in fostering discussions, sharing best practices, and exploring collaboration in areas such as agriculture, energy, technology, and manufacturing.
Rimi noted that Nigeria and the UK have a strong history of bilateral trade relations, with Nigeria ranking as the UK’s 39th largest trading partner in the four quarters leading up to 2024. In the 4th quarter of 2023, Nigeria exported £2.4 billion worth of goods to the UK, while UK imports to Nigeria amounted to £4.1 billion.
The dialogue is seen as a crucial step in boosting economic cooperation, with a focus on creating joint ventures and investment opportunities in key sectors like agriculture, manufacturing, and infrastructure to drive growth.