In a testament to their flourishing economic relations, the United Kingdom and Nigeria have experienced a remarkable surge in trade and investment, according to the latest official factsheet.
During the four quarters leading up to the end of Q4 2022, the UK’s exports to Nigeria contributed significantly to this growth, reaching £4.3 billion, representing a remarkable 58.8% increase (£1.6 billion) compared to the corresponding period in 2021. This impressive performance highlights the UK’s expanding market presence in Nigeria.
Conversely, Nigeria’s exports to the UK witnessed an even more staggering surge, with total imports from the country amounting to £3.1 billion during the same period. This signifies an outstanding 114.4% increase (£1.7 billion) from the previous year’s four quarters, underscoring Nigeria’s growing role as a valuable trading partner with the UK.
In terms of trade volume, Nigeria ranked as the UK’s 38th largest trading partner during the four quarters leading up to the end of Q4 2022, accounting for 0.4% of the total UK trade.
The factsheet also revealed key figures related to foreign direct investment (FDI) between the two nations. In 2021, the UK’s outward stock of FDI to Nigeria amounted to £3.4 billion, representing 0.2% of the UK’s total outward FDI stock. This demonstrates the UK’s confidence in Nigeria’s potential as an attractive investment destination.
Simultaneously, Nigeria’s inward stock of foreign direct investment in the UK during 2021 reached £806 million, illustrating Nigeria’s keen interest in tapping into the thriving UK market and economy.
The statistics underscore the strengthening economic relationship between the UK and Nigeria, opening up immense potential for further growth and collaboration.
As both nations continue to foster these ties, opportunities for trade and investment are expected to multiply, paving the way for mutual economic prosperity in the years ahead.
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