UK Exports to Nigeria Decline by 21.2%

According to a recent report from the UK's Department for Business and Trade, it has been announced that the United Kingdom's exports to Nigeria declined by 21.2%, or £357 million, at the close of Q3 2024. The PUNCH announced this after a close examination of its fact sheets.

Based on the report, it was stated that total trade in goods and services (exports plus imports) between the UK and Nigeria as of Q3 2023 was £6.7 billion, which signifies an increase of 2.1%, or £136 million, from Q3 2022.

However, the trade value between the two countries as of Q3 2023 was the same as in 2013 and near that of 2022, which stood at £6.9bn, higher than the previous nine years.

The breakdown showed that at the end of Q3 2023, total UK exports to Nigeria amounted to £4.0bn (an increase of 2.7% or £104m compared to the previous year.)

The report partly reads,

"Of all UK exports to Nigeria in the four quarters to the end of Q3 2023, £1.3bn (33.6%) were goods, and £2.6bn (66.4%) were services.

"In the four quarters to the end of Q3 2023, UK exports of goods to Nigeria decreased by 21.2% 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.

For 2023, the report said that for trade in goods only, "UK exports of goods to Nigeria decreased by 9.4% 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%, in current prices, over the same period."

Regarding the import front, total UK imports from Nigeria were £2.7bn, signalling an increase of 1.2% or £32m compared to the end of Q3 2022.

An analysis of the report showed that Nigeria's exports to the UK were primarily goods whose value stood at £1.9bn (69.7%), while £817m (30.3%) in services were imported.

In the same period, Nigeria's exports to the UK decreased by 4.3% or £85m compared to Q3 2022, while exported services from Nigeria increased by 16.7% or £117m.

According to the report, the top five goods imported from the UK include refined oil, which accounted for 50.4% of all UK goods exported to Nigeria, followed by toilet and cleansing preparations, textile fabrics, general industrial machinery and miscellaneous foods.

The top five goods that Nigeria exported to the UK during this period under review included crude oil (62.6% of all UK goods imported from Nigeria), refined oil, gas, aircraft, metal ores and scrap.