Types of goods and services UK trade with Nigeria weigh the heaviness of the business bond shared by one of the richest African country, Nigeria, with the United Kingdom, its colonizer.
With a population of over 200 million and a Gross Domestic Product (GDP) of £498 billion in 2021 (World Bank, 2021), Nigeria has the largest population and economy in Africa. Nigeria is the second largest African market for UK goods. The Nigerian economy grew by 6.7% in 2021, and it is predicted to expand by 1.4% before the end of 2022. This should lead to increased spending power among the Nigerian population, which in turn should benefit UK exporters.
Nigeria is among the largest markets for UK exports. Currently, there is no existing trade deal between the United Kingdom and Nigeria, but the two countries trade under World Trade Organization terms, with a ‘Most Favored Nation’ status granted to the UK.
In 2020, trade goods dispatched to Nigeria from the UK were worth around 1.3 billion U.S. dollars, a slight decrease on the year prior. The value of goods imported from Nigeria to the UK saw similar fluctuations, Nigeria had a slight trade surplus from its trade activities with the UK.
The United Kingdom is one of the most important import partners for Nigeria. Among the leading goods that the UK sends to Nigeria are mineral fuels and lubricants. Let us therefore take a look at some of those types of goods and services often exchanged between the two countries.
Types of Goods and Services UK Trade With Nigeria.
- Mineral fuels, oils, distillation products
- Aluminum
- Bird skin, feathers, artificial flowers, human hair
- Cocoa and cocoa preparations
- Plastics
- Rubbers
- Milling products, malt, starches, wheat gluten
- Cereal, flour, starch, milk preparations and products
- Edible vegetables and certain roots and tubers
- Wood and articles of wood, wood charcoal
- Paper and paperboard, articles of pulp, paper and board
- Raw hides and skins (other than furskins) and leather
- Copper
- Products of animal origin
- Ores slag and ash
- Tanning, dyeing extracts, tannins, derivatives, pigments
- Articles of apparel, knit or crocheted
- Furskins and artificial fur, manufactures
- Residues, wastes of food industry, animal fodder
- Glass and glassware
- Ships, boats, and other floating structures
- Optical, photo, technical, medical apparatus
- Miscellaneous chemical products
- Essential oils, perfumes, cosmetics, toileteries
- Inorganic chemicals, precious metal compound, isotope
- Explosives, pyrotechnics, matches, pyrophorics
- Footwear, gaiters and the like
- Wadding, felt, nonwovens, yarns, twine, cordage
- Ceramic products
- Vehicles other than railway, tramway
- Photographic or cinematographic goods
- Base metals not specified elsewhere, cermets
- Articles of leather, animal gut, harness, travel good
- Furskins and artificial fur, manufactures
