Records N425bn negative trade balance with UK
Nigeria may have recorded about N425 billion trade deficit with the United Kingdom in 2020 as the country’s total import from UK was GBP1.9billion, about N1.34 trillion, while its total export was GBP1.3 billion, about N915.2 billion during the period.
Meanwhile, the British Deputy High Commissioner to Nigeria, Ambassador Ben LLeweyn Jones, who disclosed the figures has said that the perception of Nigeria is at variance with what is truly obtainable explaining that Nigeria is wrongly perceived to be a difficult environment for business.
He, however, urged that the poor perception should be corrected with a view to attracting businesses to the country.
Speaking at the Presidential Cocktail of the Nigerian British Association, NBA, Jones, stated: “The history of success for British firms operating in Nigeria is robust; total UK exports to Nigeria amounted to GBP1.9billion in 2020 while total imports from Nigeria amounted to GBP1.3billion in the four quarters to the end of 2020. We are glad NBA has created this platform to help promote the Nigeria-UK relationship.
“The British government recognizes that great potential in Nigeria and I am optimistic that the Nigeria-UK relationship will continue to flourish. Nigeria’s success matters to the U K and it is in all our interest to turn these opportunities into sustained growth by continuing to work together.”
Speaking further, Jones said, “We know that Nigeria is perceived to be a difficult environment for business and this poor perception is what we must all aim to correct. This view does not accurately portray the complete reality of our collaborative business environment and often times the result in opportunities to enhance our business relationship being overlooked.”
Lagos State Governor, Babajide Sanwo-Olu, however, appealed to the British envoy to assist in changing this perception as it will go a long way in attracting more foreign businesses to Nigeria.
Sanwo-Olu who was represented by the Deputy Governor, Dr. Obafemi Hamzat, commended the British government for the continued interest in Nigeria.