Richard Montgomery, British High Commissioner to Nigeria and UK Permanent Representative to the Economic Community of West African States (ECOWAS), has assured of Britain’s plan to deepen its trade with Nigeria.
The envoy, who had worked in different parts of the world including previously in Nigeria, took over from Ms Catriona Laing, who recently concluded four years as High Commissioner in Abuja.
He said Britain and Nigeria already established good economic dialogue that could help both countries deepen trade cooperation, saying “we will take the next step and enhance trade and investment.
“We have some work going on between the British Standard Institute and the Standard Organisation of Nigeria, we want to make sure both sides understand each other’s regulations.
“This will also help exporters get certification they need to export and import into the UK; there is huge potential in the agricultural sector, particularly products such as cocoa, sesame and cashew.
“These types of products have huge demand from the UK, but lots of it come from Ghana and not from Nigeria; it is clear Nigeria can do it, we need to smooth the other to enable that export.
“We have an economic dialogue but we would like to convert that into an enhanced trade and investment partnership, and that will provide a basis to take forward this issue of greater trade.
“We can do more trade both ways and grow trade volume, but we also want a different quality of diversified trade, if we can show Nigeria’s export potential, it would create more jobs and livelihoods.”
The high commissioner observed trade volume between Britain and Nigeria was pegged at 7.5 million pounds, adding that more would be done to improve trade ties between them in the area of agriculture.
He explained that exploring oil alone does not create adequate jobs, rather exporting agricultural products would revive investment in the agricultural sector, improve productivity and improve jobs.
More so, he said exportation of agricultural products would improve diversification and the livelihood of Nigerians, “that is where we get a win-win, what is in our own interest is in our own interest.
“The present economic challenge is difficult, it is a tough time already with a lot of inflation and unemployment in Nigeria.
“One upside of the recent change in the foreign exchange policy in the recent devaluation of the naira is that Nigeria has suddenly become very much competitive in the international market.”
He commended the decision by the President Bola Tinubu’s administration to revive the nation’s economy to have provided Britain the opportunity to grow its trade, investment and economic relations.
He reiterated that Britain would back Nigeria’s economic reforms to ensure success and build on its economic relations to boost trade balance between the two countries.
“Years ago, the UK bought more oil from Nigeria and the trade balance might be the other way. I think the UK buys less oil from Nigeria now, your oil is going to other countries.
“This brings me to the key question which is, what is the content of your export? We would like to help provide export opportunities for Nigerian businesses to the UK, partly as a component of your diversification strategy.
“Nigeria has done a fantastic job to diversify its economy, particularly in the South-West of the country. I think there are lots of high-end and high value potential in the creatives, the artistic areas and services.
“There is an opportunity for Nigeria in future to develop goods and services that can be exported based on the digital economy with abundant agricultural land, if committed to national standards on export.”
Montgomery mentioned that recently the UK inaugurated a new policy known as the Developing Countries Trading Scheme and that such removed tariffs on 3,000 products from Nigeria.
He further said the policy entails 97 per cent of all Nigerian exports tax tariff free to the UK, saying such removal is two and half to four and half per cent of the margins for an exporter.
“It is not huge but significant and it is one of the most generous trade agreements from a wealthier G7 type country and Nigeria is one of the key potential beneficiaries, so that is the first step.
“There are other things we need to do, because it is not just about tariffs, it is about exporters knowing how to export, who they can partner with in the UK, can they meet the standards?
“We have put in place the Great Gate, an online one-stop shop to give advice and we are hoping to help potential exporters understand regulatory and quality issues that will enable them to export to the UK,” he said.
