Nigeria-UK Trade Relations: Beyond the Headlines, What’s Really Driving Growth?

Nigeria’s trade minister recently highlighted the government’s commitment to boosting exports and solidifying UK-Nigeria trade ties, particularly for women-led businesses. A focus on equipping these businesses to compete globally and meet UK market standards is definitely welcome. It also reflects a larger push to diversify Nigeria’s economy away from oil.

The emphasis on practical knowledge, like UK import requirements for specific goods, is crucial. This is the kind of targeted support that can actually make a difference. Yet, visibility alone doesn’t guarantee success. Investment, market share, and growth demand more than just being seen.

The UK’s tariff relief on nearly 3,000 products under the Developing Countries Trading Scheme (DCTS) offers a real opportunity. The question is, can Nigerian exporters, especially women-owned enterprises, scale up production fast enough to capitalize? Reducing market-entry costs is one thing, navigating complex supply chains and maintaining consistent quality is another.

The Nigerian Export Promotion Council (NEPC) plays a critical role here. Their SheTrades Nigeria Hub, supported by the UK government, aims to connect women-led businesses with global markets and build capacity. NEPC is doing the work to position Nigeria in the global non-oil export space. Worth noting is the initiative aimed at helping women entrepreneurs adopt digital technologies for online expansion.

Still, experience suggests these programs face familiar hurdles. Are the selected businesses truly ready for export? Is there sufficient infrastructure to support increased production? What about access to affordable financing? The NEPC’s capacity-building programs are a step in the right direction. They cover crucial areas like export procedures, market strategy, and digital commerce.

This challenge isn’t unique to Nigeria. Many developing nations grapple with similar issues. Nigeria’s brands have resilience, creativity and entrepreneurial spirit to become a global footprint.

Given these facts, the real test lies in execution. Can the government and its partners translate these initiatives into tangible results that benefit Nigerian businesses and strengthen the overall UK-Nigeria trade relationship?

Read Original

Keywords: Nigeria-UK trade, UK-Nigeria relations, Nigerian exports, women-led businesses, DCTS tariff relief, NEPC SheTrades Nigeria, non-oil export, digital commerce