Nigeria, UK trade at £7.2bn in 2024 – Kalu
Deputy Speaker, House of Representatives, Benjamin Kalu
Nigeria, UK trade at £7.2bn in 2024 – Kalu
… calls for improved partnership between Nigeria and the UK.
The trade volume in goods and services between Nigeria and the United Kingdom totalled £7.2bn in 2024, the Deputy Speaker of the House of Representatives, Benjamin Kalu has said.
Kalu disclosed this on Thursday in Abuja while playing host to a United Kingdom parliamentary delegation led by the Under Secretary of State (Africa) for Foreign, Commonwealth and Development Affairs of Nigeria, Mr Lord Collins.
At the meeting were top Nigerian parliamentarians, including House Leader, Prof Julius Ihonvbere; the Deputy Minority Whip, George Ozodibobi; the Chairman, House Committee on Foreign Affairs, Oluwole Oke and the Chairperson, Nigeria-Kenya Friendly Parliamentary Group, Fatima Talba, among others.
Welcoming the delegation, Kalu, who represents Bende Federal Constituency, Abia State, called for improved partnership between Nigeria and the UK, particularly in the area of strengthening democracy, trade cooperation and citizens welfare.
He said, “Nigeria, with a population exceeding 230m, is Africa’s largest economy. In 2024, our economy demonstrated a growth rate of 3.4 per cent, marking our highest in a decade.
“Total trade in goods and services between the UK and Nigeria amounted to £7.2bn in the four quarters leading to the end of Q4 2024. Within this, total UK exports to Nigeria were £5.3bn (an increase of 3.2% compared to the previous year), while total UK imports from Nigeria stood at £1.9bn. This indicates a trade surplus of £3.4bn for the UK, adding that “Nigeria was the UK’s 38th largest trading partner during this period, accounting for 0.4% of total UK trade.
Kalu informed his guests of ongoing steps to make more room for women’s representation in the Nigerian parliament.
“We observe with keen interest the made in the United Kingdom Parliament, where women now constitute approximately 40 % of the House of Commons (263 female MPs) and 30 % of the House of Lords, resulting in an overall representation of 35% and ranking the UK 27th globally, according to the Inter-Parliamentary Union.
“In Nigeria, female representation in the National Assembly currently stands at less than 5% (4.05%), with 19 women out of 469 seats: four in the Senate and 15 in the House of Representatives. This positions Nigeria at 178th out of 182 countries in the IPU’s global standings.
“As Chairman of the House Committee on Constitution Amendment, and as the sponsor of the Special Seats Bill, which aims to create an additional 74 federal legislative seats and 108 state assembly seats for women, I am committed to ensuring our legislative framework is more inclusive,” he pledged.
He highlighted other areas of mutual cooperation between the two countries, saying, “Our bilateral partnership is multifaceted, as demonstrated by the Nigeria-UK Strategic Partnership agreed on November 4, 2024, and further reinforced by eight partnership agreements signed in September 2024, valued at approximately N589bn (£272.6m). These agreements span critical sectors, including governance, climate change, education, health, and the economy.
“The Enhanced Trade and Investment Partnership, signed in February 2024, is strengthening ties in legal services, financial technology, and renewable energy.
“The UK-Nigeria Security and Defence Partnership has achieved significant milestones, including the establishment of the Multi-Agency Anti-Kidnap Fusion Cell and securing over 500 terrorism-related convictions. The UK-Nigeria Memorandum of Understanding (MoU) on Cyber Security Cooperation, signed in February 2024, provides a cooperation framework through 2027.”
On the sphere of economic reforms and technology, Kalu noted that “Nigeria recorded a balance of payments surplus of $6.83bn in 2024,” stressing that “Our digital special economic zones aim to position Nigeria as a leading technology hub in Africa.”
The Deputy Speaker called for an immigration policy framework that acknowledges the contributions of Nigerian nationals, “Mutual recognition of qualifications to facilitate the movement of skilled professionals and an expanded educational pathway for Nigerian students within UK institutions.”
Responding Lord Collins expressed the UK’s readiness to partner with Nigeria in areas of mutual interest and benefits to the citizens of both countries.
“We are committed to building partnerships for economic growth rooted in mutual benefit and increased welfare for our people. This relationship will be better strengthened through parliamentary contacts,” he said.
Kalu and Collins later went into a closed-door session in continuation of their deliberation.
