Market News

By Uche Usim

Nigeria’s trade with the United Kingdom plummeted by 25 per cent in the first quarter of 2024, despite higher values realized from the naira devaluation. This data comes from the latest foreign trade statistics report by the National Bureau of Statistics (NBS).

A closer analysis reveals declines in both imports and exports. Nigeria’s imports from the UK decreased from N186.99 billion in Q4 2023 to N183.34 billion in Q1 2024, marking a 2 per cent Q-o-Q decline. However, year-on-year, imports increased by 25 per cent, up from N146.88 billion in Q1 2023.

Food preparation items worth N1.8 billion were also exported to the UK.

Imports from the UK in Q1 2024 included N11.77 million worth of granite and N15.93 billion worth of heat exchange units.

During this period, the UK planned new economic and trade partnerships with Nigeria to create opportunities in sectors such as energy, legal, and financial services. This coincided with the UK emerging from a recession, as its GDP expanded by 0.6 per cent in Q1 2024, following a 0.3 per cent decline in Q4 2023. However, the UK economy became stagnant by April 2024, a challenge for Prime Minister Rishi Sunak and the Conservative Party ahead of an election.

The UK’s struggle with recession aligns with its revised visa policies, particularly affecting international students. The UK introduced higher education reforms to curb “rip-off” degrees and ensure student visas are used for education rather than immigration. Additionally, overseas students not pursuing research degrees are now barred from bringing their families.