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Nigeria-UK trade plunges by 25% in Q1 due to export slump

Nigeria-UK trade plunges by 25% in Q1 due to export slump

Posted on June 21, 2024   |  

Nigeria experienced a 25% decline in trade with the United Kingdom during the first quarter of 2024.

Trade between Nigeria and the UK fell sharply from N602.36 billion in Q1 2023 to N451.45 billion in Q1 2024.

Quarter-on-quarter, trade decreased by 14%, dropping from N522.79 billion in Q4 2023 to N451.45 billion in Q1 2024.

Despite a weaker naira, which typically favors exports, Nigeria’s exports to the UK saw a significant downturn.

Imports from the UK into Nigeria declined by 2% quarter-on-quarter, amounting to N183.34 billion in Q1 2024.

Year-on-year, imports from the UK grew by 25%, rising from N146.88 billion in Q1 2023.

Exports from Nigeria to the UK recorded a substantial year-on-year decline of 41%, decreasing from N455.48 billion in Q1 2023 to N268.11 billion in Q1 2024.



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