Nigeria and the United Kingdom are taking steps to address a long-standing £1.2 billion discrepancy in their bilateral trade records, agreeing to develop a structured data-sharing system aimed at enhancing transparency and accountability across commerce between the two countries.
The agreement was reached during a high-level meeting in London yesterday, held on the sidelines of President Bola Tinubu’s State Visit under the Nigeria–United Kingdom Enhanced Trade and Investment Partnership (ETIP), where both sides described the longstanding trade discrepancy as a structural issue requiring urgent and coordinated action.
To tackle the issue, the countries agreed to explore a pre-arrival data exchange framework linking their digital customs systems, an initiative designed to improve risk management, reconcile trade data, and strengthen compliance monitoring along the trade corridor.
The talks were led by Comptroller-General of Customs Adewale Adeniyi and Megan Shaw, Head of International Customs and Border Engagement at HMRC, where they also discussed customs modernisation, operational cooperation, and enhanced data transparency.
At the heart of the engagement was a persistent mismatch in trade figures: while Nigeria recorded about £504 million in imports from the UK in 2024, British records show exports to Nigeria at roughly £1.7 billion, leaving a gap of approximately £1.2 billion.
Adeniyi emphasised the wider economic significance of the initiative, noting that effective customs collaboration is central to trade facilitation and sustainable economic growth. “Customs administrations serve as frontline institutions ensuring that trade flows are transparent, secure, and mutually beneficial,” he said.
The Nigeria–UK trade relationship spans industrial goods, agriculture, energy, and consumer products, all reliant on efficient port and border operations.
Beyond addressing data gaps, the meeting also highlighted ongoing modernisation efforts. The UK showcased advancements in AI-driven trade tools, digital verification systems, and real-time analytics to enhance cargo processing, risk assessment, and border security.
The engagement further produced plans for a Customs Mutual Administrative Assistance Framework, alongside technical groundwork for capacity building, knowledge exchange, and a joint engagement mechanism under the ETIP platform.
According to NCS spokesperson Abdullahi Maiwada, the outcomes will strengthen Nigeria’s trade ecosystem and support broader economic reforms.
“The NCS remains committed to deepening international partnerships as part of its modernisation agenda to promote transparency, efficiency, and competitiveness. Insights from this engagement will enhance operational capacity, facilitate trade, and support Nigeria’s Renewed Hope programme,” he said.