According to Mrs. Gill Lever, the UK Deputy High Commissioner, the current Trade value between Nigeria and the UK is £7.8 billion. She said this when the British chain The Body Shop opened in Nigeria. It’s the first store of its kind in West Africa. Nigeria is the UK’s second-largest trading partner in Africa, behind South Africa, and has been recognised as a high-growth market. With interests in industries including retail, banking, and energy, the UK is also one of Nigeria’s biggest foreign investors.
The Body Shop’s debut in Nigeria is regarded as a testament to the two countries’ robust trading ties. Nigerian consumers’ ideals are in line with the brand, which is renowned for its sustainable and ethical business methods. Lever underlined that the UK is still dedicated to assisting Nigeria’s development and progress. Shalom Lloyd, the general manager of The Body Shop Nigeria, emphasised the company’s effort to promote Cancer screening in the nation and the value of early detection. She justified her choice to invest in Nigeria in spite of obstacles, saying that even in the face of imperfect circumstances, action should be made.
There have been changes in the trading relationship between Nig. & the UK.
More than 25,000 people globally, including craftspeople in underdeveloped nations, benefit from The Body Shop’s Community Trade initiative. Additionally, it has programs to promote Renewable Energy sources and lower carbon Emissions in order to fight climate change. Over the past ten years, there have been changes in the trading relationship between Nigeria and the United Kingdom. The two countries exchanged over $6.3 billion worth of goods and services in 2010. In 2011, that amount increased by 35% to $8.5 billion. But according to recent figures, the current trade value is around £7.8 billion, as UK Deputy High Commissioner Mrs. Gill Lever has pointed out.
This implies that the values of bilateral commerce will first expand before stabilising. Since 1958, Shell has had a major role in Nigeria’s oil industry. The $5 billion Shell Investment in the Bonga North project, a deepwater field 130 kilometres off the coast of Nigeria, was completed in December 2024. At the same time, Shell paid $1.3 billion to Renaissance Africa Energy for its onshore assets, which included the Shell Petroleum Development Company of Nigeria (SPDC). This calculated action enables Shell to manage environmental issues related to onshore operations while concentrating on offshore operations.
Hope for the developing UK-Nigeria economic connection.
Nigerian onshore businesses like Seplat Energy are filling the void left by foreign oil majors pulling out of the country. For $1.28 billion, Seplat purchased ExxonMobil’s local holdings in December 2024, making it one of Nigeria’s biggest domestic oil producers. The company intends to enhance total output and revitalise idle wells by increasing production from 50,000 barrels per day to 120,000 barrels per day in six months. For $2.7 billion, a group led by Aiteo purchased Shell’s equity stake in Oil Mining Lease (OML) 29 and the Nembe Creek Trunk Line in 2014.
Through this acquisition, Aiteo became the biggest domestic oil producer in Africa, accounting for more than 5% of Nigeria’s daily oil production. In November 2023, Aiteo and the Nigerian National Petroleum Corporation (NNPC) unveiled Nembe, a new grade of crude oil distinguished by its low sulphur content and lower carbon footprint. Nigerian commercial representatives have voiced hope for the developing UK-Nigeria economic connection. They stress the role that foreign investments play in promoting technical advancement, job creation, and economic prosperity.
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By fostering a favourable business climate, the government hopes to draw in more UK Investors from a range of industries. With Shell’s $5 billion investment, the Bonga North project is expected to significantly expand Nigeria’s capacity to produce oil, which will raise national income. The country’s oil income should also increase as a result of Seplat’s aim to more than treble its output in six months. Businesses such as Aiteo and Seplat engage Nigerian suppliers and contractors in order to prioritise local content. By encouraging the expansion of domestic companies and supporting sustainable development, this strategy makes sure that a sizeable amount of the investment stays in the local economy.