The West African markets of Ghana, Ivory Coast, Nigeria and Senegal, among others, are experiencing significant economic growth. With guidance and support, Welsh businesses can thrive in these emerging markets and identify opportunities to grow.
Why trade with West African markets?
Trade with West African markets is on the rise. In 2024, Nigeria was the UK’s 38th largest trading partner, Ghana the 80th, the Ivory Coast the 93rd and Senegal the 99th. Common products exported from the UK to these markets in the last year have included refined oil, textile fibres, machinery and raw materials for manufacturing, while goods imported to the UK include fruit and vegetables, coffee, tea and cocoa, oils and metals.
In 2024, Wales exported £11m worth of goods to Nigeria, £6m to Ghana, £3m to the Ivory Coast and £1m to Senegal. Wales doesn’t generally receive significant imports from the majority of these markets. However, in 2024 the total value of goods imported from Nigeria to Wales was £119m, the third highest regional value about London and the south-east of England.
What trade agreements are in place with these markets?
There are a number of trade agreements, fully ratified or in provisional stages, between the UK and West African countries. These include the Economic Partnership Agreement with the Côte d’Ivoire (Ivory Coast), Interim Trade Partnership Agreement with Ghana and the Enhanced Trade and Investment Partnership Agreement with Nigeria.
The results of a consultation published in June reveal the UK’s new approach to Africa, committing to relationships with African nations based on partnerships, mutual respect and the changing world. A one size fits all approach does not apply to a whole diverse continent; the UK must adapt to different country contexts and markets to trade and collaborate successfully.
What approach can Welsh businesses take to ensure trading success?
With abundances of natural resources, cultural diversity and expanding trade networks, West African markets provide Welsh businesses with opportunities to explore a variety of exporting and importing opportunities, whether directly or as part of the supply chain. The aforementioned countries benefit from their location, strategically situated for global trade and acting as an access point for further trade across the wider continent.
As these markets vary from country to country, it’s important that businesses seeking to trade in West Africa research local customs, business practices and cultural differences and identify the most appropriate goods and services to trade to be able to build trust within partnerships. As per the Welsh Government’s Action Plan for Wales and Africa 2020-2025, Wales is committed to its reputation as a Fair Nation and businesses should demonstrate the principles of fair trade, fair work and fair play within trade.
At Chambers Wales South East, South West and Mid, our team keep up to date with the latest developments, trade agreements and opportunities, including access to new and emerging markets. The team is working with INAFRICA STRATEGY S.L to provide specialist advice and support in trading specifically with West African markets.
