In a significant move aimed at bolstering trade and investment ties, Nigeria and the United Kingdom have inked an enhanced trade and investment partnership.
The agreement was formalized through the joint efforts of Kemi Badenoch, Secretary of State for Business and Trade of the UK, and Doris Nkiruka Uzoka-Anite, Nigeria’s Minister of Trade.
This milestone marks the first enhanced trade and investment partnership that the UK has established with an African nation, signaling a deepening of economic relations between the two countries. Trade between Nigeria and the UK stood at £7 billion as of September 2023, underlining the robust nature of their commercial interactions.
The Enhanced Trade and Investment Partnership (ETIP) is envisioned to catalyze opportunities across key sectors vital to both economies, including finance, legal services, and various collaborative ventures. Through this partnership, UK businesses are expected to gain greater ease in exporting their goods and services to Nigeria, thus expanding their presence in the Nigerian market.
Commenting on the significance of the partnership, Kemi Badenoch highlighted the historical and economic bonds between the UK and Nigeria, emphasizing the immense success that UK businesses have experienced in Nigeria’s rapidly growing economy. Meanwhile, Doris Nkiruka Uzoka-Anite underscored the deepening of Nigeria-UK relations, transitioning from shared history to shared economic prosperity.
The ETIP also paves the way for enhanced collaboration on the UK’s ambitious Developing Countries Trading Scheme (DCTS), which extends more favorable trading terms to Nigeria and 36 other African countries. Nigeria stands to benefit significantly from the DCTS, with tariff reductions on over 3,000 products, effectively rendering 99% of Nigerian exports to the UK duty-free. These changes are poised to invigorate trade and support Nigeria’s broader trade policy objectives.
During her three-day visit to Nigeria, Kemi Badenoch is set to engage with both federal and state-level officials to explore ongoing trade activities across various sectors, including education, infrastructure, and energy projects. These discussions hold the promise of generating substantial job opportunities and further strengthening bilateral ties between Nigeria and the UK.
