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UK-Nigeria sign deal to boost trade, enhance bilateral cooperation

UK-Nigeria sign deal to boost trade, enhance bilateral cooperation
February 13
08:11 2024

The United Kingdom will today sign a new deal with Nigeria to boost trade, investments and unlock new opportunities in various sectors. 

This was disclosed in a statement by the UK’s department of Business and Trade on Tuesday.

According to the statement, Kemi Badenoch, UK’s business and trade secretary, and Doris Uzoka-Anitie, minister for trade and investment in Nigeria, will be signing the deal today.

The statement explained that the Enhanced Trade and Investment Partnership (ETIP) is the first the UK has signed with an African country, and is designed to grow the UK and Nigeria’s already thriving trading relationship, which totalled £7 billion in 2023.

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This new deal will foster collaboration between the film and media industry in both countries. 

“It will pave the way for further collaboration in the film and media industry and encourage world-leading UK education providers to offer high quality education in Nigeria,” the statement reads.

“Nigeria is the biggest economy in Africa and one of the world’s fastest growing economies — predicted to be in the top 20 by GDP by 2035.

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“It is also predicted by the UN to nearly double its population to over 370 million people by 2050.”

Badenoch expressed her enthusiasm for the ETIP, highlighting its potential to unleash a wave of exciting opportunities for both countries.

“This partnership with Nigeria — the UK’s first such agreement with an African country — will allow us to work together and seize the opportunities that lie ahead,” she said.

“Nigeria has one of the fastest growing economies in the world. UK businesses have already seen huge success here and I look forward to seeing how we continue to grow this relationship.”

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Echoing her optimism, Uzoka-Anitie hailed the new partnership as a bridge to economic progress.

She underscored the agreement’s potential to transform historic ties into a thriving trade partnership, bolstered by increased market access and mutually beneficial exchanges between the UK and Nigeria.

“The UK is one of our long-standing strategic partners with whom we share strong ties, and it gladdens me that this relationship is set to deepen as we sign the Enhanced Trade and Investment Partnership Agreement,” Uzoka-Anitie said.

“This partnership will see Nigeria-UK relations move beyond one of shared history and strong ties to one of shared economic prosperity.

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“From increasing market access and supporting our vibrant businesses, to creating more jobs and accelerate greater investments in sectors of mutual interests.”

The statement noted that while in Nigeria, Badenoch will be visiting the site of a new Charterhouse school, the first UK independent school in West Africa, and meeting with the governor of the Central Bank of Nigeria (CBN), and the Nigerian finance minister, to unlock trade barriers confronting UK businesses.

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Editor’s note: An earlier version of this report had stated that the UK-Nigeria agreement would allow lawyers licensed in the UK to practise in Nigeria and vice versa. Nigeria’s trade and investment minister has since issued a statement to say that was an error on her ministry’s part. This story has been corrected to reflect that statement. 

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