The United Kingdom (UK) has entered into an Enhanced Trade and Investment Partnership (ETIP) with Nigeria, aiming to enhance trade and investment between the two nations and create new opportunities for businesses in both territories.
The agreement, signed by UK Secretary of State Kemi Badenoch and Nigerian Trade Minister Doris Nkiruka Uzoka-Anite in Abuja, marks the first ETIP the UK has signed with an African country. It aims to build upon the already robust trading relationship between the UK and Nigeria, which amounted to £7 billion in the year leading up to September 2023.
The partnership will facilitate opportunities in key sectors such as finance, legal services, and the creative industry, fostering new collaborations and promoting economic growth. The signing coincides with a planned UK Government-led fashion and beauty trade delegation to Nigeria, scheduled for the following week.
UK Business and Trade Secretary Kemi Badenoch expressed enthusiasm about the partnership, highlighting Nigeria’s status as one of the world’s fastest-growing economies and emphasizing the potential for UK businesses to expand their presence in Nigeria.
Nigerian Minister for Trade, Doris Nkiruka Uzoka-Anite, emphasized the deepening economic ties between the two countries and the potential for shared economic prosperity through increased market access, business support, job creation, and mutual investment.
The ETIP aims to build on previous efforts to resolve market access barriers, particularly in education and finance, which have created a more favorable trading environment for businesses from both countries.
Additionally, the partnership presents an opportunity to attract UK and international investment, particularly from the City of London’s financial and professional services sector.
During the visit, Minister Badenoch will participate in a groundbreaking ceremony at Abuja’s first industrial park, supported by a UK-Turkish construction firm, Zeberced Ltd. The park aims to create hundreds of direct and indirect jobs and provide a hub for businesses accessing central and northern Nigeria.
Furthermore, Minister Badenoch will witness the signing of an energy agreement between UK-based energy firm Konexa and Nigerian power generation company North South Power, facilitating the supply of renewable power to Nigerian Breweries PLC and promoting sustainable development and clean energy adoption.
The ETIP also sets the stage for increased collaboration on the UK’s Developing Countries Trading Scheme (DCTS), offering simpler and more generous trading terms for Nigeria and 36 other African countries. This initiative will lead to tariff reductions on over 3000 products, promoting trade and supporting Nigeria’s broader trade policy objectives, particularly in non-oil export sectors.