Nigeria and the United Kingdom on Tuesday signed a new trade agreement to boost trade and investment between both countries.
The agreement known as Enhanced Trade and Investment Partnership (ETIP) is expected to unlock new opportunities for UK and Nigerian businesses.
Nigerian Trade Minister Doris Nkiruka Uzoka-Anite signed the ETIP alongside UK’s Business and Trade Secretary Kemi Badenoch in Abuja on Tuesday.
The 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 the year to September 2023.
The partnership will create opportunities across a breadth of sectors crucial to both economies, such as financial and legal services.
It will see Nigeria and the UK’s shared aspiration to facilitate each other’s lawyers practising foreign and international law in each other’s jurisdictions –a step which could significantly enhance legal services collaboration and exports. It will also 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.
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. It is also predicted by the UN to nearly double its population to over 370 million people by 2050
Nigerian Minister for Trade Doris Nkiruka Uzoka-Anite said, “ 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.
“This partnership will see Nigeria-UK relations move beyond one of shared history and strong ties to one of shared economic prosperity. From increasing market access and supporting our vibrant businesses, to creating more jobs and accelerate greater investments in sectors of mutual interests.”
Business and Trade Secretary Kemi Badenoch said: “This partnership with Nigeria –the UK’s first with an African country –will allow us to work together and seize the opportunities that lie ahead. 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.”
While in Nigeria, Badenoch visited the site of a new Charterhouse school, the first UK independent school in West Africa, and held meetings with the Governor of the Central Bank of Nigeria and the Nigerian Finance Minister to unblock trade barriers facing UK businesses.
