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UK To Sign Nigeria Agreement Seeking to Ease Trade Barriers

UK To Sign Nigeria Agreement Seeking to Ease Trade Barriers

The UK will on Tuesday 13 February sign a deal with Nigeria to boost trade and investment and unlock new opportunities for UK and Nigerian businesses.

The Enhanced Trade and Investment Partnership (ETIP) is the first the UK has signed with an African country.

It will create opportunities across a breadth of sectors crucial to both economies, such as financial and legal services.

Nigeria will commit to working towards removing barriers preventing UK lawyers from practising international and foreign law in Nigeria.

UK & Nigeria Education Programme

It will also pave the way for further collaboration in the film and media industry.

This is to encourage world-leading UK education providers to offer high quality education in Nigeria.

The UK and Nigeria are already thriving in trading relationships, which totalled £7 billion in the year to September 2023.

Also Read: Ghana Inks Deal With UK for Knowledge, Technology Transfer Deal

“This partnership with Nigeria 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,” said Trade Secretary Kemi Badenoch.

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.

Nigeria and UK Trade Volume

Badenoch will sign the ETIP alongside Nigerian Trade Minister Doris Nkiruka Uzoka-Anite in Abuja.

While in Nigeria she is also 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 and the Nigerian Finance Minister to unblock trade barriers facing UK businesses.

“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,” said Nigerian Minister for Trade, Doris Nkiruka Uzoka-Anite.

Progress has been made in resolving trade between the UK and Nigeria in the education and financial sectors, which has created a more favourable trading environment for UK businesses.

Past Resolutions on Trade Barriers

A recent resolution helped to remove restrictions to Transnational Education investment in Nigeria worth around £55 million over 5 years.

The financial services sector is also a key area of collaboration.

UK exports to Nigeria were £4 billion in the 12 months to the end of September 2023, an increase of 3% in current prices from the 12 months to September 2022.

UK’s Women Targeted Deals in Nigeria

In August 2023, UK launched Propcom+ programme, a climate programme to support 4 million people – 50% of whom are women.

This is to enable them adopt and scale sustainable agricultural practices that increase productivity and climate resilience while reducing emissions.