The United Kingdom is poised to establish new economic and trade alliances with Nigeria, signaling a pivotal moment for bilateral relations. Today, British Business and Trade Secretary, Kemi Badenoch, will join forces with her Nigerian counterpart, Doris Uzoka Anitie, Minister for Trade and Investment, to formalize the first-of-its-kind “Enhanced Trade and Investment Partnership (ETIP)” trade agreement, aimed at fostering cooperation across key sectors.
The announcement, outlined in a statement by the UK’s Department of Business and Trade, underscores the strategic significance of the partnership, which aims to unlock opportunities in sectors such as energy, legal, and financial services. Central to the agreement is the removal of barriers in the legal services and film industry, facilitating UK lawyers to practice international law in Nigeria and promoting collaboration within the film and media sectors of both nations.
With total trade between the UK and Nigeria reaching £7 billion ($8.8 billion) in the year to September 2023, the ETIP sets the stage for enhanced economic collaboration between the two nations. Kemi Badenoch, commenting on the agreement, emphasized its potential to unlock future opportunities and strengthen trade relations with Nigeria, one of the world’s largest and fastest-growing economies.
Echoing this sentiment, Doris Uzoka-Anitie highlighted the partnership’s role in transitioning bilateral relations from historical ties to economic advancement, fostering market access for trade and driving mutual prosperity. During her visit to Nigeria, Badenoch will also inaugurate the first UK independent school in West Africa, underscoring the depth of UK-Nigeria collaboration in education and investment.
Additionally, discussions with key Nigerian stakeholders, including the Governor of the Central Bank of Nigeria and the Nigerian Finance Minister, will focus on addressing trade barriers to facilitate smoother operations for UK businesses. As the UK and Nigeria embark on this historic trade partnership, the ETIP heralds a new era of cooperation and economic growth between the two nations.
Credit: Nairametrics
