In a historic move, the UK has inked an unprecedented Enhanced Trade and Investment Partnership (ETIP) with Nigeria, signaling a new era of collaboration. Secretary of State Kemi Badenoch, alongside Nigerian Trade Minister Doris Nkiruka Uzoka-Anite, sealed this groundbreaking deal in Abuja, elevating the already robust £7 billion UK-Nigeria trading relationship.
This groundbreaking agreement is a milestone for both nations, opening avenues for growth in sectors such as finance, legal services, and clean energy. The ETIP not only solidifies historical and economic ties but propels the UK’s dynamic businesses into the heart of Nigeria’s booming economy.
Nigeria, a key player in the global market, will witness tariff reductions on over 3000 products, making 99% of its exports to the UK duty-free. This move aligns with the UK Government’s commitment to supporting Nigeria’s non-oil export sectors, fostering economic prosperity.
Business and Trade Secretary Kemi Badenoch expressed enthusiasm, stating, “I’m delighted to sign our new enhanced partnership, allowing UK firms to export their world-class goods and services more easily and expand their footprint in Nigeria.”
Nigerian Minister for Trade Doris Nkiruka Uzoka-Anite emphasized the deepening relationship, saying, “This partnership will move Nigeria-UK relations beyond shared history to shared economic prosperity, supporting our vibrant businesses and creating more jobs.”
The ETIP builds on substantial progress in resolving market access barriers, particularly in education and finance. TheCityUK International Managing Director Nicola Watkinson applauded the partnership, citing Nigeria’s importance as a growth market for the UK’s financial and professional services industry.
During the visit, Minister Badenoch will inaugurate Abuja’s first industrial park, a collaborative effort with UK-Turkish construction firm Zeberced Ltd. This £144 million project is set to create jobs and provide a strategic base for major firms in central and northern Nigeria.
Additionally, a groundbreaking energy agreement between UK-based Konexa and Nigerian power generation company North South Power promises sustainable development. Konexa CEO Pradeep Pursnani highlighted the significance, stating, “We are looking forward to investing more than £120 million in renewable energy solutions, steering our customers away from fossil fuels.”
This transformative partnership not only marks a significant diplomatic achievement but also positions the UK and Nigeria at the forefront of global trade and innovation. Stay tuned for updates as these two nations embark on a journey of shared economic prosperity.
