Nigeria, U.K. sign new trade, investment partnership

•U.K. trade minister opens 40,000-job industrial park

As part of efforts to increase trade and foster bilateral relations between Nigeria and the United Kingdom, the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, and the U. K.’s Secretary of State for Business and Trade, Kemi Badenoch, have signed the Enhanced Trade and Investment Partnership (ETIP).

Describing it as the first of its kind, Uzoka-Anite said the partnership would open more doors for investment and foreign direct investment (FDI) into the country, adding that it is the first step towards improving trading activities between both countries.

“We have been doing a lot of trading in the past but we intend to take it even further. Now, the U.K. is going to make us a more favoured partner in trading and investment, and I hope Nigeria will be the first choice of destination for all investment and trade-related activities.”

The minister added that the ETIP would significantly help Nigeria’s business community as it would drive its implementation.

“It has always been our goal to deepen trade and investment activities with other countries and we intend to ensure this materialises properly beyond the signing,” the minister said.

Speaking, her U.K, counterpart reiterated that both countries have a long history and Nigeria has immense potential beyond oil and gas. Praising the creative industry, which she said keeps breaking new grounds, especially in the U.K., Badenoch said Nigerian talent is in high demand in the U.K. and all over the world.

“I visited Charterhouse School on Monday; it is the first U.K. independent school in West Africa and will be opening its doors to Nigerian students in September. This will ensure world-class education without having parents spend scarce foreign exchange (FX) abroad.

“Yesterday, I also opened a new industrial park in Abuja, built by a U.K.-owned company and it is creating 40, 000 jobs.

“This agreement is very important and is a sign of things to come for both countries. We want to create opportunities for people in multiple sectors crucial to both economies. The signing of the agreement is just the beginning, the implementation is what is most important and we are aware that the work to be done after the signing is enormous.”

Speaking on bridging the trade deficit between both countries, she said the ETIP intends to take care of the challenge, noting: “One of the best ways Nigeria can reduce its trade deficit with the U.K. is by increasing its exports and the partnership intends to help Nigeria to export more. The ETIP is a step beyond a free trade agreement and will look at ways both countries can cooperate in areas such as financial and legal services while ensuring that we create the right business and investment environment for both parties.”

She continued: “It will also seek ways to reduce market access barriers or regular trade barriers that discourage people from investing in Nigeria and vice versa. We intend to create mutual benefits for the economies of both countries.”

On implementation, she said businesses must take advantage of the partnership so that it can work.

“I visited a couple of British-owned businesses based in Nigeria who want to do more businesses but have some challenges and requested that we XYZ to enable them to achieve what they want to,” she narrated.