United Kingdom will today (Tuesday) sign a new deal with Nigeria to boost trade.
Gatekeepers News reports that the UK’s department of Business and Trade, while disclosing this on Tuesday, said the trade deal will also foster investment and unlock new opportunities in various sectors.
The UK’s Business and Trade Secretary, Kemi Badenoch, and Minister for Trade and Investment in Nigeria, Doris Uzoka Anitie, will be signing the deal today.
According to the statement, the Enhanced Trade and Investment Partnership (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 2023.
This new deal is also expected to eliminate barriers in the legal services and film industry by allowing UK lawyers to practise international law in Nigeria, and foster collaboration between the film and media industry in both countries.
The statement read, “It will see Nigeria commit to working towards removing barriers preventing UK lawyers from practising international and foreign law in Nigeria, a step that could significantly increase UK legal services 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.”
Badenoch expressed her enthusiasm for the ETIP, highlighting its potential to unleash a wave of exciting opportunities for both countries.
The UK Minister said, “This partnership with Nigeria — the UK’s first such agreement 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.”
In his reaction, Uzoka-Anitie hailed the new partnership as a bridge to economic progress.
The Nigerian Minister underscored the agreement’s potential to transform historic ties into a thriving trade partnership, bolstered by increased market access and mutually beneficial exchanges between the UK and Nigeria.
Uzoka-Anitie 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 Agreement.
“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.”
According to the statement, Badenoch will be 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 (CBN), and the Nigerian finance minister, to unlock trade barriers confronting UK businesses.
