UK and Nigeria Sign Landmark Trade and Investment Partnership

As part of their shared agenda to bolster economic collaboration, the United Kingdom and Nigeria have signed the Enhanced Trade and Investment Partnership (ETIP) on Tuesday, February 13th. Marking the UK’s first such agreement with an African nation, the ETIP aims to amplify bilateral trade and investment opportunities, fostering growth in key sectors vital to both economies.

The partnership, a testament to the robust trading relationship between the two nations, which amounted to £7 billion in the year to September 2023, heralds a new era of cooperation. It spans various sectors, with a particular focus on financial and legal services, aiming to unlock new avenues for collaboration and expansion.

Key highlights of the ETIP include plans to facilitate lawyers from both countries to practice foreign and international law in each other’s jurisdictions, potentially revolutionising legal services collaboration and exports. Additionally, the partnership paves the way for enhanced cooperation in the film and media industry, while also encouraging renowned UK educational institutions to offer high-quality education in Nigeria.

Nigeria, as the largest economy in Africa and one of the world’s fastest-growing economies, is poised for significant expansion. Predicted by the UN to nearly double its population to over 370 million people by 2050, Nigeria presents a wealth of opportunities for international partnerships and investments.

Kemi Badenoch, the UK’s Business and Trade Secretary, expressed optimism about the partnership, stating, “This partnership with Nigeria – the UK’s first with an African country – will allow us to work together and seize the opportunities that lie ahead.” Badenoch highlighted Nigeria’s rapid economic growth and underscored the potential for further collaboration between UK businesses and Nigeria.

The signing ceremony will take place in Abuja, where Badenoch will sign the ETIP alongside Nigerian Trade Minister Doris Nkiruka Uzoka-Anite. Badenoch’s visit to Nigeria will also involve discussions with key stakeholders to address trade barriers facing UK businesses, demonstrating a commitment to fostering a conducive environment for economic cooperation.

Commenting on the partnership, Nigerian Minister for Trade Doris Nkiruka Uzoka-Anite emphasised the deepening economic ties between the UK and Nigeria, envisioning shared economic prosperity and increased market access for businesses from both countries.

The ETIP signing coincides with the unveiling of a landmark energy agreement between UK-based energy firm Konexa and Nigerian power generation company North South Power (NSP). This agreement, facilitating the supply of 100% renewable power to Nigerian Breweries PLC, underscores the commitment to sustainable development and clean energy adoption in Nigeria.

As both nations embark on this transformative partnership, the ETIP represents a significant milestone in strengthening economic cooperation and driving mutual prosperity.

Additional Notes

• UK exports to Nigeria amounted to £4 billion in the 12 months to September 2023.
• The UK’s Propcom+ programme, launched in August 2023, aims to support sustainable agricultural practices in Nigeria.
• The UK’s Developing Countries Trading Scheme grants enhanced preferential access for almost 3,000 Nigerian products.
• Working groups and business dialogues will be established to ensure mutual benefits and opportunities for businesses on both sides.