UK SIGNS LANDMARK PARTNERSHIP WITH NIGERIA TO BOOST TRADE, INVESTMENT
The
UK has signed an Enhanced Trade and Investment Partnership (ETIP) with Nigeria
to boost trade and investment between the two countries and unlock new
opportunities for UK and Nigerian businesses.
Secretary
of State Kemi Badenoch signed the ETIP alongside her Nigerian counterpart
Nigerian Trade Minister Doris Nkiruka Uzoka-Anite on Tuesday in Abuja.
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 the year to
September 2023.
In
a release signed by Ndidiamaka Eze, Senior Press & Public Affairs Officer
and Head of Communications Prosperity,
and Economic Development, this arrangement will pave the way for opportunities
in sectors crucial to both economies such as finance and legal services as well
as foster new collaborations in innovative areas like the creatives industry. The
visit by the Secretary of State comes a week ahead of a UK Government-led
fashion and beauty trade delegation to Nigeria.
Nigeria
is a major beneficiary of changes introduced by the DCTS and will see tariff
reductions on over 3000 products, meaning that 99% of existing Nigerian exports
to the UK by value will be duty free. Tariffs have been removed on Nigerian goods,
which promote value addition in important non-oil export sectors such as cocoa
butter and paste, sesame oil and clothing and apparel. These changes will boost
trade with the UK and support the Federal Government of Nigeria’s wider trade
policy priorities.
“The
UK and Nigeria are vital partners, with longstanding historical and economic
ties. UK businesses are already seeing huge success in Nigeria - one of the
fastest growing economies in the world,” Kemi Badenoch, Business and Trade
Secretary said.
Continuing,
she added, “I’m delighted to be here to sign our new enhanced partnership which
will allow UK firms to export their world-class goods and services more easily
and expand their footprint in Nigeria.”
In
her own words, Nigeria’s Minister for Trade Doris Nkiruka Uzoka-Anite noted
that the UK was one of Nigeria’s long-standing strategic partners with whom the
country shared strong ties; adding that it gladdened her that this relationship
was set to deepen as Nigeria signed the Enhanced Trade and Investment
Partnership.
Hear her: “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.
“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.”
The
ETIP will help to build on the significant progress already made in resolving
market access barriers in the education and financial sectors, which have led
to a more favourable trading environment for UK and Nigerian businesses.
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In
addition, through this partnership, there is an opportunity to leverage UK and
international investment from the City of London, which is home to the top
financial and professional services.
“Nigeria
is an important growth market for the UK-based financial and related
professional services industry and TheCityUK welcomes the signing of the new
ETIP.
"We
look forward to continuing our engagement through the working groups to
increase market access and remove regulatory frictions,”TtheCityUK International
Managing Director Nicola Watkinson said.
During
the visit, Minister Badenoch is billed to also hold a ground-breaking ceremony
at Abuja's first industrial park built by UK-Turkish construction firm Zeberced
Ltd to open its support services areas at the site.
The
UK government has been supporting the firm in a number of areas. The $144m
industrial park is set to create 620 direct jobs and 1,650 indirect jobs and
provide a base for major firms to access central and northern Nigeria.
The UK trade minister will in addition, witness the signing of a landmark energy agreement between UK based energy firm Konexa and Nigerian power generation company North South Power (NSP).
The
agreement will enable Konexa to supply Nigerian Breweries PLC with 100%
renewable power, promote sustainable development and clean energy adoption, and
lead to infrastructure investments of over £14 million.
This
is a very important milestone for Konexa, North South Power, Nigerian
Breweries, and all our investment partners. Over the last few years, Konexa has
been working on a disruptive model that matches customer energy demand with
renewable energy supply.
“We
are looking forward to investing more than £120m in renewable energy
generation, transmission, distribution, and battery storage solutions to help
our customers transition away from the use of fossil fuel,” Konexa CEO Pradeep
Pursnani said.
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