ETIP: UNITED KINGDOM ENTERS GROUNDBREAKING COLLABORATIONS WITH NIGERIA TO ENHANCE £7 BILLION TRADE AND INVESTMENT PORTFOLIOS.
The Secretary of State for Business and Trade has signed a groundbreaking trade and investment partnership with Nigeria in Abuja. This partnership aims to strengthen the existing £7 billion UK-Nigeria trading relationship and open up new possibilities in sectors like legal, financial services, and clean energy. The UK-based financial and related professional services industry sees Nigeria as a crucial growth market.
TheCityUK expresses its approval for the Memorandum of Understanding (MoU) signing and anticipates ongoing collaboration to enhance market access and eliminate regulatory obstacles. The UK and Nigeria have entered into an Enhanced Trade and Investment Partnership (ETIP) to boost trade and investment, offering fresh prospects for businesses in both countries.
The signing of the ETIP took place in Abuja, with Kemi Badenoch, Secretary of State, and her Nigerian counterpart, Nigerian Trade Minister Doris Nkiruka Uzoka-Anite. This marks the first ETIP the UK has signed with an African country, intending to expand the already thriving trading relationship between the UK and Nigeria, which reached £7 billion in the year up to September 2023.
This partnership is expected to create opportunities in vital sectors for both economies, including finance, legal services, and innovative areas like the creative industry. The visit precedes a UK Government-led fashion and beauty trade delegation to Nigeria.
Additionally, the ETIP facilitates collaboration on the UK’s Developing Countries Trading Scheme (DCTS), launched last year. This scheme simplifies and improves trading terms for Nigeria and 36 other African countries. Nigeria benefits significantly from DCTS, with tariff reductions on over 3000 products, making 99% of existing Nigerian exports to the UK duty-free.
The removal of tariffs on Nigerian goods, especially those contributing to value addition in non-oil export sectors, will boost trade and align with the Federal Government of Nigeria’s broader trade policy objectives.
Business and Trade Secretary Kemi Badenoch highlights the importance of the UK-Nigeria partnership, emphasizing the historic and economic ties. She sees the enhanced partnership as a means for UK businesses to export goods and services more efficiently into Nigeria.
Nigerian Trade Minister Doris Nkiruka Uzoka-Anite expresses satisfaction that the deepening relationship with the UK is not just about shared history but also shared economic prosperity. The ETIP is seen as a step towards increased market access, job creation, and greater investments in mutually beneficial sectors.
The ETIP builds on progress in resolving market access barriers in education and financial sectors, fostering a favorable trading environment. This partnership also opens doors to leverage UK and international investment from the City of London, home to top financial and professional services.
Nicola Watkinson, TheCityUK International Managing Director, underscores Nigeria’s significance as a growth market for the UK financial services industry and welcomes the signing of the new ETIP.
During the visit, Minister Badenoch participates in a groundbreaking ceremony at Abuja’s first industrial park, developed by UK-Turkish construction firm Zeberced Ltd. This industrial park, supported by the UK government, is expected to create numerous jobs and provide a base for major firms in central and northern Nigeria.
Furthermore, a landmark energy agreement between UK-based energy firm Konexa and Nigerian power generation company North South Power (NSP) is set to be witnessed. This agreement will enable Konexa to supply Nigerian Breweries PLC with 100% renewable power, promoting sustainable development and clean energy adoption.
Pradeep Pursnani, Konexa CEO, emphasizes the significance of this agreement, envisioning substantial investments in renewable energy solutions to facilitate the transition away from fossil fuels.
News Source: Techeconomy
