The United Kingdom and Nigeria have signed a partnership agreement to promote trade and investment and open new prospects for both countries.
The United Kingdom Minister for Business and Trade, Kemi Badenoch, signed the Enhanced Trade and Investment Partnership agreement alongside her Nigerian counterpart Nigerian Trade Minister Doris Nkiruka Uzoka-Anite, on Tuesday in Abuja.
This was contained in a statement made available by the Senior Press and Public Affairs Officer and Comms Lead, Prosperity and Economic Development, British High Commission in Lagos, Ndidiamaka Eze, on Tuesday.
The 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, according to the statement.
Badenoch disclosed that the agreement would open a lot of opportunities for the Brits as Nigeria is one of the fastest-growing economies in Africa.
“The UK and Nigeria are vital partners, with longstanding historical and economic ties.
“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,” Badenoch added.
On her part, the Nigerian Minister for Trade Doris Nkiruka Uzoka-Anite 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.
“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 accelerating greater investments in sectors of mutual interests.”