IN a significant development aimed at fostering stronger economic ties, UK Business Secretary Kemi Badenoch is currently in Nigeria to finalise a groundbreaking investment agreement dubbed the ‘first-of-its-kind’ between the two nations.
The landmark agreement, inked on Tuesday, aims to bolster trade relations while creating new avenues for investment opportunities between the UK and Nigeria. The Enhanced Trade and Investment Partnership (ETIP) marks a historic milestone, being the first pact of its kind that the UK has ever signed with an African nation.
Highlighting the importance of this partnership, officials from the UK Department for International Trade emphasised its potential to enhance bilateral trade, which amounted to £7bn last year. The ETIP is expected to unlock fresh trading prospects across various sectors, including financial and legal services. Notably, Nigeria’s commitment to removing barriers that hinder British lawyers from practicing law in the country is seen as a significant step that could spur UK legal exports and foster collaboration in creative industries.
This initiative comes at a crucial juncture for the UK, as it seeks to expand its trade portfolio beyond Europe following Brexit. While the UK has already secured multiple trade deals with various countries and economic unions, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, its endeavours with India and Canada have faced challenges.
Nigeria, often touted as the largest economy in Africa and one of the world’s fastest-growing economies, presents a promising arena for economic collaboration. With its population expected to nearly double to 370 million by 2050, Nigeria offers ample opportunities for investment and growth, as acknowledged by the UK government.
Business Secretary Kemi Badenoch formally signed the ETIP alongside Nigerian Trade Minister Doris Nkiruka Uzoka-Anite in Abuja. Badenoch’s engagements also include a visit to the site of the upcoming Charterhouse school, the first UK independent school in West Africa, and meetings with key business leaders in Nigeria.
Expressing optimism about the partnership, Secretary Badenoch highlighted the potential for UK businesses to capitalise on Nigeria’s burgeoning economy and reiterated her commitment to nurturing the bilateral relationship.
In response, Nigerian Trade Minister Doris Nkiruka Uzoka-Anite welcomed the deepening of economic ties with the UK, emphasizing the partnership’s role in fostering shared economic prosperity.
The signing of the ETIP and the subsequent collaboration between the UK and Nigeria signify a significant stride towards strengthening economic cooperation and unlocking mutual benefits for both nations.