By Dare Akogun
The United Kingdom has signed a landmark Enhanced Trade and Investment Partnership (ETIP) with Nigeria, which is aimed at amplifying trade and investment prospects between the two nations, and unlocking new avenues for UK and Nigerian businesses.
A statement by Ndidiamaka Eze,
Senior Press & Public Affairs Officer Comms Lead, Prosperity and Economic Development said Secretary of State Kemi Badenoch, alongside Minister of Trade and investments Doris Nkiruka Uzoka-Anite, formalized the ETIP agreement today in Abuja.
Speaking after the signing the partnership, Business and Trade Secretary Kemi Badenoch maintained that the UK and Nigeria are vital partners, with longstanding historical and economic ties.
According to her “UK businesses are already seeing huge success in Nigeria – one of the fastest-growing economies in the world.
“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.”
Speaking in the same vein, Nigerian Minister for Trade and investments Doris Nkiruka Uzoka-Anite affirmed, that the UK is one Nigeria’s long-standing strategic partners with whom strong ties are shared.
“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.”
This significant accord marks the first of its kind between the UK and an African nation, designed to bolster their already robust trading relationship, which amounted to £7 billion in the year leading to September 2023.
The ETIP is set to catalyze opportunities across pivotal sectors such as finance, legal services, and foster novel collaborations in innovative domains like the creative industry.
In addition, the partnership heralds further collaboration on the UK’s ambitious Developing Countries Trading Scheme (DCTS), launched last year.
The scheme, aimed at simplifying and enhancing trading terms for Nigeria and 36 other African countries, will usher in tariff reductions on over 3000 products, rendering 99% of existing Nigerian exports to the UK duty-free.
Furthermore, the ETIP is poised to build upon the substantial progress made in resolving market access barriers in sectors such as education and finance, fostering a more favorable trading environment for both UK and Nigerian businesses.
The partnership also presents an opportunity to leverage UK and international investment from the City of London, home to top financial and professional services.
Speaking in the agreement International Managing Director of TheCityUK, Nicola Watkinson, said that Nigeria is an important growth market for the UK-based financial and related professional services industry, adding that 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.”
In another development Minister Badenoch is expected to partake in a groundbreaking ceremony at Abuja’s inaugural industrial park, constructed by UK-Turkish construction firm Zeberced Ltd.
Supported by the UK government, the $144m industrial park is poised to create 620 direct jobs and 1,650 indirect employment opportunities, offering a strategic hub for firms accessing central and northern Nigeria.
Additionally, the UK trade minister will witness the signing of a landmark energy agreement between UK-based energy firm Konexa and Nigerian power generation company North South Power (NSP).
This agreement will facilitate the supply of 100% renewable power to Nigerian Breweries PLC by Konexa, fostering sustainable development and clean energy adoption, and paving the way for infrastructure investments exceeding £14 million.
Konexa CEO Pradeep Pursnani expressed enthusiasm about the partnership, stating, “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.”
