Nigeria and the United Kingdom are strengthening their trade relationship, with both countries aiming to surpass the current £6.5 billion annual trade volume.
As part of ongoing efforts under the Enhanced Trade and Investment Partnership (ETIP), both governments have announced a series of initiatives to address trade barriers and promote smoother collaboration between businesses.
The Enhanced Trade and Investment Partnership (ETIP) Memorandum of Understanding (MoU) signed on February 13, 2024 by Kemi Badenoch, UK Trade and Business Minister and Doris Uzoka-Anite, Nigerian Trade Minister, is the first of its kind between the UK and an African country.
The partnership is designed to enhance trade and investment flows between the two countries and expand existing ties in key sectors such as agriculture, energy, technology, and manufacturing.
The event took place on Wednesday at the ministry’s headquarters in Abuja.
“Both the UK and Nigeria are expressing optimism about the potential to significantly boost bilateral trade beyond the £6.5 billion mark,”
According to a statement signed by Adebayo Thomas, Director Press and Public Relations, Ministry of Trade, “One of the key areas of focus is fostering closer collaboration between Nigerian regulatory agencies and their UK counterparts.
“By aligning regulatory frameworks and reducing bureaucratic hurdles, both nations aim to create an environment that encourages greater trade flows and investment.”
It also stated that the UK’s Developing Countries Trading Scheme (DCTS) has been highlighted as a significant opportunity for Nigerian exporters.
Read also: Bilateral trade between Nigeria and UK worth £7bn, says UK Envoy
The scheme is designed to offer more favorable trade terms, allowing developing nations like Nigeria to benefit from reduced tariffs and expanded market access.
“Specific trade barriers and regulatory challenges raised during dialogue sessions are being directly addressed, with both sides committed to resolving issues in a timely manner,” it stated.
Ray Atelly, president of the Nigerian-UK Chamber of Commerce, commented on these steps and said that “This is highly commendable. By identifying the bottlenecks, we can expand the volume of business between both countries,” Atelly said.
To ensure continued progress, both parties resolved that quarterly business dialogue sessions will be held to tackle emerging issues and monitor the implementation of initiatives. The next ministerial meeting to review the progress of the ETIP was scheduled for the first quarter of 2025.
Nura Abba Rimi, Permanent Secretary of the Federal Ministry of Industry, Trade and Investment, in his remarks expressed Nigeria’s pride in hosting the inaugural Nigeria-UK Business Dialogue.
According to him, the dialogue creates a dynamic forum for stakeholders from both countries to participate in meaningful discussions, share best practices, and explore joint opportunities in critical sectors.
He added that the UK and Nigeria have a long history of robust bilateral trade. In the four quarters leading up to the first quarter of 2024, Rimi noted that Nigeria ranked as the UK’s 39th largest trading partner, with exports to the UK amounting to £2.4 billion and imports from the UK standing at £4.1 billion.
“The ETIP aims to build on this foundation by encouraging investments in agriculture, infrastructure, and manufacturing, among other sectors, while facilitating cooperation in areas such as trade regulation and market access
Nigeria’s recent economic reforms under President Bola Tinubu have created a more conducive environment for investment, paving the way for growth and job creation across all sectors,” he explained
Jonny Baxter, British Deputy High Commissioner said the dialogue as a crucial platform for expanding the UK’s trade relationship with Nigeria.
He noted that the meeting builds on the successes of the UK-Nigeria Economic Development Forum and will work towards practical solutions to market access barriers while supporting businesses in both countries.
“Today’s inaugural Enhanced Trade and Investment Partnership Business Dialogue builds on the first of its kind partnership for the UK in Africa.
“This new platform enables us to build on successes from the UK-Nigeria Economic Development Forum to resolve more market access barriers, our joint commitment to develop novel systems for businesses to efficiently raise issues, and work towards practical solutions.
“The overall deepening of our cooperation underscores our shared efforts to enhance trade across current and new sectors, support businesses and boost economic growth between our two countries.”
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