UK, Nigeria begin talks to promote £3.2bn trade partnership

The United Kingdom (UK) and Nigeria have held trade and investment talks at the Economic and Development Forum (EDF) in London, to promote trade and boost a partnership worth over £3 billion.

At the forum, both countries marked increased support for small and medium-sized enterprises in Nigeria including the UK Manufacturing Africa programme, which has helped 12 firms in Nigeria to secure foreign investment.

It is expected that the conclusion of these deals will generate over $300 million in foreign direct investment (FDI) for Nigeria and directly create 5,000 jobs.

The UK and Nigeria agreed to start discussions on an Enhanced Trade Partnership (ETP) to strengthen trade and bring high-value investment across both countries.

According to the discussions, an official working-level group will be set up to explore the benefits of an ETP in priority sectors as it is expected to build on long-standing economic ties between the UK and Nigeria which is already worth £3.2 billion in 2021.

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Penny Mordaunt, UK Minister for Trade, said Nigeria is one of the UK’s long-standing and strategic partners in Africa.

“I am pleased that the UK is continuing to deepen our investment relationship with one of the most vibrant and innovative economies in the continent. Through the Economic and Development Forum, we can demonstrate how trade is a force for creating jobs and prosperity, and reaffirm our commitment to boost economic ties, support businesses, and grow new markets,” Mordaunt said.

Niyi Adebayo, Nigeria’s Minister for Industry, Trade, and Investment, said Nigeria welcomes the commitment to enhancing the relationship between the UK and Nigeria, which will deepen the bilateral trade policy of both countries in a mutually beneficial manner.

“The Nigerian government is committed to implementing reforms that can attract more foreign direct investment into key industries, boost trade and development and create employment opportunities for Nigeria’s youth leveraging technology,” Adebayo said.