The United Kingdom and Nigeria are set to embark on a groundbreaking Enhanced Trade and Investment Partnership (ETIP) aimed at fostering economic growth and collaboration in key sectors such as energy, legal, and financial services.
According to a statement from the UK’s Department of Business and Trade, the British Business and Trade Secretary, Kemi Badenoch, and her Nigerian counterpart, Doris Uzoka Anitie, the Minister for Trade and Investment, will sign the ETIP, marking the first such trade partnership with an African country.
Key highlights of the partnership include:
– Facilitating UK lawyers to practice international law in Nigeria, thereby boosting legal services exports.
– Fostering collaboration in the film and media industry between the two countries.
– Encouraging world-leading UK education providers to offer high-quality education in Nigeria.
The total trade between the UK and Nigeria amounted to £7 billion ($8.8 billion) in the year to September 2023.
Ms. Kemi Badenoch emphasized that the ETIP will unlock future opportunities and enhance trade relations between the UK and one of the world’s largest and fastest-growing economies.
Dr. Doris Uzoka-Anitie highlighted that the partnership signifies a shift from historic ties to economic progress, opening market access for trade and promoting shared economic prosperity.
In addition to the trade agreement, Ms. Badenoch’s visit includes touring the location of a new Charterhouse school, marking the establishment of the first UK independent school in West Africa.
