Africa (Commonwealth Union) _ Nigeria and the UK inked a new trade agreement dubbed the Enhanced Trade and Investment Partnership (ETIP), On Tuesday. The deal is aimed at bolstering trade and investment ties between the two nations. This landmark agreement, the first of its kind between the UK and an African country, is expected to catalyze opportunities for businesses from both sides, fostering economic growth and unlocking new prospects.
Signed by the UK Secretary of State for Business and Trade, Kemi Badenoch, and her Nigerian counterpart, Trade Minister Doris Uzoka-Anite, in Abuja, the ETIP signals a commitment to deepen the already thriving trade relationship between the UK and Nigeria, which amounted to £7 billion in the year leading up to September 2023.
The agreement sets the stage for expanded collaboration across sectors vital to both economies, including finance, legal services, and innovative industries like the creative sector. Both officials expressed optimism about the agreement’s potential to facilitate easier export of high-quality goods and services from the UK to Nigeria and vice versa.
Furthermore, the ETIP extends cooperation on the UK’s ambitious Developing Countries Trading Scheme (DCTS), launched last year, which simplifies and improves trading terms for Nigeria and 36 other African countries. This scheme will lead to tariff reductions on over 3,000 products, rendering 99% of Nigeria’s exports to the UK duty-free, thereby promoting trade and supporting Nigeria’s broader trade policy objectives.
The partnership also builds on progress made in resolving market access barriers, particularly in education and financial sectors, fostering a more favorable trading environment for businesses from both nations. Additionally, the agreement presents an opportunity to attract UK and international investment, particularly from London’s financial and professional services sector.
During her visit, Ms. Badenoch will participate in the groundbreaking ceremony of Abuja’s first industrial park, constructed by UK-Turkish construction firm Zeberced Ltd, which is set to create jobs and provide a hub for businesses in central and northern Nigeria. Additionally, she will witness the signing of an energy agreement between UK-based energy firm Konexa and Nigerian power generation company North South Power (NSP), facilitating the supply of renewable energy to Nigerian Breweries PLC and promoting sustainable development and clean energy adoption. This agreement is anticipated to lead to significant infrastructure investments.
