The United Kingdom will today sign a new agreement with Nigeria to boost trade, investments, and create new opportunities in a variety of sectors.
The UK Department of Business and Trade confirmed this in a statement issued on Tuesday.
According to the statement, Kemi Badenoch, the UK’s business and trade secretary, and Doris Uzoka-Anitie, Nigeria’s minister for trade and investment, will sign the agreement today.
The Enhanced Trade and Investment Partnership (ETIP) is the first agreement signed by the UK with an African country. It is intended to expand the UK and Nigeria’s already thriving trading relationship, which is expected to total £7 billion in 2023.
This new agreement is also expected to remove barriers in the legal services and film industries by allowing UK lawyers to practise international law in Nigeria. It will also promote collaboration between the film and media industries in both countries.
The statement reads:
“It will see Nigeria commit to working towards removing barriers preventing UK lawyers from practising international and foreign law in Nigeria, a step that could significantly increase UK legal services exports.”
“It will also pave the way for further collaboration in the film and media industry and encourage world-leading UK education providers to offer high-quality education in Nigeria.
“Nigeria is the biggest economy in Africa and one of the world’s fastest-growing economies — predicted to be in the top 20 by GDP by 2035.
“It is also predicted by the UN to nearly double its population to over 370 million people by 2050.”
“This partnership with Nigeria — the UK’s first such agreement with an African country — will allow us to work together and seize the opportunities that lie ahead,” she said.
“Nigeria has one of the fastest growing economies in the world. UK businesses have already seen huge success here and I look forward to seeing how we continue to grow this relationship.”
Uzoka-Anitie shared her optimism, hailing the new partnership as a bridge to economic progress.
She emphasised the agreement’s potential to transform historic ties into a thriving trade partnership, aided by increased market access and mutually beneficial exchanges between the UK and Nigeria.
Uzoka-Anitie said:
“The UK is one of our long-standing strategic partners with whom we share strong ties, and it gladdens me that this relationship is set to deepen as we sign the Enhanced Trade and Investment Partnership Agreement.”
“This partnership will see Nigeria-UK relations move beyond one of shared history and strong ties to one of shared economic prosperity.
“From increasing market access and supporting our vibrant businesses to creating more jobs and accelerating greater investments in sectors of mutual interests.”
