The United Kingdom will today enter into new economic and trade partnerships with Nigeria to facilitate new opportunities in sectors such as energy, legal and financial services.
The British Business and Trade Secretary, Kemi Badenoch together with her Nigerian counterpart Doris Uzoka Anitie- the Minister for Trade and Investment will put pen to paper in the first of its kind “Enhanced Trade and Investment Partnership (ETIP)” trade partnership with an African country.
This is according to a statement by the UK’s Department of Business and Trade detailing the activities of the visit of Business and Trade Secretary, Kemi Badenoch to Nigeria.
UK Lawyers to practise in Nigeria
According to the statement, the new trade partnership aims to eliminate barriers in the legal services and film industry by allowing UK lawyers to practise international law in Nigeria and foster collaboration between the film and media industry in both countries.
- It stated, “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.”
Total trade between the UK and Nigeria totalled £7 billion ($8.8 billion) in the year to September 2023.
What the trade Ministers of both countries say
Speaking on the agreement, Ms. Kemi Badenoch noted that the ETIP will unlock future opportunities for both countries and enhance trade relations with one of the biggest and fastest growing economies of the world.
On her part, Nigeria’s trade Dr. Doris Uzoka-Anitie stated that the new partnership will move relations between both countries from mere historic ties to economic progress by opening market access for trade.
- She said, “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.”
Visit to Finance Minister and CBN Governor
During her visit to Nigeria, Ms. Badenoch will tour the location of a new Charterhouse school, marking the first UK independent school in West Africa.
Additionally, she will engage in discussions with the Governor of the Central Bank of Nigeria and the Nigerian Finance Minister to address trade barriers hindering UK businesses.