The United Kingdom and Nigeria held trade and investment talks on Tuesday at the Economic and Development Forum (EDF) in London, to promote trade as a force for good and boost a partnership worth over £3 billion (about N1.676 trillion).
A statement from the British Deputy High Commission in Nigeria said the UK and Nigeria agreed to start discussions on an Enhanced Trade Partnership (ETP) to strengthen trade and high-value investment across both countries.
An official working-level group will be set up to explore the benefits of an ETP in priority sectors. DIT officials expect the increased ambition to build on long-standing economic ties between the UK and Nigeria, which was worth £3.2bn in 2021.
It said 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 secure foreign investment.
When these deals conclude, they will generate over $300 million in foreign direct investment (FDI) for Nigeria and directly create 5,000 jobs.
Commenting, the UK Minister for Trade, Penny Mordaunt said: “Nigeria is one of our long-standing and strategic partners in Africa and 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.”
The Minister for Industry, Trade and Investment, Otunba Niyi Adebayo said: “We welcome the commitment to enhancing the relationship between our two countries today and underscore the significance of deepening our bilateral trade policy relationship in a mutually beneficial manner.”
