The United Kingdom and Nigeria have taken steps towards strengthening their economic ties with the signing of the Enhanced Trade and Investment Partnership (ETIP) agreement.
The agreement, signed on Tuesday by UK Minister for Business and Trade, Kemi Badenoch, and her Nigerian counterpart, Trade Minister Doris Nkiruka Uzoka-Anite, marks a historic milestone in the relationship between the two countries.
The ETIP is the first of its kind that the UK has signed with an African country, signaling the importance of the partnership.
The agreement aims to further boost the already thriving trading relationship between the UK and Nigeria, which amounted to £7 billion in the year leading up to September 2023.
This partnership is expected to open up new opportunities for businesses in both countries, facilitating easier export of goods and services and expanding their footprint in each other’s markets.
Speaking about the agreement, Minister Badenoch emphasised the potential for UK businesses in Nigeria, highlighting the country’s status as one of the fastest-growing economies in Africa.
She expressed her delight in signing the enhanced partnership, which she believes will enable UK firms to capitalize on the economic opportunities in Nigeria.
In response, Minister Uzoka-Anite emphasised the deep historical and economic ties between the UK and Nigeria, expressing her optimism about the prospects for shared economic prosperity through the partnership.
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.”
The signing of the ETIP signifies a new chapter in the economic relations between the UK and Nigeria, with both countries committed to leveraging the partnership for mutual benefit. As the agreement comes into effect, it is expected to pave the way for increased collaboration, trade, and investment, fostering a stronger and more prosperous relationship between the two nations.
