The UK signs Enhanced Trade and Investment Partnership with Nigeria
The UK has entered into a partnership with Nigeria to enhance trade and investment opportunities for businesses in both countries. This partnership, known as the Enhanced Trade and Investment Partnership (ETIP), is the first of its kind between the UK and an African country. Its aim is to further strengthen the already thriving trading relationship between the UK and Nigeria, which amounted to £7 billion in the year leading up to September 2023.
The ETIP will open up avenues for collaboration across various sectors that are vital to both economies, including financial and legal services. As part of this partnership, Nigeria has committed to working towards removing barriers that currently prevent UK lawyers from practicing international and foreign law in Nigeria. This move has the potential to significantly increase the export of UK legal services. Additionally, the partnership will facilitate further cooperation in the film and media industry, as well as encourage renowned UK education providers to offer high-quality education in Nigeria.
Nigeria, being the largest economy in Africa and one of the world’s fastest-growing economies, is projected to be among the top 20 economies by GDP by 2035. The United Nations also predicts that Nigeria’s population will nearly double to over 370 million people by 2050.
Business and Trade Secretary Kemi Badenoch expressed her enthusiasm for this partnership, highlighting the opportunities it presents for both countries. She emphasized that Nigeria’s rapidly growing economy has already proven to be a successful market for UK businesses, and she looks forward to further nurturing this relationship.
During her visit to Nigeria, Business and Trade Secretary Kemi Badenoch, alongside Nigerian Trade Minister Doris Nkiruka Uzoka-Anite, signed the ETIP in Abuja. In addition to this, she will be visiting the site of a new Charterhouse school, which will be the first UK independent school in West Africa. She will also be meeting with the Governor of the Central Bank of Nigeria and the Nigerian Finance Minister to address trade barriers faced by UK businesses.
The partnership between Konexa and Nigerian Breweries PLC will facilitate the provision of 100% renewable power, thereby promoting sustainable development and the adoption of clean energy. Additionally, this agreement will lead to infrastructure investments exceeding £14 million. Konexa CEO, Pradeep Pursnani, expressed the significance of this milestone for Konexa, North South Power, Nigerian Breweries, and their investment partners. Konexa has been diligently working on a disruptive model that aligns customer energy demand with renewable energy supply.
Looking ahead, Konexa aims to invest more than £120 million in renewable energy generation, transmission, distribution, and battery storage solutions. This investment will aid customers in transitioning away from fossil fuel usage. Notably, substantial progress has been made in resolving trade barriers between the UK and Nigeria, particularly in the education and financial sectors. This has created a more favorable trading environment for UK businesses.
A recent resolution has removed restrictions on Transnational Education investment in Nigeria, amounting to approximately £55 million over a span of five years. Consequently, esteemed UK education providers, such as Charterhouse, can establish campuses in Nigeria. Collaboration in the financial services sector is also a key focus. The resolution of remittance issues has streamlined foreign exchange processes, consolidating multiple windows into a single import and export window. This development simplifies trade between UK businesses and Nigeria.
