Nigeria, UK move to grow £6.7bn trade with new pact – Daily Trust

To increase trade relations between Nigeria and the United Kingdom, the federal government is to sign an enhanced trade and investment partnership agreement with the British Government.

The Minister of Trade and Investment, Doris Nkiruka Uzoka-Anite, said the agreement would translate into more money for Nigeria and more trade between the two countries.

She spoke during a reception held in honour of the UK Minister of Business and Trade, Kemi Badenoch, who is on a three-day visit to Nigeria. 

The event, which was held at Eko Atlantic City in Lagos, attracted business leaders and officials from both countries.

Daily Trust reports that total trade in goods and services between Nigeria and the UK is estimated to be over £6.7bn in the fourth quarter of 2023.

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The Nigerian minister stated that the agreement to be signed in Abuja aligns with the eight-point agenda of President Bola Tinubu to drive trade and investment opportunities among countries and boost opportunities for businesses.

Uzoka-Anite said while Nigeria and the UK have been doing a lot of trade in the past, the trade partnership is about to even blossom with the new agreement.

The UK minister, who is also a Nigerian by birth, said Nigeria and the UK have a long history of trade collaboration leveraging on the enormous potentials in the country’s creative and entrepreneurial sectors.

She stated that as part of her visit, she would open a new industrial hub in Abuja which was designed to create 40,000 jobs for Nigeria.

Badenoch assured that both countries would work to implement the dictates of the agreement to deliver great benefits for the UK and Nigeria.

 

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