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Today, the United Kingdom (UK) is set to establish new economic and trade partnerships with Nigeria, marking a significant development in fostering opportunities across various sectors such as energy, legal, and financial services.
The British Business and Trade Secretary, Kemi Badenoch, will join her Nigerian counterpart, Doris Uzoka Anitie, the Minister for Trade and Investment, in signing the inaugural “Enhanced Trade and Investment Partnership (ETIP)” trade agreement, a groundbreaking collaboration with an African country.
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According to a statement from the UK’s Department of Business and Trade outlining the activities of Secretary Kemi Badenoch’s visit to Nigeria, the ETIP aims to remove barriers in the legal services and film industry. A notable aspect of the partnership involves permitting UK lawyers to practice international law in Nigeria, fostering collaboration between the film and media industries in both nations.
The statement outlines the commitment from Nigeria to work towards eliminating obstacles preventing UK lawyers from practicing international and foreign law within Nigeria. This move is anticipated to significantly boost UK legal services exports and promote collaboration in the film and media sector. Moreover, the partnership aims to encourage leading UK education providers to offer high-quality education in Nigeria.
The total trade volume between the UK and Nigeria amounted to £7 billion ($8.8 billion) in the year leading up to September 2023.
Commenting on the agreement, Ms. Kemi Badenoch emphasized that the ETIP will unlock future opportunities for both nations, enhancing trade relations with one of the world’s largest and fastest-growing economies.
Nigeria’s Trade Minister, Dr. Doris Uzoka-Anitie, highlighted that the new partnership signifies a shift from historical ties to economic progress, creating market access for trade. She emphasized the potential for increased market access, support for businesses, job creation, and accelerated investments in mutually beneficial sectors.
As part of the visit, Ms. Badenoch will tour the location of a new Charterhouse school, marking the establishment of the first United Kingdom independent school in West Africa.
Additionally, discussions are planned with the Governor of the Central Bank of Nigeria and the Nigerian Finance Minister to address trade barriers hindering United Kingdom businesses.
