The United Kingdom has signed an Enhanced Trade and Investment Partnership, ETIP, with Nigeria to boost trade and investment between the two countries and unlock new opportunities for UK and Nigerian businesses.
The UK Minister for Trade and Business, Kemi Badenoch, signed the ETIP alongside her Nigerian counterpart, Doris Nkiruka Uzoka-Anite, on Tuesday in Abuja.
The Enhanced Trade and Investment Partnership, ETIP, is the first the UK has signed with an African country and is designed to grow the UK and Nigeria’s already thriving trading relationship, which totalled £7 billion in the year to September 2023.
This arrangement will pave the way for opportunities in sectors crucial to both economies, such as finance and legal services, as well as foster new collaborations in innovative areas like the creative industry. The visit by the Secretary of State comes a week ahead of a UK government-led fashion and beauty trade delegation to Nigeria.
The ETIP also initiates further collaboration on the UK’s ambitious Developing Countries Trading Scheme, DCTS, launched last year, which puts in place simpler and more generous trading terms for Nigeria and 36 other African countries.
Nigeria is a major beneficiary of changes introduced by the DCTS and will see tariff reductions on over 3000 products, meaning that 99% of existing Nigerian exports to the UK by value will be duty-free. Tariffs have been removed on Nigerian goods, which promote value addition in important non-oil export sectors such as cocoa butter and paste, sesame oil, and clothing and apparel. These changes will boost trade with the UK and support the Federal Government of Nigeria’s wider trade policy priorities.
Badenoch said: “The UK and Nigeria are vital partners, with longstanding historical and economic ties. UK businesses are already seeing huge success in Nigeria, one of the fastest-growing economies in the world.
“I’m delighted to be here to sign our new enhanced partnership, which will allow UK firms to export their world-class goods and services more easily and expand their footprint in Nigeria.”
Nigeria’s Minister for Trade, Doris Nkiruka Uzoka-Anite, said: “The UK is one of our long-standing strategic partners with whom we share strong ties, and it gladdens me that this relationship is set to deepen as we sign the Enhanced Trade and Investment Partnership.