The United Kingdom and Nigeria have inked a collaborative agreement. The deal, known as the Enhanced Trade and Investment Partnership (ETIP), marks the first of its kind between the UK and an African nation. Signed by the UK Minister for Business and Trade, Kemi Badenoch, and her Nigerian counterpart, Doris Nkiruka Uzoka-Anite, the agreement signals a commitment to enhancing the already robust trading relationship between the two countries.
According to statements released by the British High Commission in Lagos, the ETIP aims to leverage the thriving economic ties between the UK and Nigeria, which amounted to £7 billion in trade volume for the year ending September 2023. This partnership is expected to create new avenues for trade and investment opportunities, fostering mutual economic growth and prosperity for both nations.
Speaking about the agreement, Minister Kemi Badenoch emphasized the importance of the UK-Nigeria partnership, highlighting Nigeria’s status as one of the fastest-growing economies in Africa. She expressed optimism that the ETIP would enable UK businesses to expand their presence in Nigeria, facilitating the export of high-quality goods and services.
Nigerian Trade Minister Doris Nkiruka Uzoka-Anite echoed these sentiments, noting the deep historical and economic ties between the UK and Nigeria. She emphasized that the ETIP signifies a shift towards shared economic prosperity, aiming to boost market access, support local businesses, create employment opportunities, and attract investments in key sectors of mutual interest.
The signing of the ETIP comes as part of broader efforts by both countries to deepen their strategic partnership and capitalize on their longstanding relationship. Prior to the signing, Minister Badenoch visited the Charterhouse School in Lagos, the first British independent school in West Africa, underscoring the multifaceted nature of UK-Nigeria cooperation beyond trade and investment.