The United Kingdom and Nigeria signed an Enhanced Trade and Investment Partnership (ETIP) on Tuesday, February 13, 2024, to boost trade and investment and unlock new opportunities for businesses in both countries. The partnership is the first of its kind between the UK and an African country and is designed to grow the already thriving trading relationship, which totaled £7 billion in the year to September 2023.
The agreement will create opportunities across various sectors crucial to both economies, such as financial and legal services, and will facilitate the practice of foreign and international law by lawyers from both countries in each other’s jurisdictions. This partnership is expected to enhance legal services collaboration and exports and pave the way for further collaboration in the film and media industry, as well as encourage UK education providers to offer high-quality education in Nigeria.
The UK Business and Trade Secretary, Kemi Badenoch, emphasized that the partnership will allow UK firms to export their goods and services more easily and expand their footprint in Nigeria, which is one of the fastest-growing economies in Africa. The agreement also aims to remove trade barriers, boost investment, and improve market access for UK services exporters.
The UK-Nigeria partnership is set to deepen the economic relations between the two countries, creating more jobs and accelerating greater investments in sectors of mutual interest.
