The Enhanced Trade and Investment Partnership (ETIP) was signed by the U.K. Secretary of State for Business and Trade, Kemi Badenoch, and Nigeria’s Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, as part of efforts to promote bilateral relations and increase trade between the two countries.
Uzoka-Anite called the collaboration “the first of its kind,” stating that it is the first step toward enhancing trade operations between the two countries and that it would provide greater opportunities for investment and foreign direct investment (FDI) into the nation.
“We plan to increase our trading activity, which we have been doing quite a bit of in the past. We will now be treated as a more preferred commercial and investment partner by the United Kingdom, and I expect that Nigeria will be the first country of choice for all trade and investment-related activities.”
The minister continued by saying that because the ETIP will spearhead its execution, Nigeria’s business community would greatly benefit.
“Deepening trade and investment activities with other countries has always been our goal, and we intend to ensure this materializes properly beyond the signing,” the minister stated.
Her counterpart from the UK spoke, reiterating that Nigeria has enormous potential beyond its oil and gas resources and that both nations have a long history.
Badenoch praised the creative sector, stating that it is constantly innovating and that Nigerian talent is highly sought after both domestically and internationally.
“On Monday, I went to Charterhouse School. It’s the first independent school in the United Kingdom in West Africa, and it will accept Nigerian pupils starting in September. This will guarantee top-notch education without requiring parents to travel abroad with their limited foreign exchange (FX).”
“Yesterday, I also opened a new industrial park in Abuja, built by a U.K.-owned company and it is creating 40, 000 jobs.”
“This deal is significant and a precursor of things to come for both nations. People should have chances in a variety of fields that are essential to both economies. The agreement must be implemented; the signing is only the first step, and we understand that there will be a significant amount of work to be done afterward.”
