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The United Kingdom will today sign a new deal with Nigeria to boost trade, investments and unlock new opportunities in various sectors.
This was disclosed in a statement by the UK’s department of Business and Trade on Tuesday.
According to the statement, Kemi Badenoch, UK’s business and trade secretary, and Doris Uzoka-Anitie, minister for trade and investment in Nigeria, will be signing the deal today.
The statement explained that 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 2023.
This new deal is also expected to eliminate barriers in the legal services and film industry by allowing UK lawyers to practise international law in Nigeria, and foster collaboration between the film and media industry in both countries.
“It will see Nigeria commit to working towards removing barriers preventing UK lawyers from practising international and foreign law in Nigeria, a step that could significantly increase UK legal services exports,” the statement reads.
“It will also pave the way for further collaboration in the film and media industry and encourage world-leading UK education providers to offer high quality education in Nigeria.
“Nigeria is the biggest economy in Africa and one of the world’s fastest growing economies — predicted to be in the top 20 by GDP by 2035.
“It is also predicted by the UN to nearly double its population to over 370 million people by 2050.”
Badenoch expressed her enthusiasm for the ETIP, highlighting its potential to unleash a wave of exciting opportunities for both countries.
“This partnership with Nigeria — the UK’s first such agreement with an African country — will allow us to work together and seize the opportunities that lie ahead,” she said.
