UK International Trade Secretary, Kemi Badenoch said, “Nigeria is Africa’s largest economy and I’m delighted to see our trade and investment links grow, already worth £5.5 billion…reports Asian Lite News
The UK has reaffirmed commitment to strengthen and deepen its relationship with Nigeria, as both sides confirmed their shared interest in pursuing a potential Enhanced Trade and Investment Partnership at the eighth and final UK-Nigeria Economic Development Forum (EDF held on Monday in Abuja.
The EDF was launched by the former Prime Minister, Theresa May and President Muhammed Buhari in August 2018 and held bi-annually; serving as a platform to address market access barriers, respond to opportunities and challenges of doing business and boost bilateral trade and investment in our two countries.
Since 2018, the EDF has played a crucial role in strengthening the UK-Nigeria trading relationship and through this forum, both countries have been able to unlock finance, facilitate better regulatory link ups, support British and Nigerian businesses and engage on important global issues.
The total trade in goods and services (exports plus imports) between the UK and Nigeria currently stands at £5.5billion. Of this £5.5 billion: total UK exports to Nigeria amounted to £3.3 billion in the four quarters to the end of Q2 2022; while total UK imports from Nigeria amounted to £2.2 billion in the four quarters to the end of Q2 2022.
The agreement in the EDF Memorandum of Understanding (MoU) comes to a close today, and the UK and Nigeria agreed that the Enhanced Trade and Investment Partnership will offer an alternative high-profile mechanism to progress bilateral economic issues of mutual strategic importance, under which both sides will continue to work together to resolve market access issues and enhance economic cooperation.
UK International Trade Secretary, Kemi Badenoch said, “Nigeria is Africa’s largest economy and I’m delighted to see our trade and investment links grow, already worth £5.5 billion. The successes the EDF over the last four years has helped address crucial market access barriers and boosted our exchanges in key sectors such as Legal and Financial Services.
“I welcome the shared interest in exploring an Enhanced Trade and Investment Partnership between our nations that will open up new opportunities for UK and Nigerian business, create jobs and future-proof our economies against a changing world.”
Prime Minister’s Trade Envoy to Nigeria, Helen Grant said, “The UK and Nigeria go far when we go together. We are supporting Nigeria on the path to becoming a higher-growth, more inclusive and more sustainable economy as we move towards the 2023 elections.
“This is part of a wider push by the UK to drive a free trade, pro-growth agenda across the globe, using trade to drive prosperity and help eradicate poverty. A potential Enhanced Trade and Investment Partnership would include a series of commitments to tackle non-tariff market access barriers to deliver tangible results for businesses in both the UK and Nigeria“
The UK had recently launched the Developing Countries Trading Scheme (DCTS), one of the most generous preference schemes in the world, with enhanced preferences for Nigeria-UK Trade and Investment. The new scheme which will come into effect in early 2023, will cut tariffs on hundreds of everyday products from developing countries – this will be welcome news to Nigerian exporters.
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