……………”As both countries reaffirms commitment to strengthen and deepen trade relationship…. Permanent Secretary Federal Ministry of Industry, Trade and Investment -Ambassador Nura Abba Rimi Said.
“Nigeria is pleased to host the first edition of the Nigeria-UK Business Dialogue, a key event under the Enhanced Trade and Investment Partnership Memorandum of Understanding (MoU) signed on February 13, 2024. This dialogue seeks to create a dynamic forum for stakeholders from both countries to participate in meaningful talks, share best practices, and explore joint opportunities in important areas such as agriculture, energy, technology, and manufacturing.
Historically, Nigeria and the United Kingdom have enjoyed robust bilateral trade and investment relations. In the four quarters leading up to the first quarter of 2024, Nigeria was the UK’s 39th largest trading partner. During this period, Nigeria’s exports to the UK amounted to £2.4 billion, while UK imports to Nigeria stood at £4.1 billion in the 4th quarter of 2023.
The Nigeria-UK Business Dialogue is an excellent event that marks a significant step towards developing trade relations and increasing economic collaboration between the two countries. By encouraging investments in important sectors such as agriculture, manufacturing, and infrastructure, both countries can boost growth and generate chances for joint ventures and increased relationships. This cooperation focusses on establishing and strengthening trade institutions, as well as promoting trade facilitation. As a result, it is critical that the working group’s findings build on its principles and enhance its conclusions.
The Enhanced Trade and Investment Partnership MoU encourages UK investors to explore Nigeria’s most promising sectors. It is expected that both countries will work towards increasing reciprocal Foreign Direct Investment (FDI), recognizing the potential of such investments to support sustainable economic growth and development. Through cooperation on investment promotion and facilitation, investments in infrastructure, technology, and manufacturing can spur economic growth.
Under the leadership of President Bola Tinubu, Nigeria has implemented several reforms to ensure a conducive investment climate that spurs growth and job creation across all sectors of the economy. These concerted efforts have positioned Nigeria as one of the most important destinations for Foreign Direct Investment (FDI) in Africa. It is therefore expected that the dialogue today will focus on building on the success and progress made so far under the EDF process by reducing barriers to trade in goods, increase opportunities for services, investment promotion, and regulatory cooperation, that will pave the way for promising and concrete commitments.”
British Deputy High Commissioner, Jonny Baxter, said:
“Today’s inaugural Enhanced Trade and Investment Partnership Business Dialogue builds on the first of its kind partnership for the UK in Africa.
“This new platform enables us to build on successes from the UK-Nigeria Economic Development Forum to resolve more market access barriers, our joint commitment to develop novel systems for businesses to efficiently raise issues, and work towards practical solutions.
“The overall deepening of our cooperation underscores our shared efforts to enhance trade across current and new sectors, support businesses and boost economic growth between our two countries.”
Signed
Dr Adebayo Lawrence Thomas,
Director Press and Public Relations (FMITI)
Head of Communications, British High Commission, Nigeria
