Nigeria, U. K. sign new trade, investment partnership

• U. K. trade minister opens 40, 000- job industrial park

AS part of efforts to increase trade and foster bilateral relations between Nigeria and the United Kingdom, the Minister of Industry, Trade and Investment, Dr Doris UzokaAnite, and the U. K.’ s Secretary of State for Business and Trade, Kemi Badenoch, ha ve signed the Enhanced T rade and Investment Partnership ( ETIP).

Describing it as the first of its kind, Uzoka- Anite said the partnership would open more doors for investment and foreign direct in vestment ( FDI) into the country, adding that it is the first step towards improving trading activities between both countries. “We have been doing a lot of trading in the past but we intend to take it even further. Now, the U. K. is going to make us a more favoured partner in trading and investment, and I hope Nigeria will be the first choice of destination for all investment and trade- related activities.”

The minister added that the ETIP would significantly help Nigeria’s business community as it would drive its implementation.

“It has always been our goal to deepen trade and investment activities with other countries and we intend to ensure this materialises properly beyond the signing,” the minister said.

Speaking, her U. K, counterpart reiterated that both countries have a long history and Nigeria has immense potential beyond oil and gas. Praising the creative industry, which she said keeps breaking new grounds, especially in the U. K., Badenoch said Nigerian talent is in high demand in the U. K. and all over the world.

“I visited Charterhouse School on Monday; it is the first U. K. independent school in West Africa and will be opening its doors to Nigerian students in September. This will ensure world- class education without having parents spend scarce foreign exchange ( FX) abroad. “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 agreement is very important and is a sign of things to come for both countries. We want to create opportunities for people in multiple sectors crucial to both economies. The signing of the agreement is just the beginning, the implementation is what is most important and we are aware that the work to be done after the signing is enormous.”

Speaking on bridging the