UK Signs Enhanced Trade, Investment Partnership Agreement with Nigeria

The United Kingdom has signed an Enhanced Trade and Investment Partnership (ETIP) with Nigeria to boost trade and investment between the both countries and unlock new opportunities for UK and Nigerian businesses.

UK Minister for Trade and Business Kemi Badenoch signed the ETIP alongside her Nigerian counterpart Trade Minister, Doris Nkiruka Uzoka-Anite in Abuja, yesterday.

The Enhanced Trade and Investment Partnership (ETIP) was the first the UK has signed with an African country and was designed to grow the UK and Nigeria’s already thriving trading relationship, which totalled £7 billion in the year to September 2023.

This arrangement would pave the way for opportunities in sectors crucial to both economies such as finance and legal services as well as foster new collaborations in innovative areas like the creatives industry. The visit by the Secretary of State comes a week ahead of a UK Government-led fashion and beauty trade delegation to Nigeria.

The ETIP also initiates further collaboration on the UK’s ambitious Developing Countries Trading Scheme (DCTS), launched last year which puts in place simpler and more generous trading terms for Nigeria and 36 other African countries.

Nigeria is a major beneficiary of changes introduced by the DCTS and would see tariff reductions on over 3000 products, meaning that 99 per cent of existing Nigerian exports to the UK by value would be duty free. Tariffs have been removed on Nigerian goods which promote value addition in important non-oil export sectors such as cocoa butter and paste, sesame oil and clothing and apparel.

These changes would boost trade with the UK and support the federal government of Nigeria’s wider trade policy priorities.

Badenoch said: “The UK and Nigeria are vital partners, with longstanding historical and economic ties.

“UK businesses are already seeing huge success in Nigeria - one of the fastest growing economies in the world.