Nigeria, UK to Explore Benefits of Enhanced Trade Partnership
By Modupe Gbadeyanka
The United Kingdom and Nigeria have agreed to commence discussions aimed at exploring the opportunities in the Enhanced Trade Partnership (ETP).
Both nations intend to use this platform to strengthen trade and high-value investments, with Nigeria already expecting a foreign direct investment (FDI) inflow of $300 million in the coming years.
This inflow will come through support for small and medium-sized enterprises (SMEs) in Nigeria and will lead to the creation of not less than 5,000 jobs in the country.
The United Kingdom intends to make Nigeria one of its trade allies, especially after leaving the European Union (EU) through a referendum. It plans to build on long-standing economic ties to achieve this.
“Nigeria is one of our long-standing and strategic partners in Africa and I am pleased that the UK is continuing to deepen our investment relationship with one of the most vibrant and innovative economies in the continent,” the UK Minister for Trade, Penny Mordaunt, stated this in London during a meeting with Nigerian officials.
Mordaunt stated further both countries can demonstrate how trade can be used to create jobs and prosperity for Nigeria.
On his part, the Minister for Industry, Trade and Investment in Nigeria, Mr Niyi Adebayo, welcomed the trade ties between the two countries, assuring that “the Nigerian government is committed to implementing reforms that can attract more foreign direct investment into key industries, boost trade and development and create employment opportunities for Nigeria’s youth by leveraging technology.”
He said a platform like the Economic and Development Forum (EDF) would allow businesses to have the opportunity to explore potential partnerships and share best practices on how to raise vital development capital and register a business in foreign markets.
Business Post reports that the EDF will include a tech matchmaking event for technology businesses from both nations hosted by venture capitalist firm LocalGlobe, in collaboration with TheCityUK, TechNation and Innovate UK tomorrow.