Nigeria, UK Sign MOU On Trade, Investment Dev

The Nigerian government and the United Kingdom (UK) have partnered to strengthen enhanced trade and investment partnership (ETIP) as the volume of trade between the two nations hits N12.3 trillion (£6.7bn) as of the end of 2023 at the close of 2023 fiscal year.

The Minister of Industry, Trade and Investment, Doris Uzoka-Anite confirmed the volume of trade on Tuesday in Abuja during the signing ceremony of the Memorandum of Understanding ( MoU) on the Enhanced Trade and Investment Partnership (ETIP) between said the two countries had come a long way with shared values transcending trade and diplomatic relationships.

UK Secretary of State, Department of Business and Trade Hon. Olukemi Badenoch signed on behalf of the UK.

“Nigeria and UK have shared a long-term prosperity and have maintained long historic and commercial ties as the UK remains top trade partner both in import and exports amounting to £6.7bn pounds as at end of 2023,” she said.

The Minister explained the thrust of the MOU noting that, “the first target is to reduce barriers to trade and the which the ministry is diligently working to see that conducive atmosphere is created for businesses especially now that Nigeria is working to get into AfCFTA that will lead to diversification of economy and improve exports while the second is to increase investments flows by improving ease of doing in furtherance with the eight-point agenda of the current administration,”

She explained that the federal government has initiated homegrown industrialization initiatives aimed at increasing exporting, stressing that Signing the MOU is not an end but a means for Nigeria to explore the opportunities inherent.

Speaking, Secretary of State, Department of Business and Trade Hon. Olukemi Badenoch noted with nostalgic long-standing trade relationship between Nigeria and the UK. She recalled Shell and Unilever as amongst the longest-serving companies in Nigeria recently celebrated 100 years of existence.

She said the MoU will cover 14 areas including investments in energy, poverty alleviation, creative industry, and eliminating trade barriers

“It lays the groundwork for over 3,000 Nigerian products as it is the first of many and we must be committed to building and implementing the agreement which is where the hard work lies. Importantly, the agreement cannot be executed by the government alone which is why we need the collaboration of the private sector”, she stated.

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