Nigeria, UK highlight barriers to trade relations

With Covid-19 continuing to affect supply chains and disrupt trade and global investment flows, Nigeria and the United Kingdom have highlighted critical barriers requiring prioritized action that could boost trade between the two countries.

This was discussed at the 3^rd ministerial meeting of the UK-Nigeria Economic Development Forum (EDF) attended, via video conference, by Minister of Industry, Trade and Investment, Adeniyi Adebayo and the UK’s Minister for International Trade, Rt. Ranil Jayawardena, the meeting.

Part of the trade-related priorities singled out for further discussion, was the importance of maintaining the freedom of movement of goods and simplifying and automating import/export procedures in line with World Trade Organisation’s commitments to ease cross border trade and increase trade revenues- also boosting Nigeria’s ability to take full advantage of the Africa Continental Free Trade.

Speaking during the interaction, Adebayo said making both countries trade processes more efficient is a priority, and also stressed that reducing the administrative bottlenecks, speeding up steps through technology and innovation are necessary if Nigeria is to meet the standards set by the WTO.

“Therefore, I am pleased, and look forward to, working with the UK to not only enhance our cross border trade methods, but assist with identifying and bridging gaps to develop our Single window in accordance to global standards,” he added.

In his own contribution, Jayawardena commended the move made by Minister Adebayo to dialogue with UK business leaders, and take stock of the challenges limiting their ability to effectively play their role in reaction to the pandemic.

“The coronavirus pandemic highlights just how important it is to keep trade flowing and supply chains open so we can all have the essential supplies we need in this difficult time. As part of keeping trade flowing, this week we announced our UK Global Tariff policy and through the UK Generalised Scheme of Preferences (GSP) Nigeria will continue to benefit from preferential access to the UK market to support trade.”

He also emphasized the role of the private sector, whilst speaking on the mutual value of a public-private partnership in shaping the economic landscape in the days ahead, noting the critical service export finance presented as a means of maintaining the flow of goods and services.

Both countries have agreed to sustain this valuable dialogue twice a year, and committed to host quarterly business meetings with selected leaders of top British and Nigerian companies to identify and respond to challenges and opportunities in doing business with each other.

The UK’s Export Finance agency (UKEF) currently has a £1 billion market risk appetite for Nigeria that has remained largely untapped, and both Ministers used the forum to discuss the possibilities of leveraging the fund for Nigeria.