UK, Nigeria strengthen bilateral trade, sign investment promotion programme

Nigeria and the UK have put in place machineries to further strengthen bilateral trade between both countries and also sign a letter of intent to launch the UK’s Investment Promotion Programme in Nigeria.

This was part of the agreement reached at the 4^th bilateral UK-Nigeria Economic Development Forum (EDF) virtual meeting which was co-chaired by UK Minister for International Trade, Ranil Jayawardena, and Minister of Industry, Trade and Investment, Nigeria, Adeniyi Adebayo.

The agenda outlined opportunities for a wider UK-Nigeria partnership, as discussions centred on the state of bilateral trade, challenges and priorities ahead, as well as the opportunity to ‘build back better’ after the pandemic- underscoring the significance of taking steps towards a green economy to sustainable growth and job creation in future trade and investment.

The UK Minister for International Trade, MP Ranil Jayawardena said: “Nigeria is a trading partner for the United Kingdom and we are keen to explore new opportunities to boost trade, encourage investment, create jobs in both countries and promote a green recovery following the economic challenges posed by Covid-19.

“I particularly look forward to closer collaboration between our nations as we work towards our COP26 goals, securing lasting prosperity for our people,” he added.

In his welcome address, speaking on the merits of the forum, Minister for Industry, Trade and Investment, Minister Adeniyi Adebayo said the crucial engagements would provide both countries the platform to promote bilateral trade and investments through dialogue, the implementation of strategic initiatives, and an appraisal of current economic and trade relationship.

“I implore the UK trade department to reciprocally support Nigerian businesses by boosting export opportunities and creating market access for Nigerian products and services in the UK. I am enthusiastic about the proposed collaboration to boost a Green Recovery and appreciate the offer of the UK government to support our steps towards sustainability.”

Both Ministers also agreed that a number of high-level technical working groups meet to expedite resolutions to the barriers identified.

One of such groups being made up of the leadership of Nigerian Bar Association and Law Society to explore options to expand our legal services partnership; and another made of the office of the Vice President, Trade and Finance ministries, Nigerian Customs, and the Presidential Enabling Business Environment Committee (PEBEC).

The meeting concluded with the signing of a Letter of Intent between the UK Department for International Trade and the Nigeria Investment Promotion Commission, launching the UK’s Investment Promotion Programme in Nigeria to attract foreign investment into the country.

Launched in August 2018 and held twice a year to identify and respond to opportunities and challenges of doing business in both countries, the forum was attended by the CEO of the Nigerian Investment Promotion Commission; the Director General of the Nigeria Export Promotion Council; the British High Commissioner; Her Majesty Deputy Trade Commissioner for Africa and the Prime Minister’s Trade Envoy to Nigeria.

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