Nigeria and the United Kingdom have signed an Enhanced Trade and Investment Partnership ETIP to further boost trade and investment and to unlock new opportunities for both countries.
The MoU which was signed in Abuja is the first the UK has signed with an African country.
The MoU is designed to grow the UK and Nigeria’s already thriving trading relationship, which totalled 7 billion euros in 2023.
According to the UK Minister for Business and Trade, Kemi Badenoch who signed the agreement, the two countries will continue to be bound by unshakeable cultural bonds and share a common law system which is the language of our contracts and transactions.
Badenoch also noted that the ETIP will build on the UK Developing Countries Trading Scheme which provides simpler and generous trading terms for Nigeria.
In her remarks, Minister of Industry, Trade and Investment Nigeria Doris Uzoka-Anite said that the implementation of the treaty stands to boost trade investments, market access for both countries.
