Tuesday, February 27, 2024
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HomeEconomyNigeria, UK to Sign Landmark Trade Partnership Agreement

Nigeria, UK to Sign Landmark Trade Partnership Agreement

Toba Owojaiye reporting
Abuja , Nigeria

Nigeria and the United Kingdom are poised to solidify their economic ties through the signing of a pioneering Enhanced Trade Investment Partnership (ETIP) agreement. This groundbreaking pact aims to not only bolster bilateral trade but also dismantle market access and regulatory barriers that have hindered investment between the two nations.

Scheduled for today, the agreement marks a significant milestone in the relationship between Nigeria and the UK, setting a precedent for future cooperation. Dr. Doris Uzoka-Anite, Nigerian Minister for Trade and Investment, and UK Minister for Business and Trade, Kemi Badenoch, are set to officiate the signing during Badenoch’s inaugural visit to Nigeria since assuming office.

Truth Live News gathered that the ETIP, a precursor to a Free Trade Agreement, has buttressed the commitment of both countries to fostering mutual economic growth. Badenoch emphasized the UK government’s dedication to assisting Nigeria in reducing its trade deficit by boosting exports. Recognizing Nigeria’s immense potential, she stressed the importance of enhancing export opportunities, especially amidst foreign exchange challenges.

Badenoch elucidated on the objectives of the forthcoming agreement, clarifying that it seeks to facilitate cooperation in various sectors, including financial and legal services. The focus lies on mitigating market and regulatory obstacles that deter investment in both Nigeria and the UK, ultimately fostering a conducive environment for businesses to thrive.

Moreover, Badenoch highlighted the role of the ETIP as a platform for British businesses in Nigeria to engage with the governments of both countries. By addressing challenges and facilitating dialogue, the partnership aims to align business objectives with governmental support, thereby promoting economic prosperity.

Uzoka-Anite echoed the sentiment of enhanced economic cooperation, emphasizing the potential influx of capital into Nigeria as a result of the ETIP. She expressed optimism regarding increased trade between the two nations, positioning Nigeria as an attractive destination for investment and trade activities.

The ETIP aligns with President’s eight-point agenda, which prioritizes deepening international relationships, boosting investment and trade, and fostering economic growth. It signifies a concerted effort to elevate Nigeria’s status as a preferred trading partner and enhance its economic resilience.

Despite global economic challenges, including inflationary pressures, both parties remain committed to creating an enabling business environment. Through collaborative efforts, they seek to address country-specific issues and stimulate sustainable economic development.

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