Nigeria, UK to sign enhanced trade investment partnership agreement on Tuesday
Nigeria, UK to sign enhanced trade investment partnership agreement on Tuesday
Arise News | 13th February 2024
By Chiemelie Ezeobi and Michael Olugbode
Governments of Nigeria and the United Kingdom will, on Tuesday, sign the Enhanced Trade Investment Partnership (ETIP) Agreement to not just boost its trade volume but also reduce market access and regulatory barriers discouraging people from investing in either of both nations.
The ETIP, which is just a step below the Free Trade Agreement between both nations, is the first-of-its-kind partnership between the two nations.
The agreement would be signed by Nigerian Minister for Trade and Investment, Dr. Doris Uzoka-Anite and UK Minister for Business and Trade, Kemi Badenoch, as part of the latter’s maiden visit to Nigeria since assumption of office in the UK parliament.
At a reception for Badenoch last night at Eko Atlantic City, Lagos, by Uzoka-Anite, Badenoch said the UK government was determined to help Nigeria reduce her trade deficit by increasing exportation.
On the ETIP agreement that would be signed on Tuesday, she clarified that it was just a step below the Free Trade Agreement, but with the overarching objective to boosting trade for both nations.
According to her, “It is basically an agreement between two countries that looks at how we can cooperate in areas such as financial services and legal services by ensuring that we are creating the right business and investment environment between the two countries.
“Looking at how, perhaps, we can reduce market access barriers, or regulatory barriers that are discouraging people from either investing in Nigeria or the UK.
“We are looking at what we can do in order to create mutual benefits in the economies of both countries.
“The partnership framework is one that we expect businesses to take off and take advantage of. Today, I have been busy meeting with British businesses based in Nigeria.
“We want to do more, and perhaps, there are some challenges or requests. This partnership is the forum for them to actually engage with the government of both countries. We can help them meet up with their objectives.
“For instance, this morning, I was at Chatham House School, which is the first UK independent school and the biggest in West Africa.
“What that is going to deliver is education export from the UK side, and also ensuring that Nigerians, who want that top class education, don’t have to spend foreign exchange, for example, or send their children away.
“These sorts of things, sometimes, need a framework such as the ETIP in order to help establish how we can encourage these sorts or businesses.”
On the difficulties in operating businesses in Nigeria, she said, “One of the things that I have been discussing today is the difficulties operating businesses in Nigeria.
“There are global economic challenges that every country is facing. Almost every country on the planet is dealing with very high inflation or inflation that is much higher than what we need to do, and these are the sort of things that would discourage investments.
“But there would be country specific issues as well. So, tomorrow (Tuesday), apart from signing the ETIP with the minister of trade and investment, I would be meeting other ministers as well to see how we can help create a good business environment for British business, which will probably benefit other countries as well.”
Earlier, Dr. Uzoka-Anite, said the ETIP meant more money would flow into Nigeria, “and hopefully, we will see more trading happening between the two countries.
“We have been doing a lot of trade together in the past, but now it’s about to go higher. So now we are going to make the UK and the UK is going to make us the more preferred partner in trading and investment.
“I hope this is going to be your first choice of destination for all investment and trade related activities. Thank God she is also a Nigerian by origin, and we are really happy to have her back home.
“The ETIP, like I said, is a groundbreaking landmark achievement and signifies a whole lot of things for the business community. The businesses are the ones who are going to drive the investment and trade, so, I think it is going to be quite exciting.
“As you all know, this is part of the president’s eight-point agenda, which is to deepen relationships, increase investment and trade, boost the economy, take all of us out of poverty, and also deepen our relationships with other countries but especially with the UK.”
