The UK Trade and Investment (ETIP) has signed a partnership with Nigeria to boost trade and investment and unlock new opportunities for UK and Nigerian businesses.
The Secretary of State, Kemi Badenoch, signed the ETIP alongside her Nigerian counterpart, Nigerian Trade Minister, Doris Nkiruka Uzoka-Anite, Wednesday, in Abuja.
“It is designed to grow the UK and Nigeria’s already thriving trading relationship, which totalled £7 billion in the year to September 2023,” Badenoch said.
She added that it will pave way for opportunities in sectors crucial to both economies such as finance and legal services as well as foster new collaborations in innovative areas like the creative industry.
“Nigeria is a major beneficiary of changes introduced by the DCTS and will see tariff reductions on over 3,000 products, meaning that 99% of existing Nigerian exports to the UK by value will be duty free. Tariffs have been removed on Nigerian goods which promote value addition in important non-oil export sectors such as cocoa butter and paste, sesame oil, clothing and apparel.
“These changes will boost trade with the UK and support the Federal Government of Nigeria’s wider trade policy priorities. The UK and Nigeria are vital partners, with longstanding historical and economic ties,” she said.
