£7 Billion Trade Milestone: UK Forge Deeper Ties with Nigeria in Media, Film, and Law Sectors
Nigeria is the biggest economy in Africa and one of the world’s fastest growing economies — predicted to be in the top 20 by GDP by 2035. It is also predicted by the UN to nearly double its population to over 370 million people by 2050..
In a historic move, the United Kingdom is poised to solidify a groundbreaking agreement with Nigeria, facilitating British legal practitioners’ entry into the Nigerian market.
Set to be formalized today, Feb. 13, the agreement, named the “Enhanced Trade and Investment Partnership (ETIP),” will be signed by the UK’s Business and Trade Secretary, Kemi Badenoch, and her Nigerian counterpart, Doris Uzoka Anitie, Minister for Trade and Investment.
According to an official statement from the UK’s Department of Business and Trade, this pact marks the first of its kind between the UK and an African nation, aiming to bolster the already robust trading relationship between the UK and Nigeria, which amounted to £7 billion in 2023.
Central to the agreement is the removal of barriers within the legal and film industries, granting UK lawyers the ability to practice international law in Nigeria and fostering collaboration within the film and media sectors of both nations.
The statement highlights Nigeria’s commitment to dismantling obstacles hindering UK legal services exports and fostering educational collaboration, further solidifying the countries’ economic ties.
Speaking on the significance of the ETIP, Kemi Badenoch expressed optimism about the vast opportunities it presents for both nations, emphasizing Nigeria’s rapidly growing economy and the potential for continued success in bilateral trade.
Echoing this sentiment, Uzoka Anitie emphasized the transformative potential of the partnership, heralding a shift from historical ties to a mutually prosperous economic relationship.
During her visit to Nigeria, Badenoch will also tour the site of the inaugural UK independent school in West Africa and hold discussions with key Nigerian officials, including the Governor of the Central Bank and the Finance Minister, aimed at addressing trade barriers impeding UK businesses.
Comments