The UK has signed an Enhanced Trade and Investment Partnership (ETIP) with Nigeria to boost trade and investment between the two countries and unlock new opportunities for UK and Nigerian businesses.

Kemi Badenoch, secretary of State, signed the ETIP alongside her Nigerian counterpart Nigerian Trade Minister Doris Nkiruka Uzoka-Anite today in Abuja.

The Enhanced Trade and Investment Partnership (ETIP) is the first the UK has signed with an African country and is designed to grow the UK and Nigeria’s already thriving trading relationship, which totalled £7 billion in the year to September 2023.

This arrangement will pave the 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 creatives industry.

The visit by the Secretary of State comes a week ahead of a UK Government-led fashion and beauty trade delegation to Nigeria.

The ETIP also initiates further collaboration on the UK’s ambitious Developing Countries Trading Scheme (DCTS), launched last year which puts in place simpler and more generous trading terms for Nigeria and 36 other African countries.

Nigeria is a major beneficiary of changes introduced by the DCTS and will see tariff reductions on over 3000 products (SEE LIST OF PRODUCTS HERE), 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 and clothing and apparel.

These changes will boost trade with the UK and support the Federal Government of Nigeria’s wider trade policy priorities.

Business and Trade Secretary Kemi Badenoch said:

“The UK and Nigeria are vital partners, with longstanding historical and economic ties.

“UK businesses are already seeing huge success in Nigeria – one of the fastest growing economies in the world.

“I’m delighted to be here to sign our new enhanced partnership which will allow UK firms to export their world-class goods and services more easily and expand their footprint in Nigeria.”

Doris Nkiruka Uzoka-Anite, Nigerian Minister for Trade said:

“The UK is one of our long-standing strategic partners with whom we share strong ties, and it gladdens me that this relationship is set to deepen as we sign the Enhanced Trade and Investment Partnership.

“This partnership will see Nigeria-UK relations move beyond one of shared history and strong ties to one of shared economic prosperity. From increasing market access and supporting our vibrant businesses, to creating more jobs and accelerate greater investments in sectors of mutual interests.”

The ETIP will help to build on the significant progress already made in resolving market access barriers in the education and financial sectors, which have led to a more favourable trading environment for UK and Nigerian businesses.

In addition, through this partnership, there is an opportunity to leverage UK and international investment from the City of London, which is home to the top financial and professional services.

Nicola Watkinson, TheCityUK International Managing Director said:

“Nigeria is an important growth market for the UK-based financial and related professional services industry and TheCityUK welcomes the signing of the new ETIP. 

“We look forward to continuing our engagement through the working groups to increase market access and remove regulatory frictions.”

During the visit, Minister Badenoch will also hold a groundbreaking ceremony at Abuja’s first industrial park built by UK-Turkish construction firm Zeberced Ltd to open its support services areas at the site.

The UK government has been supporting the firm in a number of areas. The $144m industrial park is set to create 620 direct jobs and 1,650 indirect jobs and provide a base for major firms to access central and northern Nigeria.

The UK trade minister will in addition, witness the signing of a landmark energy agreement between UK based energy firm Konexa and Nigerian power generation company North South Power (NSP).

The agreement will enable Konexa to supply Nigerian Breweries PLC with 100% renewable power, promote sustainable development and clean energy adoption, and lead to infrastructure investments of over £14 million.

Pradeep Pursnani, Konexa CEO said:

“This is a very important milestone for Konexa, North South Power, Nigerian Breweries, and all our investment partners. Over the last few years, Konexa has been working on a disruptive model that matches customer energy demand with renewable energy supply. 

“We are looking forward to investing more than £120m in renewable energy generation, transmission, distribution, and battery storage solutions to help our customers transition away from the use of fossil fuel.”

She toured the construction site of the new campus located in Lekki Ajah, Lagos with the Prime Minister’s Special Envoy for Girls Education, Helen Grant.

Recent talks between the UK and Nigeria have helped to remove restrictions to Transnational Education investment in Nigeria worth around £50 million – enabling UK Higher Education institutions build TNE partnerships with their Nigerian counterparts.

“We hope this first major investment into Nigeria’s education sector will pave the way for more”.

The school aims to deliver a strong academic curriculum with day and boarding facilities, and with a focus on intra and extra-curricular activities including sports, arts, and science.

It will open its doors to primary and secondary school students from Nigeria and beyond starting September 2024.

UK Minister for Trade and Business Kemi Badenoch said: 

“It’s brilliant to see the progress of the construction work at the Charterhouse site – the first UK independent school in West Africa. 

“The UK education system is rightly renowned around the world, and I hope the school will deliver a world-class learning experience to many students who choose to study here in Nigeria.”

Head / Director of Education, Charterhouse School, John Todd said: 

“We are honoured to welcome the UK’s Secretary of State for Business and Trade to Charterhouse Lagos as we showcase the amazing facilities we are building. 

“As Nigeria’s first British independent school, we are proud of our British heritage through our partnership with Charterhouse UK and reaffirm our commitment to delivering world-class education in Nigeria. 

“We express our gratitude to the UK government through the British Deputy High Commission in Lagos for their unwavering support over the past year.”

While in Lagos, Minister Badenoch will meet with other key businesses including Standard Chartered Bank, Avanti Satellite Communications and IHS Towers, as well as the British development finance institution, British International Investment (BII), to discuss trade and investment opportunities for businesses on both sides.

Following the former Foreign Secretary’s visit to Nigeria in August 2023, and last week’s UK-Nigeria Security and Defence Talks, Minister Badenoch’s visit will take forward ongoing efforts by both countries to boost the UK- Nigeria trade relationship and unlock new investment opportunities.

While in Nigeria, Minister Kemi Badenoch and the Prime Minister’s Trade Envoy to Nigeria, Helen Grant will have meetings with the Federal Government of Nigeria, State Governors as well as British and Nigerian business leaders and investors.

Through these meetings, she will explore current and potential investment and trade activities from education to infrastructure and energy projects, with a potential to create thousands of jobs.

Minister Badenoch will look to further strengthen the UK-Nigeria partnership, remove barriers to trade and investment, grow business between the two countries, and ensure the City of London’s enabling role for international business is more accessible to Nigeria.

Commenting on her visit to Nigeria, Dr Richard Montgomery, British High Commissioner to Nigeria, said: 

“Nigeria is one of the UK’s most important partners in Africa. We are committed to helping Nigeria unlock new investments opportunities, supporting more UK and international investment through the City of London, and thereby creating jobs in both our countries.

“Recent big and bold reforms by the Federal Government of Nigeria and the Central Bank are boosting optimism amongst international investors that the country is on the right path and are creating the conditions for growth.”

What you should know about Minister Kemi Badenoch

• Kemi Badenoch MP was appointed Secretary of State for the Department for Business and Trade on 7 February 2023.
• She remains Secretary of State for International Trade and President of the Board of Trade on, which she was appointed to on 6 September 2022, and Minister for Women and Equalities for the Equality Hub, which she was appointed to on 25 October 2022.
• Previously she was Minister of State at the Department for Levelling Up, Housing and Communities between 16 September 2021 and 6 July 2022 and Minister of State (Minister for Equalities) in the Equality Hub between 14 February 2020 and July 2022.
• The Secretary of State has overall responsibility for the Department for Business and trade.

[Featured Photo Credit]