The UK has signed a partnership agreement with Nigeria aiming to boost trade and investment and unlock new opportunities for UK and Nigerian businesses.
The Enhanced Trade and Investment Partnership (ETIP) is the first the UK has signed with an African country and is designed to develop the UK and Nigeria’s already thriving trading relationship, which totalled £7 billion in the year to September 2023.
It will see Nigeria commit to working towards removing barriers preventing UK lawyers from practising international and foreign law in Nigeria, a step that could significantly increase UK legal services exports. It will also pave the way for further collaboration in the film and media industry and encourage world-leading UK education providers to offer high quality education in Nigeria.
Business and Trade Secretary, Kemi Badenoch, said: “Nigeria has one of the fastest growing economies in the world. UK businesses have already seen huge success here and I look forward to seeing how we continue to grow this relationship.”
Nigeria is the biggest economy in Africa and is predicted to be in the world top 20 for GDP by 2035. It is also predicted by the UN to nearly double its population to over 370 million people by 2050.
Significant progress has been made in resolving trade between the UK and Nigeria in the education and financial sectors, which has created a more favourable trading environment for UK businesses.
A recent resolution helped to remove restrictions to Transnational Education investment in Nigeria worth around worth around £55 million over five years, meaning leading UK education providers, such as Charterhouse, can establish campuses in Nigeria.
