UK in talks with Nigeria to boost £3.2bn trade partnership – TechEconomy.ng

The UK and Nigeria held trade and investment talks today at the Economic and Development Forum (EDF) in London, to promote trade as a force for good and strengthen a partnership worth over £3 billion.

At the Forum, the two countries marked increased support for small and medium enterprises in Nigeria, including the UK Manufacturing Africa program, which has helped 12 companies in Nigeria secure foreign investment. When these agreements are concluded, they will generate more than $300 million in foreign direct investment (FDI) for Nigeria and directly create 5,000 jobs.

The UK and Nigeria have agreed to begin discussions on an Enhanced Trade Partnership (ETP) to boost trade and high-value investment in both countries.

A formal working group will be set up to explore the benefits of a TEP in priority sectors. DIT officials expect the increased ambition to build on long-standing economic ties between the UK and Nigeria, which are already worth £3.2bn in 2021. Read the statement here.

| Group photo – 7th UK-Nigeria Economic and Development Forum

Penny Mordaunt, UK Trade Secretary, said:

“Nigeria is one of our longstanding strategic partners in Africa, and I am delighted that the UK continues to deepen its investment relationship with one of the most dynamic and innovative economies on the continent.

“Through the Economic and Development Forum, we can demonstrate how trade is a force for creating jobs and prosperity and reaffirm our commitment to strengthening economic ties, supporting businesses and developing new markets.”

The Forum will include a tech matchmaking event for tech companies from both countries hosted by venture capital firm LocalGlobe, in conjunction with TheCityUK, TechNation and Innovate UK tomorrow.

There, companies will have the opportunity to explore potential partnerships and share best practices on how to raise vital development capital and register a business in overseas markets.

Nigeria’s Minister of Industry, Trade and Investment, Otunba Niyi Adebayo said:

“The Nigerian government is committed to implementing reforms that can attract more foreign direct investment in key industries, boost trade and development, and create employment opportunities for young Nigerians by drawing part of technology.

“We welcome the commitment to strengthen relations between our two countries today and underscore the importance of deepening our bilateral trade policy relationship in a mutually beneficial manner.”

UK Africa Minister Vicky Ford

| Group photo, with UK Africa Minister Vicky Ford

Background:

This is the 7th event in the UK – Nigeria EDF series, which was launched during former British Prime Minister Theresa May’s visit to Africa in August 2018 to create a platform for discussion on development issues trade and economy that further promotes bilateral trade, investment and mutual aid. prosperity.

It is held every six months and serves as a platform to overcome barriers to market access, address business opportunities and challenges, and boost bilateral trade and investment in the two countries.

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