Cater and Merger Consult Ltd commends the historic signing of the Enhanced Trade and Investment Partnership (ETIP) between the United Kingdom and Nigeria, marking a significant step in economic collaboration. The partnership, the first of its kind with an African country, focuses on creating new opportunities in sectors like energy, legal, and financial services.
The UK’s Business and Trade Secretary, Kemi Badenoch, and her Nigerian counterpart, Doris Uzoka Anitie, Minister for Trade and Investment, will officially seal this agreement. The partnership aims to break down barriers in legal services and the film industry. A notable aspect is the permission for UK lawyers to practice international law in Nigeria, fostering collaboration in the film and media industry.
The ETIP also includes a commitment from Nigeria to facilitate market access for UK businesses, particularly in legal services. It is anticipated that this will lead to increased exports in UK legal services and promote collaboration in the film and media sector. The total trade between the UK and Nigeria reached £7 billion ($8.8 billion) in the year up to September 2023.
Expressing her views, Kemi Badenoch mentioned that the ETIP will unlock future opportunities for both countries, enhancing trade relations with one of the world’s fastest-growing economies. Nigeria’s Trade Minister, Dr. Doris Uzoka-Anitie, emphasized that the partnership will transform historic ties into economic progress, opening market access and fostering greater investments.
As part of the visit, Ms. Badenoch will tour the location of a new Charterhouse school, the first UK independent school in West Africa. Additionally, discussions with the Governor of the Central Bank of Nigeria and the Nigerian Finance Minister will address trade barriers hindering UK businesses.
The partnership was announced and signed in Abuja, Nigeria, with Badenoch highlighting the significance of working together with Nigeria, given its rapid economic growth. Doris Nkiruka Uzoka-Anite echoed the sentiment, emphasizing the transition from shared history and ties to shared economic prosperity. Godson, commends the efforts and hard work put-in by the UK-DBT Trade team in Nigeria, and the team at the Nigeria Ministry of Trade for making this epoch event a success.
Godson Azu the CEO of Cater and Merger Consult sees this agreement as crucial for UK-Nigeria trade and investment opportunities in the Non-Oil economy. He believes it will reduce trade barriers and boost trade volumes between the two countries , while at the same time not altering trade regulations, the ETIP opens discussions to ease restrictions, focusing on services such as legal services, following previous agreements on educational and financial services.
This historic partnership comes after the UK-Kenya Economic Partnership Agreement and the UK-Ghana Interim Trade Partnership Agreement, demonstrating the UK’s commitment to enhancing trade with Africa. The potential opportunities for UK businesses, especially in the services sector, are substantial given Nigeria’s status as the largest economy in Africa and a global growth hotspot. The ETIP is expected to foster stronger economic ties and streamline trade between the UK and Nigeria.
Cater and Merger looks forward to this new partnership directed at promoting trade and investment opportunities.
