By Sarafina Christopher and Lucy Ogalue
Nigeria and the UK have signed an Enhanced Trade and Investment Partnership (ETIP) to further boost trade and investment and to unlock new opportunities for both countries.
The News Agency of Nigeria reports that the MoU which was signed in Abuja is the first the UK has signed with an African country.
The MoU is designed to grow the UK and Nigeria’s already thriving trading relationship, which totaled 7 billion euros in 2023.
According to the UK Minister for Business and Trade, Kemi Badenoch who signed the agreement, the two countries will continue to be bound by unshakeable cultural bonds and share a common law system which is the language of our contracts and transactions.
Badenoch also noted that the ETIP will build on the UK Developing Countries Trading Scheme (DCTS) which provides simpler and generous trading terms for Nigeria.
“Nigeria is a main beneficiary of changes introduced by the DCTS and will see tariff reductions on over 3000 products meaning that 99 percent of Nigerian exports to the UK by value will be duty free.
“Tariffs have been removed on Nigerian goods in important non-oil export sectors such as cocoa butter and paste. Sesame oil, clothing and apparel.
“We must be committed to implementing and building on what we have and have signed because this now is where the hard work really begins.
“We must continue to work together to ensure all of the agencies of our governments deliver on the contents objectives, ”she added.
In her remarks, Doris Uzoka-Anite Minister of Industry, Trade and Investment Nigeria said that the implementation of the treaty stands to boost trade investments, market access for both countries.
“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’ve signed the ETIP agreement.
“The partnership will increase market access and support vibrant businesses, to create more jobs and accelerate greater investment in sectors of mutual interest.
“This agreement will reduce barriers to business and trade between both our countries,” she said.
Uzoka-Anite also added that the Ministry is diligently working to ensure that they remove barriers that hinder local businesses from succeeding, growing and expanding into other markets.
“ At the moment I’m currently negotiating our accession into the Africa Continental Free Trade Area (AFCFTA) Agreement – which is posited to be the largest free trade area in the world, with a combined Gross Domestic Product (GDP) of 3.4 Trillion dollars and access to a market of over 1.3 Billion people spread across 54 member states of the African Union,” she said. (NAN)(www.nannews.com.ng)
Edited by Sadiya Hamza
By Sarafina Christopher and Lucy Ogalue Nigeria and the UK have signed an Enhanced Trade and Investment Partnership (ETIP) to further boost trade and investment and to unlock new opportunities for both countries. The News Agency of Nigeria reports that the MoU which was signed in Abuja is the firstContinue Reading
By Lucy Ogalue The Corporate Affairs Commission (CAC) has partnered with OPAY Digital Services Ltd. to register an additional 300,000 small businesses, aligning with the provisions of the Companies and Allied Matters Act (CAMA) 2020. Hussaini Magaji, the Registrar-General of CAC, announced the initiative at a meeting in Abuja organisedContinue Reading
By Aderogba George The Jet Age Nation Builders Africa Union Simulation, an African Caribbean and Pacific institution, has hinted plans to host a global conference in Nigeria to showcase the continent’s potential and counteract negative perceptions. Mr Young Piero, the Africa Coordinator, in a news conference revealed that the eventContinue Reading
By Taiye Olayemi Nigerian veteran actress, Taiwo Ajai-Lycett, has advised Nigerians to express love toward one another as they celebrate this year’s Valentine’s Day. Ajai-Lycett, in an interview with the News Agency of Nigeria (NAN) on Tuesday in Lagos said that individuals must be deliberate in looking outContinue Reading
By Franca Ofili The Federal Government says it will formulate policies and national strategies to educate Nigerians on the adequate consumption quantity of safe and nutritious foods with appropriate salt content. The Permanent Secretary, Ministry of Health, Dr Kachollom Daju, said this in Abuja on Tuesday during the inauguration ofContinue Reading
By Emmanuel Jonathan The Executive Vice Chairman (EVC), National Agency for Science and Engineering Infrastructure (NASENI), Mr Khalil Halilu, has assured that the Agency would deliver on its mandate of transforming Nigeria’s technology and innovation landscape. The EVC, who is also the Chief Executive Officer (CEO) of NASENI, gave theContinue Reading
By Sumaila Ogbaje The Commandant, National Defence College (NDC), Rear Adm. Olumuyiwa Olotu, says efforts are ongoing to get approval for the college to transit into a first grade degree awarding institution. Olotu disclosed this when the President, National Defence University (NDU) of the United States, Lt.-Gen. Michael Plehn,Continue Reading
By Ismail Abdulaziz The Presidency has requested the Interpol National Central Bureau to place a Central Bank of Nigeria (CBN) staff and two others on its Red Notice. The request was in connection with their alleged conspiracy and forging of documents in the name of ex-president Muhammadu Buhari to stealContinue Reading
By Sumaila Ogbaje The President Defence and Police Officers Wives Association (DEPOWA), Mrs Oghogho Musa, says that wives of military personnel are shouldered with many responsibilities because of the constant absence of their husbands. Musa said this at a two-day visioning and Planning Workshop organised by DEPOWA for wives ofContinue Reading
Okonjo-Iweala bags 2024 African Heritage Award for advancing women in leadershipContinue Reading
