The Federal Government and the United Kingdom (UK) have reaffirmed their commitment to strengthening and deepening trade relations.
Amb. Nura Rimi, the Permanent Secretary in the Federal Ministry of Industry, Trade and Investment, said this at the Inaugural Nigeria-UK Business Dialogue in Abuja.
The News Agency of Nigeria (NAN) reports that both countries signed a Memorandum of Understanding (MoU) to enhance the nation’s trade and investment.
The permanent secretary added that the country is pleased to host the first edition of the Nigeria-UK Business Dialogue, a key event under the Enhanced Trade and Investment Partnership Memorandum of Understanding (MoU).
Rimi said the dialogue would allow stakeholders from both countries to participate in meaningful talks, share best practices, and explore joint opportunities in important areas such as agriculture, energy, technology, and manufacturing.
“Historically, Nigeria and the UK have enjoyed robust bilateral trade and investment relations.
“In the four quarters leading up to the first quarter of 2024, Nigeria was the UK’s 39th largest trading partner.
“During this period, Nigeria’s exports to the UK amounted to 2.4 billion pounds, while UK imports to Nigeria stood at 4.1 billion pounds in the 4th quarter of 2023.
“The Nigeria-UK Business Dialogue is an excellent event that marks a significant step towards developing trade relations and increasing economic collaboration between the two countries,” he said.
Rimi said by encouraging investments in important sectors such as agriculture, manufacturing, and infrastructure, both countries could boost growth and generate chances for joint ventures and increased relationships.
According to him, the Enhanced Trade and Investment Partnership MoU encourages UK investors to explore Nigeria’s most promising sectors.
“It is expected that both countries will work towards increasing reciprocal Foreign Direct Investment (FDI), recognising the potential of such investments to support sustainable economic growth and development.
“Through cooperative investment promotion and facilitation, infrastructure development, technology, and manufacturing can spur economic growth.
“Under the leadership of President Bola Tinubu, Nigeria has implemented several reforms to ensure a conducive investment climate that spurs growth and job creation across all sectors of the economy.
” These concerted efforts have positioned Nigeria as one of the most important destinations for Foreign Direct Investment (FDI) in Africa.
He expressed the hope that the dialogue would focus on building on the successes and progress made so far by reducing barriers to trade in goods and increasing opportunities for services.
He hoped that the dialogue would ensure investment promotion, and regulatory cooperation, that would pave the way for promising and concrete commitments.
Responding, the British Deputy High Commissioner, Jonny Baxter, said the event was built on the first of its kind partnership for the UK in Africa.
“This new platform enables us to build on successes from the UK-Nigeria Economic Development Forum to resolve more market access barriers.
“It will foster our joint commitment to develop novel systems for businesses to efficiently raise issues, and work towards practical solutions.
“The overall deepening of our cooperation underscores our shared efforts to enhance trade across current and new sectors, support businesses and boost economic growth between our two countries,” Baxter said. (NAN)
