By ABAH SUNDAY, Abuja
Nigeria has signed a Memorandum of Understanding (MoU) for Enhanced Trade and Investment Partnership (ETIP) with the United Kingdom to unlock new opportunities for both countries.
Minister of Industry, Trade and Investment Doris Uzoka-Anite and the Business and Trade Secretary for UK, OluKemi Badenoch, signed the ETIP for both countries on Tuesday in Abuja, according to a statement signed for the director, Press and Public Relations in the ministry by Mr Henry David.
The ETIP is the first UK has signed with an African country and is designed to grow Nigeria and UK already thriving trading relationship, which totaled 7billion pounds in the year to September 2023.
In her remarks the Minister of Trade said, “There is an opportunity to leverage UK and International investment from the city of London which is home to the top financial and professional services.”
“This partnership will see Nigeria – UK relations move beyond one of shared history and strong ties to one of shared economic prosperity ,from increasing market access and supporting our vibrant businesses to creating more jobs and accelerating investments in sectors of mutual interests.”
Business and Trade Secretary for UK, shortly after the signing of the MoU, held a grounding ceremony at Abuja’s first Industrial Park built by UK-Turkish construction firm Zeberced Ltd to open its support services areas at the site.
The $144M industrial park is set to create 620 direct jobs and 1,650 indirect jobs and provide a base for major firms to access central and northern Nigeria.
While signing the MoU earlier, Kemi said “The UK and Nigeria are vital partners, with longstanding historical and economics ties, adding that “UK businesses are already seeing huge success in Nigeria –one of the fastest growing economies in the world”
The representative of the Honourable Minister of Foreign Affairs, Director of Investment with the Ministry, Amb. Bolaji Akinremi said “Nigeria and United kingdom have come a very long way, adding that the two countries have a special bond before the creation of Nigeria .
“We have no doubt that this memorandum signing even is going to blossom the existing trade and investment relationship between our two great countries.”
“Beyond this signing necessary action will follow and we are gladdened by the amount of work that was put into this agreement by both sides as this is going to trickle down to our people through your signature today. It is not only in trade that Nigeria and UK have this strong bond, we have a very strong bond in migration partnership”
While presenting his votes of thanks, the Permanent Secretary in the Ministry of Industry, Trade and Investment Amb. Nura Abba Rimi, said “I would like to express our deep appreciation to our transformational minister for your leadership and commitment and tireless effort in fostering this relation and making the foundation for a strengthened economic relationship with our two countries.
“Your dedication to principle of corporation and mutual benefit will undoubtedly pave way for increased trade and investment opportunities.“
Rimi said “The collaborative effort of the negotiating team on both sides who have worked diligently to ensure this MOU, your expertise and resilient and dedication have been instrumental in initiating this agreement to promote economic growth, job creation and prosperity for our citizens
He said “let us be mindful of the responsibility and opportunities that come with it, together we can build a robust sustainable economic relationship that will not only benefit our nations but also contribute to global economic landscape. May this instrument mark the beginning of a new chapter in the history of Nigeria –UK relations and boundless opportunities for growth.”
The British High Commissioner to Nigeria, Richard Hugh Montgomery, in his remarks congratulated all the officials that worked hard to ensure the MOU signing became a reality.
“This MOU covers 14 areas and sectors of economy. We don’t have to talk the talk alone, we have to walk the talk; the MOU is a fantastic platform for both governments to work together in the area of trade and investment, and the ultimate aim of doing this is to create jobs and wealth on both sides,” he said.
“We have partnership with the Ministry of Defence too because there cannot be prosperity without security and we are very delighted about that.