The British High Commission in Nigeria has said the United Kingdom and Nigeria has agreed on an investment partnership worth £3 billion.
It said the agreement was reached when officials of both countries held trade and investment talks on Tuesday at the Economic and Development Forum (EDF) in London.
The statement revealed that both countries agreed to promote trade as a force for good and boost a partnership worth over £3 billion (about N1.676 trillion).
Also, they are to start discussions on an Enhanced Trade Partnership (ETP) to strengthen trade and high-value investment across both countries.
Paet of the agreement also involves the setting up of an official working-level group that will explore the benefits of an ETP in priority sectors. DIT officials expect the increased ambition to build on long-standing economic ties between the UK and Nigeria, which was worth £3.2bn in 2021.
Both countries, according to the statement, have recorded increased empowerment for small and medium-sized enterprises in Nigeria including the UK Manufacturing Africa programme, which has helped 12 firms in Nigeria secure foreign investment.
It said when these deals are seen through, they will generate over $300 million in foreign direct investment (FDI) for Nigeria and directly create 5,000 jobs.
The UK Minister for Trade, Penny Mordaunt listed Nigeria as one of UK’s long-standing and strategic partners in Africa, adding that he was pleased that the UK was deepening investment ties with Nigeria which he described as “one of the most vibrant and innovative economies in the continent.”
The Minister for Industry, Trade and Investment, Otunba Niyi Adebayo said: “We welcome the commitment to enhancing the relationship between our two countries today and underscore the significance of deepening our bilateral trade policy relationship in a mutually beneficial manner.”
