UK, Nigeria strengthen bilateral trade, sign investment promotion programme

November 12, 2020
3 Views

Nigeria and the UK have put in place machineries to further strengthen bilateral trade between both countries and also sign a letter of intent to launch the UK’s Investment Promotion Programme in Nigeria.

This was part of the agreement reached at the 4th bilateral UK-Nigeria Economic Development Forum (EDF) virtual meeting which was co-chaired by UK Minister for International Trade, Ranil Jayawardena, and Minister of Industry, Trade and Investment, Nigeria, Adeniyi Adebayo.

The agenda outlined opportunities for a wider UK-Nigeria partnership, as discussions centred on the state of bilateral trade, challenges and priorities ahead, as well as the opportunity to ‘build back better’ after the pandemic- underscoring the significance of taking steps towards a green economy to sustainable growth and job creation in future trade and investment.

The UK Minister for International Trade, MP Ranil Jayawardena said: “Nigeria is a trading partner for the United Kingdom and we are keen to explore new opportunities to boost trade, encourage investment, create jobs in both countries and promote a green recovery following the economic challenges posed by Covid-19.

“I particularly look forward to closer collaboration between our nations as we work towards our COP26 goals, securing lasting prosperity for our people,” he added.

In his welcome address, speaking on the merits of the forum, Minister for Industry, Trade and Investment, Minister Adeniyi Adebayo said the crucial engagements would provide both countries the platform to promote bilateral trade and investments through dialogue, the implementation of strategic initiatives, and an appraisal of current economic and trade relationship.

“I implore the UK trade department to reciprocally support Nigerian businesses by boosting export opportunities and creating market access for Nigerian products and services in the UK. I am enthusiastic about the proposed collaboration to boost a Green Recovery and appreciate the offer of the UK government to support our steps towards sustainability.”

Both Ministers also agreed that a number of high-level technical working groups meet to expedite resolutions to the barriers identified.

One of such groups being made up of the leadership of Nigerian Bar Association and Law Society to explore options to expand our legal services partnership; and another made of the office of the Vice President, Trade and Finance ministries, Nigerian Customs, and the Presidential Enabling Business Environment Committee (PEBEC).

The meeting concluded with the signing of a Letter of Intent between the UK Department for International Trade and the Nigeria Investment Promotion Commission, launching the UK’s Investment Promotion Programme in Nigeria to attract foreign investment into the country.

Launched in August 2018 and held twice a year to identify and respond to opportunities and challenges of doing business in both countries, the forum was attended by the CEO of the Nigerian Investment Promotion Commission; the Director General of the Nigeria Export Promotion Council; the British High Commissioner; Her Majesty Deputy Trade Commissioner for Africa and the Prime Minister’s Trade Envoy to Nigeria.

You may be interested

NCC To Prioritize Collaborating With Universities To Achieve Mandate
News
2 views
News
2 views

NCC To Prioritize Collaborating With Universities To Achieve Mandate

Webby - November 23, 2020

By Adejumo Enock The Nigerian Communications Commission (NCC) has promised to increase collaboration with higher institutions of learning across the…

Imo Govt Urges Youths To Judiciously Use 1m Loan
News
3 views
News
3 views

Imo Govt Urges Youths To Judiciously Use 1m Loan

Webby - November 23, 2020

By Adejumo Enock The Commissioner for Entrepreneurship and Skills acquisition, Noble Atulegwu has warned the youths not to marry, build…

Moral Decadence in Our Society: Whose Fault? – By Isyaka Laminu Badamasi
News
News

Moral Decadence in Our Society: Whose Fault? – By Isyaka Laminu Badamasi

Webby - November 23, 2020

/* custom css */ .tdi_75_055.td-a-rec{ text-align: center; }.tdi_75_055 .td-element-style{ z-index: -1; }.tdi_75_055.td-a-rec-img{ text-align: left; }.tdi_75_055.td-a-rec-img img{ margin: 0 auto 0…

Leave a Comment

Your email address will not be published.