NIGERIA and the United Kingdom (UK) have signed a foreign direct investment (FDI) agreement worth $300million aimed at boosting support for small and medium sized enterprises (SMEs) in the country, and also lead to the creation of about 5,000 jobs.
This deal was signed in London on Tuesday with the Minister for Industry, Trade and investment, Niyi Adebayo, signing on behalf of Nigeria, while the UK Minister for Trade, Penny Mordaunt, signed on behalf of Britain.
The deal, which was sealed at the Economic and Development Forum, is designed to promote trade as a force for good and boost a partnership worth over £3billionn.
At the forum, both countries pledged increased support for SMEs including the UK Manufacturing Africa programme, which has helped 12 firms in Nigeria secure foreign investment. Both parties also agreed to start discussions on an enhanced trade partnership (ETP) to strengthen trade and high value investment between the two countries.
Part of the agreement involves setting up an official working level group to explore the benefits of an ETP in priority sectors. British Department of Trade officials said they expect the increased ambition to build on long standing economic ties between the UK and Nigeria, which was worth £3.2billion in 2021.
Both parties also agreed to start discussions on an enhanced trade partnership (ETP) to strengthen trade and high value investment between the two countries.
Speaking, Mordaunt said: “Nigeria is one of our long-standing and strategic partners in Africa and I am pleased that the UK is continuing to deepen our investment relationship with one of the most vibrant and innovative economies in the continent.
“Through the Economic and Development Forum, we can demonstrate how trade is a force for good creating jobs and prosperity and reaffirm our commitment to boosting economic ties, support businesses, and grow new markets.”
On his part, Adebayo said: “The Nigerian Government is committed to implementing reforms that can attract more foreign direct investment into key industries, boost trade and development and create employment opportunities for Nigeria’s youth by leveraging technology.
“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.”
