Nigeria and the United Kingdom has sealed a deal for Foreign Direct Investment for small and medium sized enterprises in Nigeria.
The deal is expected to create no fewer than 5,000 jobs for Nigeria.
It was sealed by the United Kingdom and Nigeria governments at the Economic and Development Forum held today (Tuesday) in London to promote trade.
At the forum, both countries marked increased support for small and medium sized enterprises in Nigeria, including the UK Manufacturing Africa programme, which has helped 12 firms in Nigeria to secure foreign investment.
Both parties agreed to start discussions on an Enhanced Trade Partnership to strengthen trade and high value investment across both countries.
Part of the agreement is to set up an official working level group to explore the benefits of an ETP in priority sectors.
DIT officials said that they expected the increased ambition to build on long standing economic ties worth £3.2 billion in 2021, between UK and Nigeria.
UK Minister for Trade, Penny 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 creating jobs and prosperity and reaffirm our commitment to boost economic ties, support businesses, and grow new markets.”
The Minister for Industry, Trade and Investment in Nigeria, Niyi 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.”
