UK and Nigeria hold talks to boost £3.2bn trade partnership – The Sun Nigeria

the The UK government said it had held talks with Nigeria at the Economic and Development Forum (EDF) in London, to promote trade and boost their £3.2 billion partnership.

The British High Commission in Nigeria made this known in a statement on Tuesday.

He said that during the Forum, the two countries marked increased support for small and medium enterprises in Nigeria, including the UK Manufacturing Africa program, which had helped 12 companies in Nigeria secure foreign investment.

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According to the statement, when these agreements are concluded, they would generate more than $300 million in foreign direct investment (FDI) for Nigeria and create 5,000 direct jobs.

He said the UK and Nigeria had agreed to begin discussions on an Enhanced Trade Partnership (ETP), to boost trade and high-value investment in the two countries.

The commission said a formal working group would be set up to explore the benefits of an ETP in priority sectors and that increased ambition should build on long-standing economic links between the UK and Nigeria, already worth £3.2 billion in 2021.

UK Trade Secretary Penny Mordaunt said: “Nigeria is one of our longstanding strategic partners in Africa, and I am delighted that the UK continues to deepen its investment relationship with the United Kingdom. one of the most dynamic and innovative economies in the world. continent.

“Through the Economic and Development Forum, we can demonstrate how trade is a force for good by creating jobs, prosperity and reaffirm our commitment to strengthen economic ties, support businesses and develop new markets”, Mordaunt said.

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The minister said the forum would include a tech matchmaking event for tech companies from both countries organized by venture capital firm LocalGlobe, in conjunction with TheCityUK, TechNation and Innovate UK.

Mordaunt noted that companies would have the opportunity to explore potential partnerships and share best practices on how to raise vital development capital and register a business in overseas markets.

Nigeria’s Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, said: “The Nigerian government is committed to implementing reforms that can attract more FDI in key industries. , boost trade and create employment opportunities for young Nigerians by leveraging technology.

“We welcome the commitment to improve relations between our two countries today and underscore the importance of deepening our bilateral trade policy relationship in a mutually beneficial manner,” he said.

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