NIGERIA and the UK have signed a foreign direct investment (FDI) agreement worth $300m aimed at boosting British support for small and medium sized enterprises in Nigeria that will lead to the creation of about 5,000 jobs.
This deal was signed in London today with minister for industry, trade and investment, Otunba Niyi Adebayo signing on behalf of Nigeria and the UK minister for trade, Penny Mordaunt, signing on behalf of Britain. Signed at the Economic and Development Forum, the deal is designed to promote trade as a force for good and boost a partnership worth over £3bn.
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 secure foreign investment. Both parties agreed to start discussions on an enhanced trade partnership (ETP) to strengthen trade and high value investment across both 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 is already worth £3.2bn in 2021.
Ms 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 boost economic ties, support businesses, and grow new markets.”
Otunba Adebayo added: “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.”