Nigeria, UK to strengthen trade relations

Nigeria and the United Kingdom (UK) have restated commitment to removing bilateral trade barriers between the two countries.

They also pledge to establish an official working group to enhance the trade partnership for mutual benefits. Besides, they have agreed to channel their energy towards how the bilateral relations could be exploited and enhanced for the benefit of all.

These were part of the communiqué issued at the end of the seventh ministerial meeting of the UK-Nigeria Economic Development Forum held in London, yesterday.

The Nigerian delegation was led by the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo his counterpart in the Ministry of State for Budget and National Planning, Clem Agba, and Nigeria’s Chief Trade Negotiator, Dr. Yonov Agah.

The UK delegation was led by the Minister for International Trade, Penny Mordaunt, accompanied by the United Kingdom’s Trade Envoy to Nigeria.

A release from the Ministry of Industry, Trade and Investment quoted Adebayo as saying that the goal of the meeting was to deliberate on specific economic challenges facing both countries while strategising on how best to surmount them.

According to the Minister, the meeting also provided an opportunity for trade ministers of both countries to be updated on the outcome of a lower-level business dialogue between UK business operators in Nigeria and the Federal Government.

“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,” he said.