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Nigeria, UK Affirm Commitment To Strengthen Bilateral Trade Relations

Nigeria and the United Kingdom have affirmed their commitment to removing barriers to bilateral trade relationship between the two countries.

The two countries also pledge to establish official working group to enhance trade partnership for their mutual benefits.

Besides, they planned to focus on how Nigeria present trade relations can be enhanced given the present level of development in the country.

These were part of the communique issue at the end of the 7th Ministerial meeting of the UK-Nigeria Economic Development Forum held in London on Tuesday evening.

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

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

A statement by the Special Assistant on Media to the Minister of Industry, Trade and Investment, Ifedayo Sayo on Wednesday, said the goal of the Ministerial Meeting was to deliberate on specific economic challenges faced by both Countries and how to remove critical market access barriers to trade relations

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, and to share relevant updates on implementation of commitments by both Countries to address challenges faced by UK investors in Nigeria.

Speaking at the forum, Otunba 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.”

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