THE uk is set to finalize a new investment agreement with Nigeria, aiming to enhance bilateral trade and reduce commercial obstacles as part of its post-Brexit efforts to strengthen international relations, reports Bloomberg.
Nigerian Trade Minister Kemi Badenoch will officially seal the deal in Abuja as announced by the UK Department for Business and Trade.
This marks the first such agreement between the UK and an African nation.
While the agreement itself won't bring about significant changes in regulations or market access, it will establish collaborative working groups comprising government officials and private sector representatives.
The UK anticipates that these groups will work towards dismantling trade barriers, fostering investment, and unlocking opportunities, particularly in the UK's dominant services sector.
This partnership arrives at a time when the UK faces challenges in securing new comprehensive free trade agreements following its departure from the EU.
Despite expectations from Brexit proponents of forging stronger ties with international partners, negotiations with Canada are on hold, talks with India are prolonged, and prospects for a comprehensive deal with the US seem uncertain.
Trade between the UK and Nigeria amounted to US$8.8 billion in the year up to September 2023.
The agreement aims to facilitate the removal of barriers preventing lawyers from practicing international and foreign law in Nigeria, according to the UK Department for Business and Trade.
SeaNews Turkey
Nigerian Trade Minister Kemi Badenoch will officially seal the deal in Abuja as announced by the UK Department for Business and Trade.
This marks the first such agreement between the UK and an African nation.
While the agreement itself won't bring about significant changes in regulations or market access, it will establish collaborative working groups comprising government officials and private sector representatives.
The UK anticipates that these groups will work towards dismantling trade barriers, fostering investment, and unlocking opportunities, particularly in the UK's dominant services sector.
This partnership arrives at a time when the UK faces challenges in securing new comprehensive free trade agreements following its departure from the EU.
Despite expectations from Brexit proponents of forging stronger ties with international partners, negotiations with Canada are on hold, talks with India are prolonged, and prospects for a comprehensive deal with the US seem uncertain.
Trade between the UK and Nigeria amounted to US$8.8 billion in the year up to September 2023.
The agreement aims to facilitate the removal of barriers preventing lawyers from practicing international and foreign law in Nigeria, according to the UK Department for Business and Trade.
SeaNews Turkey