The United Kingdom Minister for International Trade, Ranil Jayawardena, and Nigeria’s Minister of Industry, Trade and Investment, Adeniyi Adebayo, co-chaired a virtual meeting of the 4thbilateral UK-Nigeria Economic Development Forum (EDF).
Launched in August 2018 and held twice a year to identify and respond to opportunities and challenges of doing business in both countries, the forum was attended by the Chief Executive Officer of the Nigerian Investment Promotion Commission; the Director General of the Nigeria Export Promotion Council, the British High Commissioner; Her Majesty Deputy Trade Commissioner for Africa and the Prime Minister’s Trade Envoy to Nigeria.
This is the 4thbilateral meeting of the UK-Nigeria Economic Development, launched in August 2018 by the former Prime Minister Theresa May and President Buhari as a platform to address market access barriers and boost bilateral trade and investment.
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The agenda outlined opportunities for a wider UK-Nigeria partnership, as discussions centred on the state of bilateral trade, challenges and priorities ahead, as well as the opportunity to ‘build back better’ after the pandemic- underscoring the significance of taking steps towards a green economy to sustainable growth and job creation in future trade and investment.
“Nigeria is an trading partner for the United Kingdom and we are keen to explore new opportunities to boost trade, encourage investment, create jobs in both countries and promote a green recovery following the economic challenges posed by Covid-19.
I particularly look forward to closer collaboration between our nations as we work towards our COP26 goals, securing lasting prosperity for our people,” said the UK Trade Minister, Ranil Jayawardena.
A report on the progress of a number of joint work streams highlighted the strengthened partnership in legal services, digital and technology sectors, renewables and power between both countries, including the collaboration on achieving the target of 5 million off-grid solar home systems; payment licences issued to facilitate remittances and remote payments, including for pay-as-you-go solar home solutions. The progress has occurreddespitesetbacks and the delays caused by the pandemic.
In his welcome address, speaking on the merits of the forum, Minister for Industry, Trade and Investment, Adeniyi Adebayo said: “These crucial engagements provide us with the necessary forum for both our nations to promote bilateral trade and investments through dialogue, the implementation of strategic initiatives, and an appraisal of our current economic and trade relationship. I implore the UK trade department to reciprocally support Nigerian businesses by boosting export opportunities and create market access for Nigerian products and services in the UK. I am enthusiastic about the proposed collaboration to boost a Green Recovery and appreciate the offer of the UK government to support our steps towards sustainability.”
Both ministers also agreed that a number of high-level technical working groups meet to expedite resolutions to the barriers identified. One of such groups being made up ofthe leadership of Nigerian Bar Association and Law Society to explore options to expand our legal services partnership; and another made of the office of the Vice President, Trade and Finance ministries, Nigerian Customs, and the Presidential Enabling Business Environment Committee (PEBEC).
To ensure that the systems and reforms required to deliver to the full automation of the Nigerian Customs Service align with the wider effort by the Nigerian Federal Government to implement a single national electronic portal for all trade transactions.
The meeting concluded with the signing of a Letter of Intent between the UK Department for International Trade and the Nigeria Investment Promotion Commission, launching the UK’s Investment Promotion Programme in Nigeria to attract foreign investment into the country.