The British High Commissioner to Nigeria, Richard Montgomery, says the trade value between Nigeria and Britain, which currently stands at 7.9 billion pounds (about N16 trillion) has hit an unprecedented level.
Speaking to the News Agency of Nigeria (NAN) in Abuja, Montgomery lauded the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP), which according to him, boosts trade relations by removing non-tariff trade and investment barriers to foster cooperation in priority sectors.
He explained that the ETIP, which also promotes collaboration with the Developing Countries Trading Scheme (DCTS), would scale the trade value by providing generous trading terms and tariff reductions on Nigerian products.
“So I’m really delighted at our most recent trade figures. The 7.9 billion pounds or 16 trillion Naira trade is the highest that it’s ever been between the UK and Nigeria. And so it’s a very positive trajectory.
“The enhanced Trade and Investment Partnership (ETIP) is exciting because it’s a mutually agreed set of sectors and issues on which the UK and Nigeria governments are going to work on.
“It’s happening under the umbrella of our respective ministers, the federal minister of industry, investment and trade, and the UK business and trade minister,” he said.
“The exciting thing about ETIP is, and you’ve used the word leverage, that’s precisely right.
“It identifies through mutual agreement the areas that the UK feels it has a comparative advantage in and the areas that Nigeria wants to create more economic opportunities in,” he said.
Montgomery stated that the UK was not competitive in all sectors, but has major advantages in various sectors, including the financial services, new technology, financial technology, artificial intelligence and other digital platforms.
Speaking on the creative economy, the High Commissioner stated that the UK has some advanced manufacturing and advanced energy solutions, which are worth looking at, and credible in the Nigerian context.
He said that the UK was doing a lot in higher education investments in the Nigerian education sector, as well as in the agricultural sector to boost Nigeria’s agricultural exports, considering its high potential.
“So, the ETIP identifies these priorities and we have ways of following up in each sector with the businesses and the government agencies on both sides that can unlock more investment and growth.
“The aim is mutual growth, it’s creating jobs in both our countries, and that’s why it’s really important that we realise that ETIP is mutually agreed and negotiated, it’s in both our interests,” he added.
GIK/APA