New UK pact aims to encourage British schools to offer programmes in Nigeria

The UK will today (Tuesday 13 February) sign a partnership with Nigeria to boost trade and investment and unlock new opportunities for UK and Nigerian businesses.

The Enhanced Trade and Investment Partnership (ETIP) is the first the UK has signed with an African country and is designed to grow the UK and Nigeria’s already thriving trading relationship, which totalled £7 billion in the year to September 2023.

Business and Trade Secretary Kemi Badenoch will sign the ETIP alongside Nigerian Trade Minister Doris Nkiruka Uzoka-Anite in Abuja on Tuesday.

Key features of the ETIP

• Reduced barriers: Nigeria commits to addressing concerns impeding UK lawyers’ practice in the country, potentially expanding UK legal services exports.
• Enhanced collaboration: Paves the way for joint ventures in the film and media industry, and encourages UK educational institutions to offer high-quality programs in Nigeria.
• Focused growth: Targets crucial sectors like finance and legal services, aligning with both economies’ needs.

Why Nigeria matters:

• Africa’s powerhouse: As the continent’s largest economy and one of the world’s fastest-growing, Nigeria presents immense potential for UK businesses.
• Future giant: Predicted to be among the top 20 economies by 2035 and boast a population exceeding 370 million by 2050, Nigeria offers long-term investment opportunities.

Quotes

• UK Business Secretary Kemi Badenoch: “This partnership with Nigeria – the UK’s first with an African country – will allow us to work together and seize the opportunities that lie ahead.”
• Nigerian Trade Minister Doris Nkiruka Uzoka-Anite: “The UK is one of our long-standing strategic partners with whom we share strong ties, and it gladdens me that this relationship is set to deepen as we sign the Enhanced Trade and Investment Partnership.
• “This partnership will see Nigeria-UK relations move beyond one of shared history and  strong ties to one of shared economic prosperity. From increasing market access and supporting our vibrant businesses, to creating more jobs and accelerate greater investments in sectors of mutual interests.”

Beyond the deal

• Minister Badenoch’s visit to Nigeria includes visiting the site of a new Charterhouse school, the first UK independent school in West Africa, and meeting with the governor of the Central Bank of Nigeria and the Nigerian finance minister to unblock trade barriers facing UK businesses.
• While in Nigeria, Business and Trade Secretary will also witness the signing of a landmark energy agreement between UK based energy firm Konexa and Nigerian power generation company North South Power (NSP).

  The agreement will enable Konexa to supply Nigerian Breweries PLC with 100% renewable power, promote sustainable development and clean energy adoption, and lead to infrastructure investments of over £14 million.

Konexa CEO Pradeep Pursnani said:  “This is a very important milestone for Konexa, North South Power, Nigerian Breweries, and all our investment partners. Over the last few years, Konexa has been working on a disruptive model that matches customer energy demand with renewable energy supply.

“We are looking forward to investing more than £120m in renewable energy generation, transmission, distribution, and battery storage solutions to help our customers transition away from the use of fossil fuel.”