At the eighth and final UK-Nigeria Economic Development Forum (EDF), both sides confirmed their shared interest in pursuing a potential Enhanced Trade and Investment Partnership.
The UK and Nigeria have announced that total trade in goods and services (exports plus imports) currently stands at £5.5 billion.
Ndidiamaka Eze, Press Officer of the UK Deputy High Commission in Lagos, released a statement on Monday stating that, out of this £5.5 billion, £3.3 billion came from UK exports to Nigeria over the four quarters ending in Q2 2022; whereas the sum of all UK imports from Nigeria during the four quarters ending in Q2 2022 was £2.2 billion.
On Monday, the UK and Nigeria concluded their agreement in the EDF Memorandum of Understanding (MoU), and they agreed that the Enhanced Trade and Investment Partnership will provide an alternative, high-profile mechanism to advance bilateral economic issues of mutual strategic importance.
According to LEADEARSHIP, Under this agreement, both sides will continue to collaborate to resolve issues pertaining to market access and improve economic cooperation.
