Nigeria, UK In £3bn Trade Pact To Support Small Businesses
Economy
Nigeria and United Kingdom Tuesday sealed a deal in London to promote trade and boost a partnership worth over £3 billion at the Economic and Development Forum (EDF).
Funding and technical support are the recurring challenges faced by micro, small and medium scale enterprises in developing countries like Nigeria but is said that on completion of the deal which will greatly support small businesses in Nigeria, the pact would generate over $300 million in foreign direct investment (FDI) for Nigeria and directly create 5,000 jobs.
Already, both parties had agreed to start discussions on an Enhanced Trade Partnership (ETP) to strengthen trade and high-value investment across both countries.
At the forum, both countries marked increased support for small and medium-sized enterprises in Nigeria, including the UK manufacturing Africa programme, which has helped 12 firms in Nigeria secure foreign investment.
UK Minister for Trade, Penny Mordaunt said Nigeria is one of the country’s long-standing and strategic partners in Africa, and the deal will deepen the investment relationship with Nigeria which is one of the most vibrant and innovative economies on the continent.
“Through the Economic and Development Forum, we can demonstrate how trade is a force for good creating jobs and prosperity and reaffirm our commitment to boost economic ties, support businesses, and grow new markets.”
The forum will include a tech matchmaking event for technology businesses from both nations hosted by venture capitalist firm LocalGlobe, in collaboration with TheCityUK, TechNation and Innovate UK tomorrow.
The forum provides businesses with the opportunity to explore potential partnerships and share best practices on how to raise vital development capital and register a business in foreign markets.
Also, the Minister of Industry, Trade and Investment, Otunba Niyi Adebayo assured of the Nigerian government’s commitment to implementing reforms that can attract more foreign direct investment into key industries, boost trade and development and create employment opportunities for Nigeria’s youth by leveraging technology.
“We welcome the commitment to enhancing the relationship between our two countries today and underscore the significance of deepening our bilateral trade policy relationship in a mutually beneficial manner.”
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