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Kemi Badenoch signs first-of-its-kind trade and investment deal with Nigeria | Politics | News

Kemi Badenoch will today sign a deal with Nigeria to boost trade and investment with Britain.

The Business and Trade Secretary has travelled to Abuja to ink the agreement, which is the first such deal the UK has struck with an African nation.

Mrs Badenoch said: “This partnership with Nigeria – the UK’s first such agreement with an African country – will allow us to work together and seize the opportunities that lie ahead.

“Nigeria has one of the fastest growing economies in the world.

“UK businesses have already seen huge success here and I look forward to seeing how we continue to grow this relationship.”

The Enhanced Trade and Investment Partnership (ETIP) is aimed at building on the UK and Nigeria’s trading relationship, which was worth £7billion in the year to September 2023.

It will help remove trade barriers, boost investment and unleash opportunities across a range of sectors including legal and financial services, education and energy.

Nigeria’s trade minister Doris Nkiruka Uzoka-Anite said: “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 Agreement.

“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.”

Nigeria is Africa’s biggest economy and one of the world’s fastest growing economies which is predicted to be in the top 20 by GDP by 2035.

While in Nigeria, the 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 percent renewable power, promote sustainable development and clean energy adoption, and lead to infrastructure investments of over £14million.

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 £120million in renewable energy generation, transmission, distribution, and battery storage solutions to help our customers transition away from the use of fossil fuel.”

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