The UK’s Minister for Business and Trade, Kemi Badenoch, is on a three-day visit to Nigeria, aiming to boost the economic partnership between the two countries and unlock new investment opportunities.
Badenoch, who is of Nigerian descent, arrived in Nigeria on Sunday, accompanied by the Prime Minister’s Trade Envoy to Nigeria, Helen Grant. They are scheduled to meet with the Nigerian government, state officials, and business leaders from both countries to discuss potential cooperation in various sectors, such as education, infrastructure, and energy.
The visit follows the former Foreign Secretary’s visit to Nigeria in August 2023 and last week’s UK-Nigeria Security and Defence Talks, demonstrating the UK’s commitment to strengthening its ties with Nigeria, one of its most important partners in Africa.
According to a statement from the British High Commission in Nigeria, Badenoch will advocate for policies that facilitate smoother business operations between the UK and Nigeria, potentially leading to increased trade volumes and foreign direct investment. She will also explore ways to make the City of London’s financial expertise more accessible to Nigerian businesses, unlocking new avenues for capital and growth.
The UK is Nigeria’s second-largest trading partner, after China, with bilateral trade worth £5.1 billion ($6.8 billion) in 2023, according to the UK government. The UK also supports Nigeria’s development through various programs, such as the UK-Nigeria Tech Hub, which aims to foster innovation and entrepreneurship in the digital sector.
However, some challenges and barriers hinder the full potential of the UK-Nigeria economic relationship. These include security issues, corruption, regulatory uncertainty, and infrastructure gaps. Both countries have expressed their willingness to address these issues and create a more conducive environment for business and investment.
Badenoch’s visit coincides with the launch of the UK-Africa Trade and Investment Hub, a £25 million ($33.4 million) initiative that will support African businesses to access UK and global markets, as well as UK businesses to invest in Africa. The hub will cover 16 countries in West and East Africa, including Nigeria, and will focus on sectors such as agriculture, clean energy, and manufacturing.
The hub is part of the UK’s broader strategy to deepen its engagement with Africa, especially after leaving the European Union. The UK has signed trade agreements with 13 African countries, covering 35% of the continent’s population and 42% of its GDP. The UK has also pledged to invest £4 billion ($5.3 billion) in Africa over the next four years, as well as host the UK-Africa Investment Summit in 2025.
Badenoch’s visit is expected to pave the way for more collaboration and dialogue between the UK and Nigeria, as well as showcase the opportunities and benefits of trade and investment for both countries. As Badenoch said in a tweet before her departure, “I’m looking forward to strengthening our economic partnership with Nigeria and exploring new avenues for growth.”
Source: BusinessDay
