Nigeria, UK Agree To Remove Barriers To Trade

Nigeria and the United Kingdom (UK), have affirmed commitment to remove barriers to bilateral trade relationship between both countries.

The two countries came to this conclusion at the end of the 7th Ministerial meeting of the UK-Nigeria Economic Development Forum held in London.

The Special Assistant on Media to the Minister of Industry, Trade and Investment, Ifedayo Sayo, in a statement on Wednesday said the goal of the Ministerial Meeting was to deliberate on specific economic challenges faced by both Countries.

The Nigerian delegation was led by the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo.

Also, the statement said part of the delegation was the Minister of State for Finance, Budget and National Planning, Mr Clem Agba and Nigeria’s Chief Trade Negotiator, Dr Yonov Agah.

The UK delegation was led by the Minister for International Trade, H.E. Penny Mordaunt MP, who was accompanied by the United Kingdom’s Trade Envoy to Nigeria.

The statement also said the meeting was focused on ways to remove critical market access barriers to trade relations.

Ifedayo noted that the meeting also provided an opportunity for Trade Ministers of both Countries to be updated on the outcome of a lower-level business dialogue between UK business operators in Nigeria and the Federal Government.

He also said the move was to share relevant updates on implementation of commitments by both Countries to address challenges faced by UK investors in Nigeria.

The two countries also pledged to establish official working group to enhance trade partnership for their mutual benefits.

Besides, they plan to focus on how Nigeria’s present trade relations can be enhanced given the present level of development in the country.

Speaking at the forum, Adebayo said, “The Nigerian Government is committed 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.”