The UK and Nigeria have a robust and multi-dimensional trade relationship valued at £7.2 billion at the moment. This partnership could be the basis of an expanded bilateral ties, driving prosperity, innovation, and collaboration.
During a recent conference in Abuja, the British High Commissioner to Nigeria, Richard Montgomery, highlighted the importance of the partnership, stressing that Nigeria is the UK’s second-largest trading partner in Africa, and the UK’s largest export market, and through the Enhanced Trade and Investment Partnership (ETIP) both countries have jointly developed a framework to foster inclusive growth.
The ETIP, which was signed between the two countries in February 2024- the first of its kind with an African country, and only globally, is a landmark agreement that reflects shared ambition to deepen economic ties according to the British envoy.
It aligns with the UK Prime Minister Starmer’s growth agenda and with President Bola Tinubu’s 8-Point Economic Agenda, supporting job creation, economic expansion, and business environment reforms. The UK and Nigeria are encouraged by the potential of this partnership to enhance collaboration between public and private sectors, promote technical cooperation, and address non-tariff barriers such as quality standards, quotas, import licenses and custom complex procedures to unlock sustainable trade and investment opportunities.
Records from the British High Commission in Abuja show that ETIP spans eight key sectors which include; Clean Growth, Education, Health and Life Sciences, Creative Industries, Agriculture, Finance and Financial Services, Legal Services and Investment, as well as regulatory Cooperation (covering technical trade barriers, intellectual property, customs and trade facilitation).
The UK envoy noted that his country works very closely with the Nigerian government to negotiate ETIP, a truly co-created document with the Federal Ministry of Industry, Trade and Investment (FMITI) and other key Nigerian government agencies such as The Presidential Enabling Business Environment Council (PEBEC) to implement ETIP.
So far, the two countries have launched the UK-Nigeria Business Dialogue, the development of the Transitional Education Guidelines (TNE) which have paved the way for UK education institutions to come to Nigeria and the formation of the Creative Industries Working Group,) co-chaired on the side of the UK by the newly appointed Prime Minister’s Trade Envoy to Nigeria Florence Eshalomi MP.
The ETIP is designed to unlock greater trade in sectors where both countries have comparative advantages. While the UK continues to implement ETIP, UK businesses continue to play a vital role in Nigeria’s development across multiple sectors.
Since the start of this year, the UK has reportedly committed thousands of pounds to various projects via its programmes and development finance institution aligning with shared goals for economic transformation, job creation and wealth generation.
British International Investment plc, last February, partnered Johnvents Group to drive sustainability and growth in Nigeria’s cocoa sector with $40.5m investment. The partnership aims to boost cocoa production, enhance global export capabilities, and create economic opportunities for Nigerian farmers, with a strong focus on sustainability and traceability.
In March 2025, the UK’s West Africa Research and Innovation Hub launched the £1.9m Sankore initiative with Nigeria’s Federal Ministry of Innovation, Science & Technology (FMIST) and Ghana’s Ministry of Environment, Science and Technology (MEST) aimed at boosting science, technology, and innovation (STI) ecosystems in West Africa, especially Nigeria and Ghana.
In April 2025, the UK government’s MOBILIST programme invested NGN9.5 billion (USD 6million) in InfraCredit, Nigeria’s first and only domestic creditor guarantor, in support of the company’s listing on Nigeria’s NASD OTC Exchange Plc (NASD). The total listing is valued at NGN 64 bn (USD 41million).
By listing with the backing of MOBILIST, InfraCredit will enable local institutional investors to benefit from the growth opportunities presented by sustainable infrastructure development in their own market while ensuring that the local firms driving these projects can access the capital they need, the High Commission’s statement said.
Still in April 2025, UK-funded FSD Africa Investments (FSDAi) invested £10 million into ARM-Harith’s Climate and Transition Infrastructure Fund to unlock Nigerian Pension Funds and catalyse economic growth through sustainable infrastructure.
These partnerships and investments appear splendid on paper but it has to be seen manifesting into reality to make any meaningful impact in the lives of the people of Nigeria and spur the anticipated economic growth.
It is hoped that with the vast opportunities provided by the UK, Nigeria will explore multiple ways to exploit these opportunities to create jobs to tackle the frightening unemployment and poverty crises dangerously increasing in the last couple of years in Nigeria. This is the crux of the matter.
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