Nigeria, UK Deepen Trade Ties as Tinubu Visit Boosts Investment Push

By Zainab Uzomah| Abuja

Nigeria and the United Kingdom have renewed efforts to deepen trade and investment ties, as officials from both countries met in London to review progress under the Enhanced Trade and Investment Partnership (ETIP).

In a statement signed by the Head of Corporate Communications at the Nigeria Export Processing Zones Authority (NEPZA), Martins Odeh, Nigeria’s Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, led a delegation of agency heads during President Bola Tinubu’s visit to the UK to promote new investment opportunities and strengthen economic cooperation.

The meeting, co-hosted by UK Trade Minister Sir Chris Bryant and Dr Oduwole, brought together policymakers, technical experts and private sector representatives to assess developments since the partnership was launched in February 2024.

Both sides reaffirmed the importance of the ETIP as a key platform for boosting bilateral trade and investment, stressing the need for sustained dialogue and closer technical cooperation to support economic growth.

Officials highlighted growing interest among British and Nigerian companies in expanding operations across sectors, while also identifying challenges facing investors, including regulatory barriers. They agreed on the need to improve regulatory clarity, strengthen investor support systems and enhance investment facilitation mechanisms.

Discussions also focused on cooperation in services, including audit regulation and mutual recognition of professional qualifications, as well as opportunities under the UK-Nigeria Growth Programme to support innovation, digital regulation and intellectual property protection.

Nigeria provided updates on its new intellectualproperty policy, aimed at improving investor confidence and protecting creative industries.

NEPZA’s Managing Director, Dr Olufemi Ogunyemi, used the meetings and related events to promote Nigeria’s free trade zones as investment destinations. He said more than 60 zones host over 700 enterprises and offered incentives, including full profit repatriation.

At a sideline event in Marlborough, he invited UK investors to expand production in Nigeria, saying the zones provide a secure and business-friendly environment. He also called on Nigerians in the diaspora to take advantage of new industrial policies to invest in the country.

Officials say the renewed engagement signals a shift towards more active trade diplomacy between the two countries, with expectations of increased foreign investment and stronger economic ties.