The United Kingdom and Nigeria have formalized a historic Enhanced Trade and Investment Partnership (ETIP) on Tuesday.
The agreement not only aims to bolster trade and investment but also brings forth a landmark provision allowing lawyers from both nations to practice in each other’s jurisdictions.
The partnership, hailed as a significant stride in fostering economic collaboration, particularly highlights the facilitation of legal practitioners working across borders. Initially thought to be a one-sided commitment favoring British lawyers, an update clarified that the pact extends reciprocity, permitting Nigerian lawyers to practice in the UK as well.
The UK government, in a statement, emphasized the removal of barriers hindering lawyers from practicing foreign and international law in each other’s countries. This move is expected to stimulate collaboration in legal services and open avenues for exports in the sector.
Additionally, the partnership spans multiple sectors crucial to both economies, with a notable focus on financial and legal services. The agreement also holds promise for collaboration in the film and media industry, as well as encouraging prestigious UK education providers to offer high-quality education in Nigeria.
Kemi Badenoch, the UK Business and Trade Secretary, expressed enthusiasm about the partnership, stating, “This partnership with Nigeria – the UK’s first with an African country – will allow us to work together and seize the opportunities that lie ahead.” Badenoch emphasized the already thriving relationship between the two nations, acknowledging Nigeria as one of the world’s fastest-growing economies.
The ETIP marks the UK’s first such agreement with an African nation and is designed to nurture the existing robust trading relationship between the UK and Nigeria, which amounted to £7 billion in the year leading up to September 2023.
The signing ceremony, set to take place in Abuja, will see Kemi Badenoch and Nigerian Trade Minister Doris Nkiruka Uzoka-Anite formalize the partnership. Badenoch’s visit includes engagements with the Governor of the Central Bank of Nigeria and the Nigerian Finance Minister to address trade barriers faced by UK businesses.
Nigerian Trade Minister Doris Nkiruka Uzoka-Anite expressed optimism about the deepening relationship, stating, “This partnership will see Nigeria-UK relations move beyond one of shared history and strong ties to one of shared economic prosperity.”
As the UK’s first African ETIP unfolds, it symbolizes a new chapter in international collaboration, providing legal professionals from both nations with unprecedented opportunities to contribute to and benefit from the growth and prosperity of each other’s economies.