Nigeria and UK Forge Business Alliance, NEPZA Plays Key Role

During President Bola Ahmed Tinubu's visit to the United Kingdom, the Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, joined by agency heads such as Dr. Olufemi Ogunyemi of the Nigeria Export Processing Zones Authority, seized the opportunity to promote adaptable trade and investment strategies.

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This diplomatic push marked a significant shift, as it ended a thirty-year period where Nigerian leaders had not engaged in effective trade and investment diplomacy with the UK, ultimately benefiting both nations.

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A question echoing through these decades of silence could be "Who did this to us", highlighting the need for renewed diplomatic efforts.

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President Tinubu's diplomatic maneuvering has yielded success, with the ministerial leadership effectively showcasing its accomplishments.

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The UK Minister for Trade, Sir Chris Bryant MP, and Nigeria's Minister for Industry, Trade, and Investment, Dr. Jumoke Oduwole MFR, co-hosted the inaugural ministerial meeting of the UK-Nigeria Enhanced Trade and Investment Partnership, bringing together senior policymakers, technical experts, and private sector representatives.

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This meeting, which reviewed progress since the UK-Nigeria ETIP launched in February 2024, underscored the strategic importance of the ETIP in strengthening trade and investment ties between the two countries.

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Both sides acknowledged the need for ongoing high-level dialogue and close technical cooperation to deliver meaningful results supporting sustainable economic growth.

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The meeting provided an opportunity to review recent bilateral investment developments, highlighting the increasing interest among UK and Nigerian companies in expanding commercial activities across key sectors.

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A UK agrifood processor exploring expansion in Nigeria was cited as an example of the barriers firms face, with both parties agreeing on the need for improved regulatory clarity, strengthened investor support, and advanced investment facilitation tools.

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Collaboration on Nigeria's Investment Portal goals and the potential for a future investment memorandum of understanding were also acknowledged.

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The platform emphasized the need for greater regulatory cooperation to enable growth within the services trade ecosystem, welcoming discussions on Audit Regulatory Equivalence and the Mutual Recognition of Statutory Audit Qualifications.

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Opportunities for the new UK-Nigeria Growth Programme to support capacity building in innovation, digital regulation, intellectual property protection, and regulatory coherence were highlighted, aiming to enhance competitiveness and promote export diversification.

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Nigeria provided an update on its new Intellectual Property Policy, outlining implementation plans to enhance investor confidence and safeguard creative-sector practitioners.

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Dr. Ogunyemi's participation in these high-level meetings allowed NEPZA to align with the UK and Europe's new trade facilitation policies, building on his earlier efforts to exploit available trade and investment opportunities with European Union embassies in Abuja.

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Earlier this year, Dr. Ogunyemi had successfully increased interest among EU members in doing business in the Free Trade Zones, paving the way for further cooperation.