Nigeria-UK N16trn current trade value highest ever — High Commissioner

 British High Commissioner to Nigeria, Richard Montgomery, says the commercialized worth betwixt Nigeria and Britain, which presently stands astatine 7.9 cardinal pounds (16 trillion naira) has deed an unprecedented level.

Montgomery made this known successful an interrogation with the News Agency of Nigeria (NAN) connected Wednesday successful Abuja.

He lauded the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP), which helium said boosts commercialized relations by removing non-tariff commercialized and concern barriers to foster practice successful precedence sectors.

According to him, the ETIP, which besides promotes collaboration with the Developing Countries Trading Scheme (DCTS), would standard the commercialized worth by providing generous trading presumption and tariff reductions connected Nigerian products. 

“So I’m truly delighted astatine our astir caller commercialized figures. The 7.9 cardinal pounds oregon 16 trillion Naira commercialized is the highest that it’s ever been betwixt the UK and Nigeria. And truthful it’s a precise affirmative trajectory.

“The enhanced Trade and Investment Partnership (ETIP) is breathtaking due to the fact that it’s a mutually agreed acceptable of sectors and issues connected which the UK and Nigeria authorities are going to enactment on.

“It’s happening nether the umbrella of our respective ministers, the national curate of industry, concern and trade, and the UK concern and commercialized minister,” helium said.

He added: “The breathtaking happening astir ETIP is, and you’ve utilized the connection leverage, that’s precisely right.

“It identifies done communal statement the areas that the UK feels it has a comparative vantage successful and the areas that Nigeria wants to make much economical opportunities in.”

Montgomery said the UK was not competitory successful each sectors, but has large advantages successful assorted sectors, including the fiscal services, caller technology, fiscal technology, artificial quality and different integer platforms.

The British envoy said that successful the originative economy, his state has immoderate precocious manufacturing and precocious vigor solutions, which are worthy looking at, and credible successful the Nigerian context.

He said the UK was doing a batch successful higher acquisition investments successful the Nigerian acquisition sector, arsenic good arsenic successful the cultivation assemblage to boost Nigeria’s cultivation exports, considering its precocious potential.

“So, the ETIP identifies these priorities and we person ways of pursuing up successful each assemblage with the businesses and the authorities agencies connected some sides that tin unlock much concern and growth.

“The purpose is communal growth, it’s creating jobs successful some our countries, and that’s wherefore it’s truly important that we realise that ETIP is mutually agreed and negotiated, it’s successful some our interests,” helium added.

The station Nigeria-UK N16trn existent commercialized worth highest ever — High Commissioner appeared archetypal connected Vanguard News.