UK, Nigeria to improve trade relations

The relationship between Nigeria and the United Kingdom has been longstanding and beneficial for both parties in terms of trade and foreign relations. The United Kingdom's Foreign Secretary, Boris Johnson, expressed his desire to see more British companies operating in Nigeria and more Nigerian companies investing in the UK. To delve deeper into how these ties can be further strengthened, Lori Bufils, the Deputy British High Commissioner to Nigeria, shed light on the efforts being made to bolster trade and economic cooperation between the two nations. Over the years, both countries have enjoyed a robust relationship in various sectors, but with the global economy facing challenges and a rise in protectionist sentiments worldwide, it is crucial for Nigeria and the UK to explore avenues for enhancing their partnership. Bufils highlighted the UK's commitment to fostering stronger ties with African nations, particularly Nigeria, post-Brexit, by focusing on partnerships that benefit both UK and Nigerian businesses. The UK government's Department for International Development has been actively involved in supporting growth, supply chains, and investments in Nigeria's key sectors to promote sustainable and inclusive development. Moreover, on the foreign office front, collaborative efforts are underway to facilitate ease of doing business, address foreign exchange issues, and enhance public financial management to encourage inclusive growth in Nigeria. With the aim of furthering economic collaborations, the UK has organized road shows involving British businesses exploring investment opportunities in Nigeria. These ventures have led to the signing of numerous deals across various sectors, including agribusiness, infrastructure, health, education services, and manufacturing, aligning with Nigeria's diversification agenda. The UK's engagement with Nigeria extends beyond trade and economic partnerships to security cooperation. The UK government has military and development support initiatives in the conflict-ridden northeast region of Nigeria, focusing on humanitarian aid and livelihood improvements to address the root causes of instability and conflict. Concerning the UK's aid commitment to Nigeria, Bufils clarified that there is no plan to decrease the overall aid amount from the Department for International Development. Instead, there will be a reallocation of funds towards humanitarian aid in the northeast, emphasizing a shift towards economic transformation and human development initiatives. This strategic approach aims to encourage additional contributions from other stakeholders while allowing the Nigerian government to demonstrate leadership in addressing the humanitarian crisis in the northeast effectively. The UK remains vigilant about the situation in northeastern Nigeria, emphasizing the importance of peace, stability, and sustainable development for the region's prosperity and security. As both the UK and Nigeria navigate the evolving global economic landscape, strengthening their partnership through collaborative ventures and mutual support remains key to fostering long-term prosperity and sustainable growth for both nations.