Kemi Badenoch indicators first-of-its-kind commerce and funding cope with Nigeria | Politics | News | EUROtoday

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Kemi Badenoch will at present signal a cope with Nigeria to spice up commerce and funding with Britain.

The Business and Trade Secretary has travelled to Abuja to ink the settlement, which is the primary such deal the UK has struck with an African nation.

Mrs Badenoch stated: “This partnership with Nigeria – the UK’s first such settlement with an African nation – will enable us to work collectively and seize the alternatives that lie forward.

“Nigeria has one of many quickest rising economies on the earth.

“UK businesses have already seen huge success here and I look forward to seeing how we continue to grow this relationship.”

The Enhanced Trade and Investment Partnership (ETIP) is aimed at building on the UK and Nigeria’s trading relationship, which was worth £7billion in the year to September 2023.

It will help remove trade barriers, boost investment and unleash opportunities across a range of sectors including legal and financial services, education and energy.

Nigeria’s trade minister Doris Nkiruka Uzoka-Anite said: “The UK is one of our long-standing strategic partners with whom we share strong ties, and it gladdens me that this relationship is set to deepen as we sign the Enhanced Trade and Investment Partnership Agreement.

“This partnership will see Nigeria-UK relations move beyond one of shared history and strong ties to one of shared economic prosperity.

“From growing market entry and supporting our vibrant companies, to creating extra jobs and speed up better investments in sectors of mutual pursuits.”

Nigeria is Africa’s largest financial system and one of many world’s quickest rising economies which is predicted to be within the high 20 by GDP by 2035.

While in Nigeria, the Business and Trade Secretary can even witness the signing of a landmark power settlement between UK-based power agency Konexa and Nigerian energy technology firm North South Power (NSP).

The settlement will allow Konexa to provide Nigerian Breweries PLC with one hundred pc renewable energy, promote sustainable growth and clear power adoption, and result in infrastructure investments of over £14million.

Konexa CEO Pradeep Pursnani stated: “This is a very important milestone for Konexa, North South Power, Nigerian Breweries, and all our investment partners. Over the last few years, Konexa has been working on a disruptive model that matches customer energy demand with renewable energy supply.

“We are looking forward to investing more than £120million in renewable energy generation, transmission, distribution, and battery storage solutions to help our customers transition away from the use of fossil fuel.”