The United Kingdom and Nigeria have reached a significant economic milestone as bilateral trade between the two countries has climbed to an impressive £7.2 billion. This achievement underscores Nigeria’s rising importance as a strategic economic partner to the UK, now ranked as the UK’s second-largest trading partner in Africa and the leading African market for British exports.
British High Commissioner to Nigeria, Dr. Richard Montgomery, shared the development at the UK-Nigeria Economic Growth Press Conference in Abuja. He described the commercial relationship as “dynamic, enduring, and multi-dimensional,” noting that the deepening economic ties also serve to reinforce diplomatic cooperation between the two nations.
Strategic Partnership Under ETIP Framework
Central to this expanding alliance is the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP), a landmark agreement signed in February 2024. It represents the UK’s first and only bilateral trade and investment framework with an African country. According to Dr. Montgomery, ETIP was developed collaboratively to promote inclusive and long-term economic advancement.
The agreement aligns closely with Prime Minister Keir Starmer’s economic growth policy and President Bola Tinubu’s 8-Point Economic Agenda, both of which prioritize job creation, sustainable development, and broad-based economic reforms. “This partnership reflects the UK’s intent to deepen its engagement in Nigeria’s growth story,” Montgomery stated. “It addresses practical barriers to trade—such as import licensing hurdles, customs inefficiencies, and quality compliance issues—while also encouraging public-private collaboration.”
Targeted Sectors and Institutional Alignment
The ETIP strategy encompasses eight high-priority sectors: clean growth, education, healthcare and life sciences, creative industries, agriculture, finance and financial services, legal and investment services, and regulatory cooperation, which includes trade facilitation, intellectual property rights, and technical standards.
Dr. Montgomery revealed that the UK government has been working closely with Nigeria’s Federal Ministry of Industry, Trade and Investment (FMITI) and other national bodies such as the Presidential Enabling Business Environment Council (PEBEC) to implement the provisions of the agreement.
Among ETIP’s early outcomes are several strategic initiatives: the UK-Nigeria Business Dialogue, which fosters corporate-level cooperation; the Transitional Education Guidelines (TNE), which create pathways for UK academic institutions to establish a presence in Nigeria; and the Creative Industries Working Group, jointly led by UK Prime Minister’s Trade Envoy to Nigeria, Florence Eshalomi MP.
British Firms Driving Nigeria’s Economic Transformation
Dr. Montgomery emphasized that British companies are increasingly involved in sectors critical to Nigeria’s economic and social development. “Across clean energy, UK firms like Konexa, Ryse Energy, and Stemaco are delivering renewable energy solutions that are both sustainable and scalable,” he noted.
In the healthcare sector, British companies are playing an instrumental role in upgrading Nigeria’s medical infrastructure. Noteworthy among them is Elephant Healthcare, which is partnering with the Kaduna State Government to digitalize its public primary healthcare system. This initiative is expected to enhance access and improve service delivery across the state.
The impact of UK investment also extends to Nigeria’s transport landscape. The UK has supplied rolling stock to the Lagos Metropolitan Area Transport Authority (LAMATA), contributing to the state’s broader transport modernization goals. In addition, efforts are ongoing to introduce electric mobility systems across Lagos, aimed at cutting emissions and improving urban transportation.
Education and Culture at the Forefront
Dr. Montgomery also pointed to a surge of interest from UK educational institutions. Following the recent entry of Charter House and Rugby School into the Nigerian education market, more British universities are expected to announce their presence in the country soon.
Education, he noted, forms one of the strongest pillars of UK-Nigeria relations, not only in terms of student exchanges but also institutional investment. “The arrival of top-tier UK schools signals a renewed commitment to raising education standards and creating more learning opportunities for Nigerian students,” he said.
The cultural and creative industries are another key focus of the ETIP agreement. The Creative Industries Working Group seeks to tap into Nigeria’s global cultural influence while leveraging the UK’s mature creative economy. New partnerships are being explored in music, fashion, film, and digital media, with the goal of boosting innovation and generating employment.
A Long-Term Vision for Shared Prosperity
Looking ahead, Dr. Montgomery reaffirmed the UK’s long-term commitment to deepening its economic partnership with Nigeria. He emphasized that British companies will continue to play a pivotal role in unlocking opportunities and driving sustainable development across key sectors.
“This goes far beyond trade. We are laying the foundation for a partnership built on inclusiveness, innovation, and long-term growth,” he said.
With the ETIP framework serving as a roadmap for increased economic engagement, sectoral collaboration, and technical cooperation, both countries are charting a new path in bilateral relations. As Nigeria solidifies its position as a top African market for British exports, the UK continues to view the West African powerhouse as a cornerstone of its African trade strategy.
“This is a partnership built not just on numbers, but on mutual values and shared ambitions,” Dr. Montgomery concluded.
