British High Commissioner to Nigeria, Richard Montgomery, has said trade value between Nigeria and Britain, which currently stands at £7.9 billion (₦16 trillion), hit an unprecedented level.

Mr Montgomery stated this on Wednesday in Abuja.

He lauded the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP), which he said boosts trade relations by removing non-tariff trade and investment barriers to foster cooperation in priority sectors.

According to him, the ETIP, which also promotes collaboration with the Developing Countries Trading Scheme (DCTS), would scale the trade value by providing generous trading terms and tariff reductions on Nigerian products.

He said, “So I’m really delighted at our most recent trade figures. The £7.9 billion or N16 trillion, trade is the highest that it’s ever been between the UK and Nigeria. And so, it’s a very positive trajectory. The enhanced Trade and Investment Partnership (ETIP) is exciting because it’s a mutually agreed set of sectors and issues on which the UK and Nigerian governments are going to work. It’s happening under the umbrella of our respective ministers, the federal minister of industry, investment and trade, and the UK business and trade minister.

“The exciting thing about ETIP is, and you’ve used the word ‘leverage’, that’s precisely right. It identifies through mutual agreement the areas that the UK feels it has a comparative advantage in and the areas that Nigeria wants to create more economic opportunities in.”

Mr Montgomery said the UK was not competitive in all sectors but has major advantages in various sectors, including financial services, new technology, financial technology, artificial intelligence and other digital platforms.

The British envoy said that in the creative economy, his country has some advanced manufacturing and advanced energy solutions, which are worth looking at and credible in the Nigerian context.

He said the UK was doing a lot in higher education investments in the Nigerian education sector, as well as in the agricultural sector to boost Nigeria’s agricultural exports, considering its high potential.

“So, the ETIP identifies these priorities and we have ways of following up in each sector with the businesses and the government agencies on both sides that can unlock more investment and growth. The aim is mutual growth; it’s creating jobs in both our countries, and that’s why it’s really important that we realise that ETIP is mutually agreed and negotiated; it’s in both our interests,” he added.

(NAN)