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The United Kingdom and Nigeria have launched the UK-Nigeria Economic Diversification Dialogue, a high-level forum aimed at boosting trade and investment in Nigeria’s non-oil sectors as part of the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP). The dialogue, held in Abuja, serves as a strategic follow-up to the recently concluded Developing Countries Trading Scheme (DCTS) Roadshow in Kano and Lagos. It brought together senior government officials, trade experts, and private sector leaders from both nations to explore opportunities in agriculture, manufacturing, and digital services. According to the UK Government, the initiative is part of ongoing efforts to deepen bilateral economic ties, which reached an estimated £7.9 billion in trade in the 12 months ending March 2025. Speaking at the event, the British Deputy High Commissioner to Nigeria, Mr. Jonny Baxter, reaffirmed the UK’s commitment to supporting Nigeria’s economic diversification agenda through the Developing Countries Trading Scheme (DCTS). The DCTS, introduced to facilitate trade between the UK and developing economies, offers tariff reductions and simplified trade rules to encourage exports. Under the scheme, more than 3,000 Nigerian products are eligible for enhanced market access, including agricultural and agro-processed goods such as ginger, cocoa, sesame seeds, cashew nuts, soya beans, and textiles. “Today’s dialogue marks a significant milestone in the UK-Nigeria partnership. It reflects our shared commitment to driving inclusive, sustainable economic growth through strategic export diversification”, Baxter said. “By working together government to government and with the private sector through our market development programmes like Propcom+, we are unlocking new opportunities for trade, investment, and innovation across key sectors,” he added. Baxter emphasised that the UK would continue to be a steadfast partner in supporting Nigeria’s efforts to stimulate growth, particularly through initiatives that improve export readiness and compliance with international standards. Representing the Permanent Secretary of the Federal Ministry of Industry, Trade and Investment, Ambassador Abba Nura Rimi, the Director of Trade and Investment, Mrs. Orji Gertrude, highlighted the importance of the DCTS in Nigeria’s drive to reduce dependence on oil revenues. “This DCTS initiative comes at a critical time when Nigeria is intensifying efforts to diversify its export base beyond oil and strengthen its participation in global value chains,” Gertrude said. She noted that to fully harness the benefits of the scheme, Nigerian stakeholders must deepen their understanding of key trade instruments such as rules of origin, documentation requirements, product standards, and trade facilitation procedures. “Through partnerships like this with the UK’s Department for Business and Trade (DBT), we aim to reduce barriers to trade, improve competitiveness, and ensure that Nigerian products meet international market standards,” she added. The dialogue, which forms part of the broader Enhanced Trade and Investment Partnership (ETIP) framework, seeks to strengthen collaboration between both countries on policy, trade facilitation, and investment promotion. Discussions also focused on promoting innovation in Nigeria’s digital economy, a fast-growing sector seen as key to driving future growth and employment. Both governments reaffirmed their shared commitment to building resilient, diversified, and inclusive economies, pledging continued collaboration, knowledge exchange, and policy innovation to strengthen bilateral trade. The event ended with a joint call to action for closer engagement between government and private sector stakeholders, particularly in enhancing export standards, supporting small and medium-sized enterprises (SMEs), and leveraging new market opportunities in the UK. The Enhanced Trade and Investment Partnership between Nigeria and the UK, launched in 2024, represents a significant shift toward mutual prosperity. It builds on decades of bilateral relations, focusing on non-oil growth, job creation, and technology transfer. With the DCTS offering Nigerian businesses a competitive edge in the UK market, stakeholders at the event expressed optimism that the initiative will help boost export volumes, attract foreign investment, and reinforce Nigeria’s position as a major economic player in Africa. ALSO READ TOP STORIES FROM NIGERIAN TRIBUNE
