AfCFTA & Brexit: How the U.K plans to deepen trade relations with Nigeria

The United Kingdom is facing critical Brexit talks as the December 31st deadline looms large. Meanwhile, recent data from the National Bureau of Statistics in Nigeria indicates that the UK stands as the leading source of capital investment in the country, accounting for over 40% of total capital inflows. With the African Continental Free Trade Agreement set to kick off in a few weeks, the focus turns to how the UK plans to deepen trade relations with Nigeria moving forward. Helen Grant, the UK Prime Minister's Trade Envoy to Nigeria, sheds light on the strategies in a recent CNBC Africa interview. The appointment of Helen Grant as the trade envoy to Nigeria has been viewed as a strategic move, given her Nigerian heritage. Grant, with a British-Nigerian background, emphasizes the importance of leveraging her deep understanding of both cultures to strengthen business ties between the UK and Nigeria. She highlights the existing strong relationship between the two countries based on shared legal systems, language, time zones, and culture. Grant underscores the significance of trade in the wake of the COVID-19 pandemic, which has impacted economies globally. She emphasizes the need to bolster economic partnerships between the UK and Nigeria, especially in sectors where there is strong synergy. Grant's recent engagements with Nigerian policymakers reflect a commitment to fostering these partnerships amidst the challenges posed by the pandemic. Brexit remains a focal point in discussions, with Grant clarifying that while the UK officially exited the EU in January 2020, the current talks are centered on the end of the transition period. She assures that Nigeria will continue to enjoy preferential trade with the UK, opening doors for new collaborations with non-EU countries. Grant echoes the UK Prime Minister's vision of positioning the UK as Africa's partner of choice and expresses optimism about forming enriching partnerships post-Brexit. Looking ahead to the launch of the African Continental Free Trade Agreement, Grant emphasizes the importance of identifying key sectors for collaboration. She highlights agriculture, legal services, and technology as priority areas where the UK and Nigeria can leverage mutual strengths. Grant's focus on agriculture includes partnerships in dairy and livestock production, while in legal services, she aims to facilitate collaborations between UK and Nigerian law firms through business matching events. The tech sector emerges as a promising area for partnership, with Grant acknowledging Nigeria's robust tech ecosystem and the UK's expertise in the field. She emphasizes the vast opportunities for collaboration in technology, underlining the potential for innovative solutions to emerge from shared initiatives. Grant's visit to an impact hub in Eko Atlantic serves as a testament to the entrepreneurial spirit and innovation thriving in Nigeria, reinforcing the prospects for future collaborations between the UK and Nigeria. In conclusion, the UK's commitment to strengthening trade relations with Nigeria post-Brexit underscores a shared vision of forging dynamic partnerships across various sectors. With a strategic focus on key areas of synergy, both countries are poised to embark on a new chapter of economic cooperation, laying the foundation for mutual growth and prosperity in the years to come.