In November 2024, Simon Manley, the UK’s Permanent Representative to the WTO, delivered a compelling statement at Nigeria’s Trade Policy Review in Geneva.
The address emphasized UK-Nigeria bilateral trade, economic reforms, and the importance of the African Continental Free Trade Agreement (AfCFTA) in fostering sustainable and inclusive growth.
UK and Nigeria: A Strategic Partnership
Bilateral Trade and Collaboration
Recent discussions spotlight the UK’s commitment to strengthening ties with Nigeria. Highlights include:
- Strategic Framework: The UK-Nigeria Strategic Partnership, signed on November 4, provides a roadmap for mutual growth.
- Enhanced Trade Agreements: The February 2024 Enhanced Trade and Investment Partnership fosters investment in sectors like agriculture and energy.
David Lammy’s recent visit to Nigeria underscored the importance of trade as a driver for job creation and economic empowerment for both nations.
Nigeria’s Economic Progress and Reforms
Despite global challenges, Nigeria’s economy shows resilience:
- Growth Metrics: Trade’s contribution to GDP rose from 27% to 35% during the review period.
- Sector Diversification: Manufacturing and agriculture are gaining prominence, reducing dependence on oil and gas.
The UK urged Nigeria to intensify reforms, addressing concerns like:
- Market distortions caused by state-owned enterprises.
- Regulatory complexities hindering foreign investment.
The Role of AfCFTA in Nigeria’s Growth
The African Continental Free Trade Agreement (AfCFTA) is pivotal for Nigeria’s economic expansion:
- Nigeria joined the Guided Trade Initiative in July 2024, enhancing its trade capabilities.
- Digital trade protocols, supported by the UK, promise to lower costs and unlock opportunities across Africa’s digital economy.
Statistics on AfCFTA Effects
Metric |
Projected Improvement |
|---|---|
| Reduction in Trade Costs | 17% for goods |
| Increase in Digital Trade | 25% for services |
Success stories like that of Madam Chinwe Izenwa, Nigeria’s first Guided Trade Initiative participant, highlight AfCFTA’s real-world benefits, particularly for women entrepreneurs.
Nigeria and the WTO: A Strong Ally
Nigeria’s active role within the WTO garners recognition:
- Leadership in plurilateral negotiations on e-commerce and investment facilitation.
- Contributions to dispute settlement and fisheries agreements.
The UK praised Nigeria’s balanced approach, ensuring fair outcomes for all members.
Closing Thoughts
The UK commended Nigeria’s economic strides and urged continued reforms to foster a more open business environment. With strategic collaborations like AfCFTA and WTO engagement, Nigeria is well-positioned for sustainable growth.
Sources: THX News, Foreign, Commonwealth and Development Office & Simon Manley CMG.
