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UK Reaffirms Commitment to Strengthen, Deepen Trade Relation with Nigeria

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The UK has reaffirmed commitment to strengthen and deepen its relationship with Nigeria, as both sides confirmed their shared interest in pursuing a potential Enhanced Trade and Investment Partnership at the eighth and final UK-Nigeria Economic Development Forum (EDF) which held today at the Transcorp Hilton Hotel in Abuja.

The EDF was launched by the former Prime Minister, Theresa May and President Muhammed Buhari in August 2018 and held bi-annually; serving as a platform to address market access barriers, respond to opportunities and challenges of doing business and boost bilateral trade and investment in our two countries.

Since 2018, the EDF has played a crucial role in strengthening the UK-Nigeria trading relationship and through this forum, both countries have been able to unlock finance, facilitate better regulatory link ups, support British and Nigerian businesses and engage on important global issues.

The total trade in goods and services (exports plus imports) between the UK and Nigeria currently stands at £5.5billion. Of this £5.5 billion: total UK exports to Nigeria amounted to £3.3 billion in the four quarters to the end of Q2 2022; while total UK imports from Nigeria amounted to £2.2 billion in the four quarters to the end of Q2 2022.

The agreement in the EDF Memorandum of Understanding (MoU) comes to a close today, and the UK and Nigeria agreed that the Enhanced Trade and Investment Partnership will offer an alternative high-profile mechanism to progress bilateral economic issues of mutual strategic importance, under which both sides will continue to work together to resolve market access issues and enhance economic cooperation.

UK International Trade Secretary, Kemi Badenoch said: “Nigeria is Africa’s largest economy and I’m delighted to see our trade and investment links grow, already worth £5.5 billion. The successes the EDF over the last four years has helped address crucial market access barriers and boosted our exchanges in key sectors such as Legal and Financial Services.

“I welcome the shared interest in exploring an Enhanced Trade and Investment Partnership between our nations that will open up new opportunities for UK and Nigerian business, create jobs and future-proof our economies against a changing world.”

UK Prime Minister’s Trade Envoy to Nigeria, Helen Grant said: “The UK and Nigeria go far when we go together. We are supporting Nigeria on the path to becoming a higher-growth, more inclusive and more sustainable economy as we move towards the 2023 elections.

“This is part of a wider push by the UK to drive a free trade, pro-growth agenda across the globe, using trade to drive prosperity and help eradicate poverty. A potential Enhanced Trade and Investment Partnership would include a series of commitments to tackle non-tariff market access barriers to deliver tangible results for businesses in both the UK and Nigeria“

The UK had recently launched the Developing Countries Trading Scheme (DCTS), one of the most generous preference schemes in the world, with enhanced preferences for Nigeria-UK Trade and Investment. The new scheme which will come into effect in early 2023, will cut tariffs on hundreds of everyday products from developing countries – this will be welcome news to Nigerian exporters.

It will equally extend tariff cuts to hundreds of more products exported from Nigeria and other developing countries, going further than the EU’s Generalised Scheme of Preferences. This is on top of the thousands of products, which Nigeria can already export to the UK duty-free.

Nigeria Minister for Industry, Trade and Investment, Otunba Adeniyi Adebayo CON said: “The EDF has been a fantastic forum and it is important that what comes out of the working group builds upon its principles and strengthens its outcomes.

“I know that both Nigeria and the United Kingdom have exchanged policy papers detailing how they wish to proceed, and I look forward to feedback as both papers are reviewed.

“Increased collaboration with Nigeria and other developing markets is needed to mitigate against both current and potential future supply-chain challenges. To this end, the introduction of the Developing Countries Trading Scheme (DCTS) is warmly welcomed. The reduction in tariffs on hundreds of everyday products should be a win for both Nigerian exporters and UK consumers who are able to access our products at a lower price.

“In 2021, UK exports to Nigeria were said to be $1.64 Billion and Nigerian exports to the UK $1.12 Billion. Not too far apart.

“As we move into 2023 it will be good to see the DCTS grow these numbers. Increasing bilateral trade is key for both nations and the agreement we are forging must strategically promote its increase. We must continue to work together to resolve market access issues and enhance economic cooperation.”


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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British High Commission Reaffirms Strong Ties with Nigeria

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British High Commission in Nigeria has reiterated the strong, long-standing relationship between the United Kingdom and Nigeria following the release of the UK Immigration White Paper earlier today.

A spokesperson for the High Commission stated that the UK remains a top destination for Nigerians seeking opportunities to work, study, visit, and settle, acknowledging the valuable contributions Nigerians make to the UK economy and society.

The White Paper outlines reforms to legal migration, aimed at restoring order, control, and fairness to the system while promoting economic growth.

The spokesperson assured that changes would be gradual, with further engagement between the UK and Nigerian government officials once implementation details are finalized.

“The UK has a proud tradition as an outward-looking nation, investing and trading abroad, and welcoming the creativity, ideas, and diversity of those who come to contribute here,” the spokesperson said.

The UK government has pledged to work closely with Nigerian authorities to ensure a smooth transition as the new immigration policies take effect


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NERC Orders DisCos to Compensate Band A Customers in 557 Streets

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Nigerian Electricity Regulatory Commission (NERC) has directed nine electricity Distribution Companies (DisCos) to compensate Band A customers residing in 557 streets across their franchise areas for failing to meet the minimum power supply requirement under the new electricity tariff regime.

According to NERC, the affected DisCos must implement compensation across 152 electricity feeders due to poor supply in April.

The compensation will be provided through electricity credit or improved power supply, as outlined in the April 2025 Multi-Year Tariff Order.

The directive affects the following DisCos:

Abuja Electricity Distribution Company (AEDC)

Eko Electricity Distribution Company (EKEDC)

Port Harcourt Electricity Distribution Company (PHED)

Kano Electricity Distribution Company (KEDCO)

Kaduna Electricity Distribution Company (KAEDCO)

Ikeja Electric (IE)

Ibadan Electricity Distribution Company (IBEDC)

Benin Electricity Distribution Company (BEDC)

Enugu Electricity Distribution Company (EEDC)

The development follows a tariff hike of over 300% for Band A customers in 2024, which mandated a minimum daily power supply of 20 hours. Despite the increase, many consumers have continued to report poor service delivery, leading to the latest compensation directive.

NERC stated that affected DisCos must upgrade power supply in designated areas or provide electricity credits to customers who experienced service failures.


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SERAP Challenges CBN to Publish Local Government Allocations

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Socio-Economic Rights and Accountability Project has called on the Central Bank of Nigeria to immediately disclose whether it has commenced the direct disbursement of allocations to the 774 local government areas in Nigeria, following the Supreme Court’s landmark judgment nullifying state governors’ control over LGA funds.

In a letter dated 10 May 2025 obtained by our correspondent, addressed to the CBN Governor, Mr Olayemi Cardoso, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the group also demanded that the bank “widely publish the amounts, if any, so far sent directly to each of the local governments” and provide a detailed explanation of any payments already made—particularly to LGAs in Rivers State.

The group stated: “We are writing to request you to use your good offices and leadership position to immediately disclose whether the CBN has commenced the direct disbursement of allocations to the 774 local government councils in Nigeria from the Federation Accounts with the CBN, and to widely publish the amounts, if any, so far sent to each of the local governments.”

This request follows a Supreme Court judgment declaring the practice by governors and the FCT Minister of retaining and disbursing LGA allocations unconstitutional and unlawful.

The court ruled that no governor or agency has the authority to interfere with allocations meant for LGAs from the Federation Account.

Citing this judgment, SERAP argued: “Local government councils are entitled to a direct payment from the Federation Account of the amount standing to their credit in the said Federation Account. States should not be collecting, receiving, spending or tampering with the local government council funds from the Federation Account meant for the benefit of the councils.”

The advocacy group expressed concern that despite the ruling, many state governors have continued to “starve local governments of funds and put them in peril,” thereby undermining their autonomy and capacity to function as the third tier of government.

In the letter, the group warned that if the CBN fails to act within seven days, it would take legal action.

“If we have not heard from you by then, the Incorporated Trustees of SERAP shall take all appropriate legal actions to compel you and the CBN to comply with our request in the public interest,” the letter stated.

SERAP referenced a past revelation by former President Muhammadu Buhari, who in December 2022 described how governors allegedly short-changed LGA chairmen.

“If the money from the Federation Account to the state is about N100 million, N50 million will be sent to the chairman, but he will sign that he received N100 million. The chairman will pocket the balance and share it with whoever he wants to share it with,” Buhari had said.

The organisation argued that the CBN has a constitutional and statutory obligation to protect the financial interests of all tiers of government.

“The CBN ought to act in the public interest to protect the allocations in the Federation Account and the public funds disbursed from that Account directly to each of the constitutionally recognised three tiers of government,” it said.

Highlighting the March 2025 revenue distribution by the Federation Account Allocation Committee, SERAP noted that a total of N1.578 trillion was shared among the three tiers of government. It queried whether the LGAs had received their fair share directly, as mandated by the court ruling.

“Ensuring that all restrictions against direct disbursement of allocations from the Federation Account to the 774 councils are lifted will comply with the orders by the Supreme Court and stop states and the FCT from tampering with the allocations ahead of the 2027 general elections,” SERAP warned.

The group further argued that Nigerians have a legal and moral right to know how their money is being managed, referencing several legal frameworks, including the Nigerian Constitution, the Freedom of Information Act, the African Charter on Human and Peoples’ Rights, and the International Covenant on Civil and Political Rights.

“The public interest in publishing the information sought outweighs any considerations to withhold the information. Nigerians are entitled to the right to receive information without any interference or distortion, and the enjoyment of this right should be based on the principle of maximum disclosure,” SERAP stated.

The group also reminded the CBN that “the Freedom of Information Act is applicable and applies to public records in the Federation, including those kept by the CBN.”


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