The United Kingdom (UK) and Nigeria have held trade and investment talks at the Economic and Development Forum (EDF) in London, to promote trade and boost a partnership worth over £3 billion.

At the forum, both countries marked increased support for small and medium-sized enterprises in Nigeria including the UK Manufacturing Africa programme, which has helped 12 firms in Nigeria to secure foreign investment.

It is expected that the conclusion of these deals will generate over $300 million in foreign direct investment (FDI) for Nigeria and directly create 5,000 jobs.

The UK and Nigeria agreed to start discussions on an Enhanced Trade Partnership (ETP) to strengthen trade and bring high-value investment across both countries.

According to the discussions, an official working-level group will be set up to explore the benefits of an ETP in priority sectors as it is expected to build on long-standing economic ties between the UK and Nigeria which is already worth £3.2 billion in 2021.