NEPC Signs MOU with UK Government to increase Bilateral Trade
Her Majesty’s Government through the British High Commission in Nigeria (BDHC) signed a Memorandum of Understanding (MoU) to increase Bilateral Trade. Trade among the two countries over the years has been dominated by oil export which has not made any significant impact on the development of the country’s economy. Despite the huge potentials that exist in the non -oil export sector, both countries are yet to optimally exploit this opportunity.
Under the MoU the U.K Government through the Prosperity Fund Global Trade Programme (GTP) 2019 – 2021 will provide Nigeria with technical assistance to boost economic growth and combat poverty for sustainable development. This will be implemented through capacity building aimed at preparing Nigerian businesses to effectively trade efficiently with the world – including the UK. This was disclosed by the Executive Director/CEO of NEPC, Mr. Olusegun Awolowo at the signing ceremony of the MoU in Abuja.
The Global Trade Programme is funded by the UK Prosperity Fund to provide Technical Assistance and Support to facilitate free trade and open market for target middle income countries which include, Nigeria, Brazil, Mexico, South Africa, Indonesia, Vietnam, Turkey, China and India.
Both countries are committed to achieve the objective set out in the MoU through the following interventions:
- Training and Technical Support for Export Capacity Building
- Market Access and Business Linkages.
- Implementing Single Window System
- Development of Goods Clearance Plan
- National Quality Infrastructure & Certification
The overall objective is to forge a strategic collaboration towards increasing bilateral trade between Nigeria and UK.