GENEVA (ChatnewsTV) — The United Kingdom on Monday praised Nigeria’s economic progress and called for continued reforms to strengthen trade ties during Nigeria’s Trade Policy Review at the World Trade Organization. The review comes as the UK deepens its economic relationship with Nigeria amid shifting global trade dynamics.
Simon Manley, the UK’s Permanent Representative to the WTO, highlighted the significance of Nigeria’s ongoing economic reforms while urging faster progress, particularly in reducing the influence of state-owned enterprises.
“We applaud Nigeria’s steps toward economic diversification, including efforts in manufacturing and agriculture,” said Manley during the review in Geneva.
“But there is room to go further, especially in ensuring a fair competitive environment for all businesses.”
The UK emphasized Nigeria’s growing importance as a global economic player, noting that the country is projected to become the world’s fifth-largest economy by 2075. Nigeria’s youthful population—over 60% under the age of 25—is seen as a key driver of 21st-century economic growth.
Manley pointed to Nigeria’s recent participation in the African Continental Free Trade Agreement (AfCFTA) as a major step forward. “We congratulate Nigeria on commencing meaningful trade under AfCFTA and look forward to the benefits of the Digital Trade Protocol,” he said, referencing the UK’s support for Nigeria’s digital trade initiatives under the agreement.
The UK’s Foreign Secretary, David Lammy, recently visited Nigeria to launch consultations on a new approach to Africa, culminating in the signing of a UK-Nigeria Strategic Partnership earlier this month. This partnership aims to foster mutual economic growth by reducing trade barriers and enhancing bilateral relations.
Despite these positive developments, Manley addressed concerns from British businesses regarding Nigeria’s economic environment, citing issues such as harmful subsidies, complex regulatory barriers, and market-distorting practices by state-owned enterprises.
“Nigeria has made great strides, but we encourage our colleagues to address these challenges to boost investment and enhance prosperity,” Manley stated.
He also praised Nigeria’s engagement in the WTO, particularly in areas like Dispute Settlement and Fisheries, and applauded the country’s leadership in plurilateral negotiations on e-commerce and investment facilitation.
Manley concluded his remarks with a Nigerian proverb, underscoring the importance of persistence in reform, “Only the things for which you have struggled will last. So let’s keep struggling.”
