With COVID-19 affecting supply chains and disrupting trade and global investment flows, the 3rd ministerial meeting of the United Kingdom-Nigeria Economic Development Forum (EDF) has underscored the priority of both governments to keeping the flow of bilateral trade going and maintain existing investments throughout the crisis as much as possible.
Attended, via video conference Tuesday last week, by Minister of Industry, Trade and Investment, Adeniyi Adebayo and the UK’s Minister for International Trade, Rt. Ranil Jayawardena, the meeting highlighted critical barriers requiring prioritised action that could boost trade between the two countries. Part of the trade-related priorities singled out for further discussion, was the importance of maintaining the freedom of movement of goods and simplifying and automating import/export procedures in line with World Trade Organisation’s commitments to ease cross border trade and increase trade revenues- also boosting Nigeria’s ability to take full advantageof the Africa Continental Free Trade.
In his remarks, Adebayo said: “Making our trade processes more efficient is a priority for us. Reducing the administrative bottlenecks, speeding up steps through technology and innovation are necessary if Nigeria is to meet the standards set by the WTO. Therefore, I am pleased, and look forward to, working with the UK to not only enhance our cross border trade methods, butassist with identifying and bridging gaps to develop our Single window in accordance to global standards.”