Abuja, 28 March 2022 (TDI): Today, the Minister of Foreign Affairs of Nigeria, Geoffrey Onyeama received the British Prime Minister Trade Envoy to Nigeria, Helen Grant. The discussion was around the topic of investment opportunities, especially about the creative industry of Nigeria.
Grant also welcomed the strong engagement of Nigeria at the UN Climate Change Conference (COP26); and their efforts to implement net-zero commitments. The Envoy then added that both also discussed the situation in Ukraine️; where they included the humanitarian impact of the invasion.
BACKGROUND OF NIGERIA-UK RELATIONS
Nigeria achieved independence from the protectorate status of the United Kingdom in 1960. Shortly after its independence Nigeria entered the Commonwealth of Nations. Furthermore, Nigeria has a High Commission in London, and the current High Commissioner is Sarafa Tunji Isola.
On the other side, the United Kingdom has a High Commission in Abuja and a deputy high commission in Lagos. The Current British High Commissioner to Nigeria is Catriona Lang and the Deputy High Commissioner is Gill Atkinson.
ECONOMIC OVERVIEW AND RELATIONS BETWEEN BOTH COUNTRIES
The creative industry is a rising star in Nigeria’s economic development. Last year, Jobberman, Nigeria’s top career platform, has released a new report which shows that the creative industry is positioned as the country’s second-largest employer, with the potential to create 2.7 million jobs by 2025. In addition, it will contribute 5 trillion Naira to the country’s GDP.
According to such a trend, the Nigerian government is looking for more and more international investment in this field as a creative industry can contribute to solving the problem of employment and promoting sustainable growth in the economy.
Britain has always been a significant economic partner with Nigeria. Nigeria is the second-largest African market for UK goods. According to the data from the British government, in the 12 months ending September 2021, the total trade in goods and services between the UK and Nigeria was worth £3.5bn, an increase of 1.9% from the previous year.
Corresponding with the needs of the creative industry’s development, the British government attaches great attention to economic diversification in its economic cooperation with Nigeria, especially to those high-tech fields including technology and science.
Without a doubt, the development of the creative industry is inseparable from the progress of digital construction and the Internet communication industry. And additionally, the British creative industry is a mature and ever-increasing sector at home, which can provide experience to Nigeria.
WEBINAR SERIES HOSTED BY THE MINISTRY OF INTERNATIONAL TRADE
Before this meeting, Nigeria’s Ministry of International Trade has already co-hosted a series of online webinars. For example, one with the British Council, and with Henley Business School, Afri Olly. The Ministry has also hosted a webinar with the British Film Institute (BFI); and the British Recording Industry (BPI) in 2021.
The reason for the webinars was to discuss bilateral cooperation on the investment of Nigeria’s creative industry; especially in three main sectors which were music, film/TV, and fashion/beauty. British and Nigerian stakeholders have been committed to generating the great potential of creative industries since then.
