The UK has strong and long lasting ties with Nigeria Nigeria is a commonwealth member and shares close ties with the UK through a common language and history. In practice, this means that UK businesses benefit from: • A familiar legal system – the Nigerian judiciary and legal system are based on the UK’s. This simplifies business set up processes and provides guidance in potential disputes. • Trade and investment support infrastructure – the UK is one of 32 countries that has a bilateral investment treaty (including promotion and protection agreement) with Nigeria and it also benefits from EU-Nigeria trade treaties. Private trade associations such as the Nigerian-British Chamber of Commerce also facilitate and promote greater trade and investment between the two countries.
The UK is home to the 2nd largest Nigerian diaspora In 2013, the UK was home to 184,000 of the 1.1 million officially registered first generation Nigerian diaspora, second only to the US (see Figure 6). Around 18,000 Nigerian students come to the UK, which is around 10% of total foreign students to the UK, the third largest after India and China. Nigeria’s diaspora is an asset that can support the UK’s export and investment activity. Our interviews with Nigerian entrepreneurs indicate that diaspora have a keen interest in transferring business ideas and practices from the UK into Nigeria. UK brands are highly regarded and demanded in Nigeria Our interviews with UK companies already operating in Nigeria revealed that Nigerian customers highly regard brands associated with the UK. More established brands such as Guinness, Proctor & Gamble enjoy strong brand recognition across generations of customers and are seen as the guardian of high quality goods and services associated with the UK.