A Review of the Nigerian Energy Industry

Nigeria, UK collaborate on power reforms, improved oil sector regulation

27 September 2012, Sweetcrude, ABUJA – THE Nigerian and the UK governments have committed themselves to improved trade relations, power sector reforms and regulatory environment in the oil and gas sector that meet international best practice.

This is the outcome of a meeting between the permanent secretary in Nigeria’s foreign affairs ministry, Dr. Dartin Uhomoibhi and UK Permanent Secretaries, Simon Fraser (Foreign and Commonwealth Office), Mark Lowcock (Department for International Development (DFID), who are in Nigeria on an official visit.

A communique issed at the end of the meeting said the trade volume between
Nigeria and the United Kingdom has risen by 35 percent, from $6.3 billion in 2010 to $8.5 billion in 2011, showing a progress in the bilateral trade between both countries.

According to the communique, the meeting was critical to Nigeria’s economic development, especially given the interest of the international community on the Petroleum Industry Bill, PIB.

The meeting focused on key themes of prosperity, development, security, migration and international affairs, the communique added.

Both Mr. Fraser and Dr. Uhomoibhi agreed that “prosperity for all is at the heart of the bilateral relationship”.

Both parties also agreed that UK aid to Nigeria had significantly helped Nigeria towards meeting the Millennium Development Goals, MDGs, and are committed to make further progress through the strategic partnership.

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