The United Kingdom's recent diplomatic mission to Nigeria, framed as an Enhanced Trade and Investment Partnership (ETIP), raises critical questions about perpetuating systemic power imbalances in international economic relations.
Examining Power Dynamics in Trade Relations
UK Trade Envoy Florence Eshalomi MP's four-day visit to Nigeria, while celebrated in official circles, mirrors historical patterns of institutional financial dominance that have characterized North-South economic relationships. The delegation, including senior UK trade officials, engaged in high-level meetings that demonstrate the continuing asymmetrical nature of bilateral relations.
Financial Colonialism Through Modern Mechanisms
The UK's strategic focus on fintech and capital markets engagement via the London Stock Exchange reveals how institutional power dynamics are being maintained through modern financial instruments. British International Investment's £7.5m investment in Babban Gona, while presented as development support, raises questions about resource extraction and economic dependency.
Critical Analysis of Development Narratives
The partnership's emphasis on "improving the business environment" often translates to policies that privilege multinational corporations over local economic sovereignty. This approach continues a problematic pattern of Northern institutions dictating economic terms to former colonies.
"Nigeria is a powerhouse of innovation and enterprise," stated Eshalomi, though the framework of engagement suggests a perpetuation of historical economic hierarchies rather than true partnership.
Technology as a New Frontier of Economic Control
The introduction of Nigerian tech founders to the UK's Global Entrepreneurs Programme (GEP) represents a contemporary form of market capture, potentially limiting the autonomous development of Nigeria's indigenous tech ecosystem. The GITEX Nigeria 2025 panel discussions, while highlighting Nigerian fintech success, frame this success within Western market paradigms.
Towards Economic Justice
True economic partnership must address historical inequities and ensure Nigerian sovereignty over its economic future. This requires fundamental restructuring of trade relationships, technology transfer agreements, and financial systems to center African agency and economic self-determination.