The United Kingdom has expressed strong support for Nigeria’s ongoing economic reforms, stating that the measures are already attracting international attention and restoring investor confidence.
British High Commissioner to Nigeria, Dr. Richard Montgomery, disclosed during a press conference on Wednesday, in Abuja, themed UK-Nigeria Economic Growth “Driving Sustainable Trade and Investment.
Montgomery commended President Bola Tinubu’s administration for what he described as “bold and necessary” policy decisions, including the removal of fuel subsidy and the unification of the foreign exchange market.
According to him, the United Kingdom sees Nigeria as a key partner for future trade and investment, citing its large population, bold reforms, and growing role on the global stage.
He listed the removal of the fuel subsidy and the unification of exchange rates as key steps that are already yielding positive results. “These economic reforms are paying off. They are making Nigeria more investable,” he said.
Montgomery acknowledged that while Nigerians are feeling the impact of rising inflation currently in the mid-20% range, there are however signs of economic improvement. “Nigeria’s growth rate is increasing,” he said, noting that GDP growth had risen to 4.5% in the most recent quarter.
He also pointed to a 90% increase in government revenue through better tax management and the end of fuel subsidies. This has allowed more money to be shared with Nigerian states, boosting spending on infrastructure and public services.
The High Commissioner also mentioned the World Bank’s recent economic report on Nigeria, which highlighted improved exchange rate stability and rising foreign reserves as signs of growing investor confidence.
On the UK’s side, Dr. Montgomery explained that his country is undergoing reforms too, under the leadership of Prime Minister Sir Keir Starmer. These reforms aim to attract global investors through lower taxes, regulatory simplification, and a long-term industrial strategy.
He noted that the UK remains a global hub for financial services, legal services, innovation, and the creative industries—all areas with strong potential for collaboration with Nigeria.
To deepen economic ties, the UK and Nigeria are working through a program called the Enhanced Trade and Investment Partnership, ETIP, signed in November 2024. Under this, over 3,000 Nigerian products can enter the UK duty-free through the Developing Countries Trading Scheme.
Dr. Montgomery said five sectors offer the greatest opportunities for mutual growth: financial services, digital technology, creative industries, energy, and health and life sciences. The UK is also prioritizing areas like transnational education, agriculture, and infrastructure through ETIP.
“We are encouraging more Nigerian exports to the UK,” he said. “It builds income here and strengthens the Nigerian economy.”
Also speaking, Country Director of the UK Department for Business and Trade, DBT, in Nigeria, Mark Smithson, described the UK-Nigeria trade relationship as “dynamic, long-standing and multidimensional,” with a current value of £7.2 billion.
He emphasized that “Nigeria is the UK’s second-largest trading partner and largest export market in Africa,” a position that affirms the country’s strategic importance.
Smithson explained that the Enhanced Trade and Investment Partnership, ETIP, signed in February 2024, was “the first of its kind in Africa and one of only two globally,” adding that it is “a truly co-created document designed to foster inclusive growth.”
According to him, ETIP spans eight key sectors and aims to unlock sustainable investment by tackling trade barriers and deepening collaboration between public and private sectors. “We are confident that our partnership will continue to grow and thrive in the years ahead,” he said.
On her part, Director-General of the Presidential Enabling Business Environment Council, Princess Sarah Oduh, said the UK-Nigeria Enhanced Trade and Investment Partnership was a major step toward boosting economic growth in both countries.
She said Nigeria was working to become a more transparent and business-friendly economy, adding that over 200 reforms had been introduced since 2016 to remove bureaucratic barriers and improve how businesses operate.
“We know the work doesn’t stop with reforms on paper. That’s why we are focused on making sure these changes bring real benefits to businesses in Nigeria,” she said.
Oduh mentioned the Business Facilitation Act of 2022, the creation of small claims courts, and the introduction of a regulatory impact analysis framework to guide new policies.
She explained that before any ministry or agency can introduce a new regulation that affects businesses, it must go through strict checks under the council.
She also highlighted the $750 million SABER programme, done in partnership with the World Bank, to support business reforms at the state level.
While noting that challenges such as infrastructure gaps, access to finance, and regulatory delays still exist, she said efforts were ongoing to address them.
“Many investors are not aware of the progress we’ve made. That’s why sessions like this are important—to send a clear message that Nigeria is ready and open for business,” she said.
She added that the UK’s Department for Business and Trade had also participated in a retreat organised by the council and that some of the ideas from that meeting were already being implemented.
