The United Kingdom on Wednesday reviewed Nigeria’s socio-economic landscape and affirmed that the country’s robust economic reforms have opened the path for more investments, economic growth and development.
The United Kingdom’s High Commissioner to Nigeria, Dr. Richard Montgomery, who made the assertion at a press conference to highlight UK-Nigeria economic growth in Abuja, said his country agrees with the World Bank report that Nigeria’s reforms had made the investment climate in the country more transparent and less risky.
The high commissioner pointed out in particular that under the current reforms being spearheaded by the Tinubu administration, the Nigerian economy has recorded more revenue and reduced financial deficits and paved the way for more investors to come and invest in the country.
Montgomery said: The reforms are making Nigerian more investable. We agree with the World Bank Report recently released that the Naira is now more stable and foreign exchange predictability enhances business and investments. Again, foreign reserves are going up and that makes Nigeria less risky for investment.
“Inflation is still high at around 20 percent, and it will take some time to come down. There is a big increase in government revenue and the abolition of fuel subsidy has brought more money for Nigeria. It is almost 90 percent of revenue. The growth rate has risen. These reforms are working and they are making Nigeria more investable,” the High commissioner stated.
But the top diplomat expressed concern over the current insecurity in the country and blamed the situation on the spillover of threats from the Sahel region, particularly, Sudan and Niger.
The high commissioner said however that the UK government was working with the Office of the National Security Adviser in Nigeria to reverse the situation by investing in security infrastructure to reduce it.
The diplomat also raised concerns over cases of visa fraud in the country, pointing out that the situation was responsible for the recent cases of visa rejections.
The envoy urged Nigerian visa applicants to always provide the right supporting documents when applying for the UK visa to enhance their chances of securing their travel documents.
The UK envoy stated the country’s commitment to promoting the areas of interest highlighted in the Enhanced Trade and Investment Partnership (ETIP) between Nigeria and the UK.
He mentioned the key areas under the mandate of the partnership to include education, agriculture, financial services, clean energy, digital technology, and the creative industry.
The diplomat lauded the trade ties between Nigeria and the United Kingdom, which he said currently stand at £7.2 billion and announced that
the exports of hydrocarbons from the UK to Nigeria had reduced and attributed that to the increase in local production.
The high commissioner also announced that the UK had effected a tariff-free export on 3,000 goods from Nigeria, including cocoa, cashew nuts, prawns, and flowers.
Also speaking, the Country’s Director for Department for Business and Trade in Nigeria, Mr. Mark Smithson said the UK and Nigeria share a dynamic, long-standing, and multi-dimensional trade relationship, currently valued at £7.2 billion.
Smithson said: “This partnership is a cornerstone of our broader bilateral ties, driving prosperity, innovation, and collaboration. Nigeria is the UK’s second-largest trading partner in Africa, and the UK’s largest export market, underscoring its strategic importance.
“Since the start of this year, the UK has committed thousands of pounds to various projects via our programmes and our development finance institution. These partnerships contribute significantly to the broader narrative of UK-Nigeria economic growth, aligning with our shared goals for economic transformation, job creation and wealth generation. Some of these recent partnerships include:
“The UK government’s development finance institution, British International Investment plc, last February, partnered Johnvents Group to drive sustainability and growth in Nigeria’s cocoa sector with $40.5m investment. The partnership aims to boost cocoa production, enhance global export capabilities, and create economic opportunities for Nigerian farmers, with a strong focus on sustainability and traceability,” Smithson said.
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