The British government has commended Nigeria’s evolving economic landscape, describing the country as increasingly attractive for investment and trade opportunities. This was revealed by the British High Commissioner to Nigeria, Richard Montgomery, during a press briefing held in Abuja at the UK-Nigeria Economic Growth Conference, themed “Driving Sustainable Trade and Investment.”
Montgomery emphasized that recent economic reforms implemented under President Bola Tinubu’s administration have played a key role in enhancing Nigeria’s investment profile.
“Nigeria is becoming a more viable destination for global investors,” Montgomery stated. “We’re seeing a more stable naira, stronger foreign exchange reserves, and an improved business climate—all of which reduce the risks associated with investing in Nigeria.”
He further noted that many Nigerian states have experienced a significant boost in revenue, pointing to signs of economic recovery and potential for substantial job creation, despite current inflation levels.
Investor Confidence on the Rise
The High Commissioner underlined that the UK recognizes Nigeria’s strategic value not just in Africa but also on the global stage, making it a key economic partner. “Our engagement goes beyond diplomacy—we are investing in a long-term economic partnership,” Montgomery said.
He explained that the UK is actively working with the Nigerian government to expand job opportunities, generate wealth, and promote inclusive development. He also outlined three foundational pillars guiding UK-Nigeria trade relations: economic reform alignment, market accessibility, and long-term investment sustainability.
Enhanced Trade Framework Strengthens Bilateral Ties
Also speaking at the event, Mark Smithson, Country Director for the UK’s Department for Business and Trade in Nigeria, said the Enhanced Trade and Investment Partnership (ETIP) remains central to the UK’s bilateral strategy with Nigeria.
Smithson highlighted that Nigeria is the UK’s second-largest trading partner in Africa and holds the top spot as the UK’s largest export destination on the continent.
“In February 2024, we signed the Enhanced Trade and Investment Partnership with Nigeria—the first in Africa and one of only two such agreements worldwide,” he said. “This agreement reflects Nigeria’s strategic economic importance and is aligned with both Prime Minister Rishi Sunak’s growth agenda and President Tinubu’s eight-point economic plan.”
Smithson explained that ETIP is a joint framework developed to promote inclusive economic growth, reduce trade barriers, and support mutual prosperity through sustainable development initiatives.
