The British High Commissioner to Nigeria, Richard Montgomery, has lauded ongoing economic reforms in Nigeria, describing them as key drivers for the country’s growing potential as an investment hub.
Montgomery told a news conference in Abuja that the reforms underway are making Nigeria increasingly an attractive destination for foreign investments, particularly from the United Kingdom.
Outlining three critical areas of focus: the High Commissioner noted the positive assessment of Nigeria’s economic reforms, updates on the UK’s economic reforms, and a roadmap for enhancing trade and investment relations between both countries.
He stated that Nigeria’s economic transformation is essential for unlocking more investment opportunities for both nations.
“First, I want to highlight our positive assessment of the economic reforms and changes underway in Nigeria,” Montgomery said. “These reforms are making Nigeria more investable, and we are seeing strong prospects for Nigeria’s growth.
With the country’s large and growing population, along with its bold economic policies, Nigeria is becoming an increasingly important partner for the UK in Africa.”
The High Commissioner pointed to Nigeria’s bold moves, such as the abolition of the fuel subsidy and the unification of the exchange rate system.
Although these measures have been tough on the ordinary citizen, with inflation still hovering around 20 per cent, Montgomery expressed optimism for the future.
“Inflation is still high, around the mid-20 per cent range, and it will take time to bring it down,” he explained. “However, we believe the rate will decrease in the coming months and years. The World Bank’s recent economic update on Nigeria reinforces this positive outlook, showing that Nigeria’s foreign exchange reserves are rising, making the country less risky for investment.”
Montgomery also commended Nigeria’s improvement in government revenue collection, which has surged by almost 90 per cent.
He noted that this increase is largely due to better tax administration rather than higher tax rates. The revenue boost, he said, is helping to reduce fiscal deficits, thereby enabling greater investment in infrastructure and public services.
“Most importantly, Nigeria’s growth rate has ticked up significantly,” Montgomery remarked. “Between 2015 and 2019, the average growth rate was about 2 per cent, but in the last 12 months, it’s been around 3.5 per cent, and in the most recent quarter, it’s even higher, at 4.6 per cent. These reforms are working, and they are making Nigeria more attractive for business investments.”
Montgomery highlighted the role of the UK’s economic reforms in complementing Nigeria’s progress. He emphasised that the UK is now offering a more predictable environment for investment, with measures aimed at simplifying regulations and reducing the cost of doing business.
“The UK economy has unlocked billions of pounds in investments, particularly in growth sectors like technology, infrastructure, and energy,” local media reports quoted the envoy as saying.
He also touched on the strategic partnership between Nigeria and the UK, which was formalised in November 2024 through the signing of a trade and investment agreement.
This partnership is designed to foster collaboration in several areas, including security, defence, foreign policy dialogue, and enhanced trade and investment relations.
GIK/APA