The United Kingdom has launched two economic reform programmes worth £12.4m to support Nigeria’s macroeconomic stability, fiscal resilience, and private-sector growth.
The Head of Development Cooperation at the British High Commission, Cynthia Rowe, said at the launch of the initiatives – the Nigeria Economic Stability and Transformation programme (NEST) and the Nigeria Public Finance Facility (NPFF) on Thursday in Abuja that the unveiling marked “an important step in the partnership between the UK and Nigeria”.
She said the programmes, valued at £12.4m, were designed to strengthen reforms and were aligned with the government’s economic priorities.
“Together, these programmes signal a coherent and long-term UK commitment to Nigeria’s economic trajectory, from stabilisation to reform and to growth,” she stated.
Rowe explained that programme, worth £4.9m, would support macroeconomic stability, improve the quality of reforms and advance diversification, while NPFF, valued at £7.5m, would back tax policy, public expenditure management and debt strategy.
She said the programmes would work alongside the upcoming UK-Nigeria Growth Programme to support market-creating reforms and make Nigerian firms “more productive, more competitive, and export-ready”.
Representing the Federal Government, the Special Adviser to the President on Finance and the Economy, Sanyade Okoli, expressed appreciation for the support.
“A huge thank you to the British government for steadfast support and enduring commitment to Nigeria’s development,” she said.
Okoli stressed alignment with the government’s growth plan.
“These programmes were both timely and strategic. This is the kind of support that is required to enable us to achieve that (government’s growth plan),” she said, adding that the initiatives reflected “true partnership and true desire to see Nigeria move forward”.
The British Deputy High Commissioner in Lagos, Jonny Baxter, said the UK viewed the engagement “as a whole, as a package”, covering development finance and commercial opportunities.
He said the approach reflected “a modern partnership… driven by a functioning economy, a successful economy, which fundamentally depends on the private sector”.
GIK/APA