The British High Commissioner to Nigeria, Richard Montgomery, has expressed strong support for Nigeria’s ongoing economic reforms, calling them key to unlocking the country’s growing appeal as an investment destination.
During a press briefing in Abuja, Montgomery said the reform measures are significantly improving investor confidence and positioning Nigeria as a promising hub, particularly for investors from the United Kingdom.
He stated that Nigeria’s economic transformation is essential for unlocking more investment opportunities for both nations, as it lays the foundation for deeper economic collaboration.
Montgomery also highlighted three key focus areas during his address: a positive evaluation of Nigeria’s current economic changes, updates on the UK’s economic reforms, and a forward-looking plan aimed at strengthening trade and investment ties between both nations. According to him, these measures already yield results, positioning Nigeria as a more “investible” nation.
The High Commissioner pointed to Nigeria’s bold moves, such as the removal of the fuel subsidy and the consolidation of the exchange rate, acknowledging that while these steps have been challenging for everyday Nigerians, especially with inflation still hovering around 20 percent, there is reason to remain hopeful
He explained that “Inflation is still high, around the mid-20 per cent range, and it will take time to bring it down. 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 applauded Nigeria’s improvement in boosting government revenue, noting a nearly 90 per cent increase in collections, a development he described as a significant improvement.
He stated that this surge is due to better tax administration rather than higher tax rates. He explained that this boost is helping to reduce fiscal deficits and free up funds for vital infrastructure and public service investments.
Montgomery noted, “Most importantly, Nigeria’s growth rate has ticked up significantly. 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.”
He also pointed to the role of the UK’s economic reforms in complementing Nigeria’s progress. He emphasized that the UK is now offering a more stable, investor-friendly environment through regulatory simplification and lower business costs.
Montgomery also outlined the UK’s trade and investment strategy with Nigeria, identifying key sectors for deeper collaboration between the two countries, including clean growth, education, healthcare, life sciences, and the creative economy.
He emphasized that UK businesses are already making significant strides in Nigeria, particularly in the energy, healthcare, and transport sectors.
Montgomery acknowledged the rapid growth of Nigeria’s film and music sectors and expressed the UK’s interest in leveraging this momentum to foster stronger creative industry partnership. He stressed the need for continued UK-Nigeria collaboration, highlighting the Enhanced Trade and Investment Partnership as a key effort to eliminate non-tariff barriers, strengthen regulations, and promote long-term trade opportunities.
Following Montgomery’s address, Mark Smithson, the UK Country Director for the Department for Business and Trade in Nigeria, highlighted Nigeria’s growing relevance within the UK’s trade agenda. He noted the strong and enduring trade ties between both nations, pointing out that their bilateral trade is currently valued at £7.2 billion, making Nigeria the UK’s second-largest trading partner in Africa.
Smithson pointed to milestones like the launch of the UK-Nigeria Business Dialogue and the formation of the Creative Industries Working Group, while urging Nigerian businesses to take advantage of the Developing Countries Trading Scheme, which offers tariff-free access to over 3,000 products to boost bilateral trade.
Princess Zahrah Audu, Director-General of the Presidential Enabling Business Environment Council (PEBEC), also spoke at the event, reaffirming Nigeria’s dedication to fostering a transparent and competitive business environment. She stated that they are working closely with the UK to ensure these reforms lead to tangible results for businesses.”
She noted that PEBEC has driven over 200 pro-business reforms aimed at boosting investor confidence and improving the ease of doing business.
