UK’s top diplomat in Abuja, has said that Nigeria’s sweeping economic reforms are beginning to pay off, attracting fresh waves of British investments and marking a turning point in the relationship between the two nations.
British High Commissioner Richard Montgomery said investor confidence is rising despite the pain caused by inflation and currency instability. Bilateral trade has climbed to a record £7.9 billion ($9.9 billion), making Nigeria one of the UK’s most important partners in Africa.
“Nigeria does not want a donor; it wants a partner,” Montgomery told Business Day in an interview. “That is precisely the role the UK seeks to play.”
The remarks follow last year’s visit by then-UK foreign secretary David Lammy, who chose Nigeria as his first stop in Africa. That trip led to a landmark strategic partnership signed by President Bola Ahmed Tinubu and Foreign Minister Yusuf Tuggar, covering trade, migration, defense, and foreign policy cooperation.
At the heart of this relationship is the Enhanced Trade and Investment Partnership (ETIP), a framework designed to align regulations, expand market access, and unlock investment across sectors including technology, finance, agriculture, clean energy, and higher education.
Montgomery acknowledged that Nigeria’s economic overhaul — which includes tough fiscal measures, currency reforms, and tighter monetary policy — has created short-term hardship. But he pointed to key indicators showing progress: inflation has fallen from over 30% to near 20%, foreign reserves have risen to $42 billion, and state governments are receiving larger fiscal allocations.
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British International Investment (BII), the UK’s development finance arm, now manages nearly £700 million ($935 million), in Nigerian projects, ranging from agribusiness and renewable energy to small business financing. The UK has also pledged $7.5 million to boost agricultural productivity and help Nigerian products meet export standards.
Trade potential remains strong, with more than 3,000 Nigerian goods enjoying tariff-free access under Britain’s Developing Country Trading Scheme. Montgomery, however, urged Nigeria to address non-tariff barriers such as packaging and certification standards to fully capitalize on UK market opportunities.
Security remains a key pillar of bilateral cooperation, with the UK providing training, intelligence support, and equipment for Nigeria’s counterterrorism operations in the northeast.
Despite challenges, Montgomery said the UK is committed to a long-term partnership. “These reforms are difficult, but they are the right path. Nigeria has the scale and ambition to become a major growth engine for Africa — and the UK intends to be part of that journey.”
Africa Daily News, New York
