British government officials have formally endorsed Nigeria’s sweeping economic reforms while announcing expanded trade partnerships that could generate $2.8 billion in bilateral commerce over the next 18 months.
UK High Commissioner Richard Montgomery’s commendation of President Tinubu’s economic restructuring measures signals growing international confidence in Nigeria’s investment climate. The reforms, including foreign exchange liberalization and subsidy removal, have already attracted $1.2 billion in new foreign direct investment since implementation began.
Economic analysts predict these policy changes will boost Nigeria’s ease-of-doing-business ranking by 20 positions within two years, making it more competitive with regional peers like Ghana and Kenya. The World Trade Organisation’s Director-General, Dr. Ngozi Okonjo-Iweala, previously described the reforms as “pivotal in restoring economic stability.”
First Lady Oluremi Tinubu’s Renewed Hope Initiative has emerged as a key driver of women’s economic empowerment, particularly in the informal sector where 65% of Nigerian women operate businesses. The program targets 500,000 women entrepreneurs with access to microfinance, skills training, and market linkages.
“These reforms have created stronger trade partnerships between our countries,” Montgomery stated during his State House visit. “UK businesses are increasingly viewing Nigeria as a preferred investment destination in West Africa.”
Trade statistics indicate UK-Nigeria commerce reached $3.1 billion in 2023, with projections suggesting 40% growth as reforms take full effect. Key sectors driving this expansion include financial services, telecommunications, agriculture technology, and renewable energy infrastructure.
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