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….Bilateral trade hits £7.2bn amid rising confidence in Tinubu’s policies
The United Kingdom has reaffirmed its confidence in Nigeria’s economic trajectory, declaring that President Tinubu’s sweeping reforms are boosting investor confidence and transforming the country into a strategic hub for British trade and investment.
Richard Montgomery, British High Commissioner to Nigeria, gave the remarks during a press briefing in Abuja on Wednesday, where he described Nigeria as “an increasingly important country and anchor in the region,” due to its economic policy overhaul, population growth, and assertive presence on the global stage.
“Our headline today is that these economic reforms are paying off. They are making Nigeria more investable.
“I realise that some of these reforms for ordinary people are painful. Inflation is still high in the 20% territory, and. It’s going to take time to bring that down, but we can see very good prospects for that rate coming down in the coming months and years,” Montgomery said.
“We are already seeing renewed interest from UK investors and businesses,” he added.
Montgomery praised the abolition of fuel subsidies and the unification of exchange rates, citing improvements in macroeconomic stability. “The naira is now more stable. Foreign exchange reserves are up. Predictability is returning to the market—and predictability enables investment,” he said.
He referenced the World Bank’s latest economic update on Nigeria, which highlighted increased government revenue, a reduction in fiscal deficits, and improved state-level funding. “Federal allocations to states have doubled, enabling more infrastructure and public service investment,” he noted.
Recent economic indicators also show rising business confidence. Nigeria’s GDP grew by 3.84% in the last quarter of 2024. The Purchasing Managers Index is climbing, pointing to expansion and job creation, Montgomery said.
Trade between the UK and Nigeria now stands at £7.2 billion and is expected to grow under the Enhanced Trade and Investment Partnership (ETIP), a framework signed in 2024 to strengthen bilateral commercial ties.
Montgomery identified financial services, technology, energy, healthcare, and creative industries as key growth areas, while also highlighting agriculture and education as priorities for UK engagement in Nigeria.
“The UK has removed tariffs on over 3,000 Nigerian export products. We are determined to support Nigeria’s growth story and create win-win outcomes,” he said.
He also outlined Britain’s own reform agenda—centered on tax competitiveness, regulatory simplification, and long-term investor confidence—as a model for global partnerships.
“This is about building lasting prosperity. The UK is ready to walk with Nigeria, step by step,” Montgomery stressed.
In his remarks, Mark Smithson, UK Country Director for the Department for Business and Trade (DBT) in Nigeria, reinforced Britain’s commitment to deepening trade ties with Nigeria, describing the current £7.2 billion partnership as “vibrant, multidimensional, and strategically vital.”
He highlighted that Nigeria is the UK’s second-largest trading partner in Africa and its largest export market on the continent.
“This underscores why, in February, we signed the Enhanced Trade and Investment Partnership (ETIP)—the first of its kind in Africa and one of only two globally,” Smithson stressed.
ETIP, he noted, was co-created with the Nigerian government and aligns closely with both President Tinubu’s economic agenda and UK Prime Minister Keir Starmer’s growth strategy.
“It’s not just a paper commitment. It’s a working framework to drive job creation, boost investment, and remove trade barriers like complex customs procedures and quotas,” he said.
Smithson highlighted the eight key sectors targeted under ETIP, including clean growth, education, creative industries, agriculture, finance, legal services, and regulatory cooperation. “We are already seeing results,” he added, citing the launch of the UK-Nigeria Business Dialogue and the creation of a Creative Industries Working Group co-chaired by UK Trade Envoy Florence Eshalomi MP.
UK firms are also making ground-level impact, he said. “Companies like Konexa and Stomaco are delivering clean energy projects, Elephant Healthcare is digitising public health systems in Kaduna, and UK educational brands like Charterhouse have arrived—with more on the way.”
He also revealed that more than 90 Nigerian startups have registered to attend this year’s London Tech Week, Europe’s largest technology gathering, highlighting the growing synergy in digital innovation.
“This is just the beginning. Both our economies stand to benefit enormously,” Smithson told journalists.
Also speaking, Zahrah Audu, Director-General of the Presidential Enabling Business Environment Council (PEBEC), reinforced Nigeria’s commitment to creating a transparent, competitive, and investor-friendly economy.
She described the Enhanced Trade and Investment Partnership (ETIP) as a vital platform to deepen bilateral cooperation and reduce longstanding trade barriers.
“The United Kingdom remains one of the most innovative economies in the world,” Audu said. “Nigeria, with its large population and dynamic entrepreneurial base, stands as a strategic partner for bilateral economic growth.”
She emphasised that since PEBEC’s inception in 2016, it has led over 200 reforms aimed at removing bureaucratic bottlenecks, enhancing transparency, and improving Nigeria’s global business competitiveness.
Audu pointed to recent milestones such as the Business Facilitation Act of 2022, the rollout of the Regulatory Impact Analysis (RIA) Framework, and the establishment of small claims courts to accelerate commercial dispute resolution for MSMES.
She noted that the RIA, introduced under her leadership, ensures all new business-related policies undergo rigorous scrutiny before implementation — a move she said mirrors the UK’s regulatory simplification agenda.
“Our work at the federal level is being matched by coordinated efforts across states,” Audu added, citing the $750 million State Action on Business Enabling Reforms (SABRE) program supported by the World Bank.
While acknowledging continued challenges — including infrastructure gaps, access to finance, and lingering perception issues — Audu said proactive communication, like the UK-Nigeria dialogue, helps reset global narratives about doing business in Nigeria.
PEBEC’s collaboration with the UK High Commission’s business and trade unit, she said, has already yielded results.
“Together, we can scale impact and ensure our economic partnerships deliver measurable benefits for businesses and citizens alike,” she stated.
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