Firstsitenews-The United Kingdom has expressed optimism about Nigeria’s economic trajectory under the administration of President Bola Ahmed Tinubu, citing ongoing reforms as a major boost for investment and financial growth. Speaking during a press conference in Abuja on Wednesday, the British High Commissioner to Nigeria, Dr. Richard Montgomery, commended the Nigerian government's economic strategy, affirming that it has made the business climate more transparent and attractive to foreign investors.
According to Montgomery, the UK's assessment aligns with recent reports from the World Bank, which suggest that the Tinubu-led reforms have improved foreign exchange predictability and strengthened Nigeria's macroeconomic fundamentals. He noted that reforms such as the removal of fuel subsidies and adjustments to the foreign exchange regime have helped stabilize the naira and increased government revenue.
“The economic reforms are clearly making Nigeria more investable. We agree with the World Bank’s position that the new policies have enhanced transparency and reduced the financial risk for investors. The naira is showing more stability, foreign reserves are growing, and businesses now find the environment less unpredictable,” Montgomery stated.
He acknowledged that inflation remains high — hovering around 20 percent — but maintained that these challenges are part of a transitional phase as the reforms begin to take full effect. The envoy pointed out that the removal of fuel subsidies alone has significantly increased government revenue, freeing up resources that can now be redirected into critical sectors such as infrastructure, education, and healthcare.
However, despite the economic progress, Montgomery flagged Nigeria's persistent security challenges as a serious barrier to long-term development and investment. He attributed some of the current instability to the spillover effects of regional crises in countries like Sudan and Niger, which have exacerbated tensions in parts of northern Nigeria.
He assured that the UK is actively collaborating with Nigeria’s Office of the National Security Adviser to bolster national security efforts. “We are working closely with Nigerian authorities, especially the NSA’s office, to support security infrastructure. Our goal is to ensure that investors not only see financial opportunity in Nigeria but also feel safe investing and doing business here,” Montgomery added.
On a different note, the High Commissioner expressed concern about rising incidents of visa fraud by Nigerian applicants. He noted that such fraudulent activities have contributed to a surge in visa rejections, urging Nigerians to ensure they provide accurate and complete documentation when applying for UK visas. “We want to encourage genuine travel and educational exchanges, but we also need applicants to be transparent and honest in their applications,” he concluded.
Post a Comment