The British High Commissioner to Nigeria, Dr. Richard Montgomery, has thrown his weight behind Nigeria’s sweeping economic reforms, asserting that the country is fast becoming a magnet for global investors due to its commitment to structural change and economic openness.
Speaking at a media briefing in Abuja, Montgomery praised recent bold policy shifts—including fuel subsidy removal and foreign exchange unification—as pivotal steps that are improving Nigeria’s investment appeal to British and international businesses. He described Nigeria’s economic transformation as a significant turning point, particularly with its increasing openness to trade, fiscal restructuring, and expanding youth-driven markets.
“Reforms underway in Nigeria are not only essential but are creating a more investable environment,” Montgomery said. “We are encouraged by the prospects and believe the UK has a vital role in this journey.”
Montgomery acknowledged the short-term pains Nigerians are experiencing—especially due to inflation, which hovers around 24%—but maintained a positive outlook. He referenced the World Bank’s recent assessment that highlights strengthening foreign reserves and rising investor confidence in Nigeria as a sign the reforms are already taking root.
“Nigeria’s growth rate is accelerating. We’ve seen average GDP growth of 3.5% over the past year and 4.6% in the most recent quarter, compared to just 2% between 2015 and 2019,” he said. “These numbers reflect real change.”
A standout point in his remarks was the sharp increase in Nigeria’s government revenue—nearly 90% growth—largely attributed to improved tax collection mechanisms rather than increased tax burdens. This fiscal improvement, he said, lays the groundwork for more robust infrastructure investment and stronger public service delivery.
Montgomery also linked these reforms to the UK’s Enhanced Trade and Investment Partnership (ETIP) with Nigeria, signed in November 2024. The agreement, the first of its kind in Africa, aims to foster stronger collaboration in trade, defence, and policy dialogue. He stressed that the UK is keen to support Nigeria across high-growth sectors such as clean energy, healthcare, education, and creative industries.
“In the creative space, Nigeria is booming. Nollywood and Afrobeats are global phenomena,” Montgomery said. “The UK wants to be a partner in this success story.”
The briefing also featured Mark Smithson, UK Country Director for the Department for Business and Trade, who reaffirmed Nigeria’s position as the UK’s second-largest African trading partner, with bilateral trade valued at £7.2 billion. Smithson spotlighted initiatives like the UK-Nigeria Business Dialogue and Creative Industries Working Group, both set up to deepen sectoral cooperation and drive regulatory reforms.
He encouraged Nigerian entrepreneurs to explore the Developing Countries Trading Scheme (DCTS), which grants duty-free access to over 3,000 products in the UK market. “This scheme reduces trade barriers and encourages competitiveness,” Smithson added.
Also present at the event was Princess Zahrah Audu, Director-General of the Presidential Enabling Business Environment Council (PEBEC), who emphasized the Nigerian government’s commitment to investor confidence and ease of doing business. She noted that over 200 business reforms have been implemented, aimed at streamlining business registration, reducing bureaucratic delays, and promoting transparency.
“Nigeria is committed to making its environment more competitive and transparent,” Audu said. “Collaboration with countries like the UK is central to our progress.”
As both nations deepen economic ties, stakeholders say the next few years could witness unprecedented growth in bilateral investment, job creation, and innovation—especially if policy implementation continues with consistency and transparency.
For Nigeria, the path to becoming a true investment hub now appears clearer—backed by reform, driven by partnership, and watched closely by a world ready to invest.