The United Kingdom has reaffirmed its commitment to boosting economic ties with Nigeria, with both countries highlighting a shared agenda for sustainable trade and investment.
Speaking at a press conference in Abuja, the British High Commissioner to Nigeria, Dr. Richard Montgomery, described Nigeria as an "anchor country" for the UK in Africa, and a key partner in global economic development.
Montgomery said Nigeria's ongoing economic reforms are beginning to yield results, making the country more attractive to international investors.
"The UK sees growing opportunities in Nigeria for a combination of reasons, but the main ones are the exciting economic reforms underway," he said. "These reforms are making Nigeria more investable. Inflation is still high, but there are clear signs of improvement. Foreign exchange reserves are up, and government revenue collection has significantly increased through better tax management."
He noted that the Enhanced Trade Investment Partnership (ETIP), signed in November 2024, outlines a roadmap for expanded cooperation between the two countries in areas including security, justice, foreign policy, and economic development.
Under the UK's Developing Countries Trading Scheme, Montgomery noted that over 3,000 Nigerian products now enjoy zero-tariff access to the UK market. "We want to encourage Nigerian exports because that boosts incomes, supports businesses, and helps grow the Nigerian economy."
The creative industry was also spotlighted as a high-potential sector. "Nigeria's creative industries—film, music, and content—are growing rapidly. The UK is a major global production hub, and we see a win-win opportunity to support this growth," he added.
Montgomery also pointed to the UK's recent reforms aimed at reducing investment risk and increasing policy predictability, which he said have led to record levels of business investment.
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Also speaking, Mark Smithson, Country Director of the UK Department for Business and Trade in Nigeria, said Nigeria is the UK's second-largest trading partner in Africa, with bilateral trade valued at £7.2 billion.
"The Enhanced Trade and Investment Partnership aligns with both Prime Minister Thama's growth agenda and President Tinubu's eight-point economic plan," Smithson said. "It supports job creation, promotes public-private collaboration, and tackles non-tariff barriers such as import licenses and customs procedures."
On the Nigerian side, the Director-General of the Presidential Enabling Business Environment Council (PEBEC), Sarah Oduh, said over 200 reforms have been implemented to improve transparency and ease of doing business in the country.
"We are now focused on ensuring these reforms deliver real impact," Oduh said. "We've introduced a Regulatory Impact Analysis Framework that requires all new business-related policies to undergo rigorous evaluation before implementation."
With both governments reaffirming their commitment to economic cooperation, the UK-Nigeria partnership is expected to open up new opportunities for entrepreneurs, investors, and exporters on both sides.
