The British High Commissioner to Nigeria, Richard Montgomery, has praised Nigeria's ongoing economic reforms, calling them a strong foundation for attracting more investment — especially from the United Kingdom.
Speaking in Abuja, he said the reforms are making Nigeria a more appealing destination for foreign investors, and this could open up big opportunities for small and medium-sized enterprises (SMEs) across the country.
Montgomery pointed to key reforms like the removal of the fuel subsidy and the unification of exchange rates, saying that while these changes have been tough for everyday Nigerians, they're setting the stage for long-term economic growth.
He added that inflation remains high but is expected to drop gradually, and that Nigeria's foreign exchange reserves are growing, making the country a less risky place to invest.
He also highlighted a nearly 90% increase in government revenue, thanks to improved tax collection — not higher taxes. This growth in revenue is helping to fund better infrastructure and public services, which can directly benefit SMEs by reducing operational barriers.
Read also,
Montgomery noted that Nigeria's economy is picking up pace, with the most recent growth rate hitting 4.6%, up from an average of 2% in previous years. He said this is a positive signal for both local entrepreneurs and foreign investors looking to do business in Nigeria.
On the UK side, Montgomery explained that reforms are also underway to simplify business regulations and lower costs, creating a more stable environment for trade. The UK is channelling investments into sectors like tech, energy, and infrastructure — areas where Nigerian SMEs can also benefit through partnerships or supply chain involvement.
He wrapped up by referencing the trade and investment agreement signed between Nigeria and the UK in November 2024, describing it as a strategic step to deepen business ties and unlock new opportunities for growth and collaboration.
