With Tinubu’s reforms, Nigeria’s ready for investment – insecurity remains a threat – UK envoy

The United Kingdom on Wednesday reviewed Nigeria’s socio-economic landscape and affirmed that the country’s robust economic reforms have opened the path for more investments, economic growth and development.

The United Kingdom’s High Commissioner to Nigeria, Dr. Richard Montgomery, who made the assertion at a press conference to highlight UK-Nigeria economic growth in Abuja, said his country agrees with the World Bank report that Nigeria’s reforms had made the investment climate in the country more transparent and less risky.

The high commissioner pointed out in particular that under the current reforms being spearheaded by the Tinubu administration, the Nigerian economy has recorded more revenue and reduced financial deficits and paved the way for more investors to come and invest in the country.

Montgomery said: The reforms are making Nigerian more investable. We agree with the World Bank Report recently released that the Naira is now more stable and foreign exchange  predictability enhances business and investments. Again, foreign reserves are going up and that makes Nigeria less risky for investment.

Nigeria is becoming more investable as a result of the reforms, Montgomery stated. We concur with the recently published World Bank report that foreign exchange predictability improves business and investments and that the Naira is currently more stable. Once more, rising foreign reserves reduce the risk of investing in Nigeria.

It will take some time for inflation to decline, which is now high at about 20%. Government revenue has significantly increased, and Nigeria has benefited financially from the removal of the fuel subsidy. It represents over 90% of total revenue. The rate of growth has increased. Nigeria is becoming more investable as a result of these reforms, the High Commissioner said.

However, the senior diplomat voiced alarm about the nation's current state of insecurity and attributed it to the spread of Sahelian threats, especially from Sudan and Niger.

However, the UK government was collaborating with Nigeria's Office of the National Security Adviser to reverse the situation by investing in security infrastructure to lessen it, according to the high commissioner.

The envoy also expressed alarm over visa fraud in the nation, citing recent instances of visa denials as a result of the problem.

To increase their chances of obtaining their travel documents, the envoy advised Nigerians asking for a UK visa to always include the appropriate supporting documentation.

The UK's commitment to advancing the areas of interest outlined in the Nigeria-UK Enhanced Trade and Investment Partnership (ETIP) was declared by the country's envoy.

He listed education, agriculture, financial services, sustainable energy, digital technology, and the creative sector as the main areas covered under the partnership's mandate.

The ambassador praised the £7.2 billion in trade that now exists between Nigeria and the UK and declared that

The rise in domestic production was blamed for the decline in UK hydrocarbon shipments to Nigeria.

The UK has implemented a tariff-free export policy for 3,000 Nigerian products, such as cocoa, cashew nuts, prawns, and flowers, the high commissioner added.

The UK and Nigeria have a vibrant, multifaceted, and long-standing trading relationship that is currently worth £7.2 billion, according to Mr. Mark Smithson, the country's director of the Department for Business and trading in Nigeria.

"This partnership is the foundation of our wider bilateral ties, fostering innovation, cooperation, and prosperity," Smithson stated. Nigeria is the UK's largest export market and its second-largest commercial partner in Africa, highlighting its strategic significance.

Through our programs and development finance institution, the UK has invested thousands of pounds in a variety of initiatives since the beginning of this year. These collaborations support our common objectives of wealth development, job creation, and economic change and make a substantial contribution to the larger story of UK-Nigeria economic growth. Among these recent collaborations are:

“The UK government’s development finance institution, British International Investment plc, last February, partnered Johnvents Group to drive sustainability and growth in Nigeria’s cocoa sector with $40.5m investment. The alliance intends to expand cocoa output, enhance global export capabilities, and provide economic opportunities for Nigerian farmers, with a strong focus on sustainability and traceability,” Smithson said.