UK Launches £12.4m Programmes to Support Nigeria’s Economic Reforms

The United Kingdom has rolled out two major economic reform programmes valued at £12.4 million to support Nigeria’s efforts toward macroeconomic stability, fiscal resilience, and private-sector growth.

The initiatives—the Nigeria Economic Stability and Transformation (NEST) Programme and the Nigeria Public Finance Facility (NPFF)—were officially unveiled on Thursday at the British High Commissioner’s residence in Abuja.

In her opening remarks, the Head of Development Cooperation at the British High Commission, Cynthia Rowe, described the launch as “an important step in the partnership between the UK and Nigeria.”

She noted that the programmes were aligned with Nigeria’s economic priorities and were designed to reinforce ongoing reforms. “Together, these programmes signal a coherent and long-term UK commitment to Nigeria’s economic trajectory from stabilisation to reform and to growth,” Rowe said.

Rowe explained that NEST, worth £4.9 million, would support macroeconomic stability, enhance the quality of reforms, and promote economic diversification. NPFF, valued at £7.5 million, would strengthen tax policy, public expenditure management, and debt strategy.

Both programmes will complement the forthcoming UK-Nigeria Growth Programme, which aims to support market-driven reforms and equip Nigerian businesses to become more competitive, productive, and export-ready.

Representing the Federal Government, Special Adviser to the President on Finance and the Economy, Sanyade Okoli, expressed gratitude for the support, describing it as timely and strategic.

“A huge thank you to the British government for steadfast support and enduring commitment to Nigeria’s development,” she said, noting that the initiatives align closely with the government’s growth agenda. “This is the kind of support required to help us achieve our objectives.”

The British Deputy High Commissioner in Lagos, Jonny Baxter, emphasised that the support forms part of a broader partnership that spans development finance and commercial collaboration. He highlighted the UK’s continued backing of Nigeria’s reform efforts despite the challenges.

“We Recognise how challenging the reforms have been and the effort it has taken to maintain progress. We want to stand alongside you with that,” he said.

Baxter added that macroeconomic stability, fiscal discipline, and sound policies were critical to restoring investor confidence. He also confirmed that the £12.4m support is a grant intended to provide technical assistance to Nigerian institutions.

Mahesh Mishra, Head of the Growth, Trade and Investment Group at the British High Commission, said the reforms were already yielding visible results. “It’s good to see the naira stabilising, becoming more competitive, and Nigeria improving its rating,” he said. However, he stressed that reforms must ultimately improve livelihoods.

“Reforms are not an end in themselves. The real goal is how to attract more private investment that will create jobs and raise the standard of living for the average Nigerian,” he added.

The NEST and NPFF programmes are funded by the UK Foreign, Commonwealth and Development Office and implemented by Tetra Tech International Development Europe. NEST will run from 2025 to 2028, while NPFF will operate from 2025 to 2029. Both are designed to strengthen macroeconomic management, enhance fiscal stability, and reduce Nigeria’s reliance on external financing.

In September 2025, the British High Commissioner to Nigeria, Richard Montgomery, noted that trade volume between the two countries had reached an unprecedented £7.9 billion. He credited the UK-Nigeria Enhanced Trade and Investment Partnership for removing non-tariff barriers and improving cooperation in key sectors.

Similarly, in November 2025, the Nigerian-British Chamber of Commerce reaffirmed its commitment to working with the Federal Government to advance policies that support investment growth, economic competitiveness, and sustainable trade relations between both nations.