The United Kingdom government has informed that there are ongoing exercises to facilitate reforms in the Nigerian economy to ensure macroeconomic stability, stronger public finances private sector growth.
The government announced two new economic reform programmes worth £12.4 million to support and align with the Federal Government’s fiscal and growth priorities for more development in the west African nation.
The Head of Development Cooperation at the British Commission, Cynthia Rowe, said that the initiative would reflect an important step in the partnership between the UK and Nigeria, adding that it signals a coherent and long-term UK commitment to Nigeria’s economic trajectory, from stabilisation to reform and growth.
Rowe, at the initiative’s launch which took place at the residence of the British High Commissioner in Abuja, yesterday, said that the support package will be delivered through the Nigeria Economic Stability and Transformation (NEST) programme and the Nigeria Public Finance Facility (NPFF), both designed to strengthen economic reforms and align with the Federal Government’s fiscal and growth priorities.
In his remarks, the Head of Growth, Trade and Investment at the British High Commission, Mahesh Mishra, said ongoing reforms were already yielding positive signs, including a more stable naira and improved economic ratings. However, he stressed that reforms must translate into jobs and better living standards.
Special Adviser to President Bola Tinubu on Finance and the Economy, Sanyade Okoli, appreciated the measure saying,“A huge thank you to the British government for steadfast support and enduring commitment to Nigeria”s development.
“The programmes are timely and strategic for achieving the government’s growth plan.
Both programmes, funded by the UK’s Foreign, Commonwealth and Development Office and managed by Tetra Tech International Development Europe, are expected to run between 2025 and 2029, offering technical assistance aimed at improving fiscal resilience, diversifying the economy and reducing reliance on external borrowing.
