The best site to get your Nigerian News, Latest News, Breaking News & Trending. From Politics, Entertainment, Sport, Education and Health.
The United Kingdom has unveiled two major economic reform programmes valued at £12.4 million to support Nigeria’s macroeconomic stability, fiscal resilience, and private-sector development. The initiatives were formally launched on Thursday at the residence of the British High Commissioner in Abuja.
The programmes — the Nigeria Economic Stability and Transformation (NEST) initiative and the Nigeria Public Finance Facility (NPFF) — are designed to align with the Nigerian government’s reform agenda and strengthen ongoing efforts to stabilise the economy.
Speaking at the launch, the Head of Development Cooperation at the British High Commission, Cynthia Rowe, said the initiatives mark an important milestone in UK–Nigeria relations.
According to her, the £12.4m support package demonstrates the UK’s long-term commitment to Nigeria’s reform journey:
“Together, these programmes signal a coherent and long-term UK commitment to Nigeria’s economic trajectory, from stabilisation to reform and to growth.”
Rowe explained that NEST, valued at £4.9 million, will support macroeconomic stabilisation, improve the quality of government reforms, and aid economic diversification. The NPFF, worth £7.5 million, will provide critical support in tax policy, debt management and public expenditure reforms.
She added that the initiatives will also complement the forthcoming UK–Nigeria Growth Programme, which aims to boost productivity, competitiveness, and export readiness among Nigerian businesses.
Representing the Federal Government, the Special Adviser to the President on Finance and the Economy, Sanyade Okoli, expressed appreciation to the British government, describing the support as both timely and strategic.
“A huge thank you to the British government for steadfast support and enduring commitment to Nigeria’s development.”
Okoli emphasized that the programmes align with the administration’s growth plan and reflect a genuine partnership geared towards Nigeria’s long-term progress.
British Deputy High Commissioner, Jonny Baxter, described the £12.4m funding as part of a broader, modern partnership between both countries — one driven by economic cooperation and private-sector development.
He stressed that a strong economic foundation is essential for attracting investment:
“Macroeconomic stability and sound policy decisions are what give confidence to investors. When the fundamentals are strong, growth follows.”
Baxter also confirmed that the funding is a grant and will provide technical assistance to Nigerian institutions involved in economic management.
Mahesh Mishra, Head of Growth, Trade and Investment at the British High Commission, noted that Nigeria’s ongoing reforms are already yielding positive results, including a more stable naira and improving investor sentiment.
However, he emphasized that reforms must ultimately translate into jobs and improved living standards for Nigerians.
Both programmes are funded by the UK Foreign, Commonwealth and Development Office and will be managed by Tetra Tech International Development Europe.
The initiatives aim to make Nigeria less dependent on external borrowing by supporting stronger revenue systems, better fiscal management, and improved economic policymaking.
The launch follows a year of growing economic collaboration between both nations. In September 2025, the British High Commissioner revealed that trade between Nigeria and the UK had reached a record £7.9 billion. In November, the Nigerian-British Chamber of Commerce reaffirmed its commitment to boosting investment and strengthening trade relations.
With these new programmes, the UK hopes to deepen its partnership with Nigeria as both countries work toward shared goals of economic growth, stability, and sustainable development.
English