The United Kingdom has said it sees growing opportunities in doing business in Nigeria.
The British High Commissioner to Nigeria, Richard Montgomery, made this known during a press conference on Wednesday in Abuja at the UK-Nigeria Economic Growth Conference, themed “Driving Sustainable Trade and Investment.”
Montgomery explained that Nigeria had become increasingly attractive for business and investment, particularly in the areas of trade and economic partnerships.
He added that the UK’s positive assessment of Nigeria’s economic trajectory has positioned the country as an increasingly important partner.
The High Commissioner attributed the renewed investor confidence to the economic reforms initiated by President Bola Tinubu’s administration.
“Nigeria has become increasingly investible in areas of trade and investment opportunities and the naira is more stable, the foreign exchange reserve is rising, which makes the environment less risky for business “Naira is more stable and predictability enables investment, foreign exchange reserves are also up which makes Nigeria more investible and less risky for business,” he said.
According to him, revenue had doubled for many states, signaling economic growth and the potential for more job creation.
“In spite of the current high inflation, we still see strong business prospects,” he added.
Montgomery stressed that both the UK and Nigerian governments were working collaboratively to stimulate job creation, drive wealth generation, and promote inclusive economic growth.
He also highlighted Nigeria’s growing strategic relevance, both regionally and globally.
Montgomery outlined three key pillars of the UK’s approach to trade relations with Nigeria: as a positive assessment of Nigeria’s ongoing economic reforms, which make it a more accessible investment destination.
Country Director for the UK’s Department for Business and Trade in Nigeria, Mark Smithson, said the Enhanced Trade and Investment Partnership, ETIP, was a cornerstone of the UK’s broader bilateral relations with Nigeria.
According to Smithson, Nigeria is the UK’s second-largest trading partner in Africa and the UK’s largest export market on the continent.
“In February 2024, we signed the Enhanced Trade and Investment Partnership, the first of its kind in Africa and one of only two such agreements globally, highlighting Nigeria’s strategic importance.
“ETIP is a co-developed framework aimed at fostering inclusive growth. It aligns with Prime Minister Rishi Sunak’s growth agenda and President Tinubu’s eight-point economic agenda,” he said.
