The United Kingdom has declared Nigeria an increasingly attractive destination for business and investment, citing the economic reforms implemented by President Bola Tinubu's administration as a major catalyst for renewed investor confidence.

British High Commissioner to Nigeria, Richard Montgomery, made this announcement during a press conference at the UK-Nigeria Economic Growth Conference in Abuja on Wednesday. The conference, themed "Driving Sustainable Trade and Investment," focused on strengthening economic ties between both nations.

"Nigeria has become increasingly investible in areas of trade and investment opportunities," Montgomery stated. "The naira is more stable, the foreign exchange reserve is rising, which makes the environment less risky for business."

The High Commissioner noted that despite current high inflation rates, the UK still sees strong business prospects in Nigeria. He highlighted that revenue had doubled for many Nigerian states, signaling economic growth and potential for increased job creation.

Montgomery emphasized that both governments are working collaboratively to stimulate job creation, drive wealth generation, and promote inclusive economic growth, while also acknowledging Nigeria's growing strategic relevance both regionally and globally.

Enhanced Trade Partnership

Mark Smithson, Country Director for the UK's Department for Business and Trade in Nigeria, revealed that 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 (ETIP), the first of its kind in Africa and one of only two such agreements globally, highlighting Nigeria's strategic importance," Smithson said.

According to Smithson, the ETIP is a co-developed framework aimed at fostering inclusive growth that aligns with Prime Minister Rishi Sunak's growth agenda and President Tinubu's eight-point economic agenda.

The partnership underscores the UK's commitment to deepening economic relations with Nigeria and supporting the country's economic reform agenda, which has been gaining international recognition despite domestic challenges.