UK invests £15 million to boost Nigeria's economy and reforms

The UK has launched a £15 million project. This initiative aims to attract private investment, support economic reforms, and help Nigeria’s long-term economic growth.

The announcement came during a visit by the UK Minister for Africa and International Development, Jenny Chapman. The British High Commission shared this news on Friday.

The programme will last for three years. It focuses on deepening ongoing reforms, strengthening the private sector, and finding new ways to fund economic growth.

“The UK-Nigeria Growth Programme helps bring this partnership to life by supporting capital market development, technology investment, small businesses and technical assistance,” Taiwo Oyedele, the minister of finance and coordinating minister of the economy, said.

He added, “We look forward to seeing these opportunities deliver lasting benefits and drive progress for both countries.”

This new programme is part of Nigeria and the UK’s plan to boost economic cooperation. They want to move beyond just development aid and focus on investment-led growth.

Alongside this initiative, the UK also announced support for Nigeria’s digital economy through the SPRIRET initiative. This is part of the UK’s Digital Access Programme.

The SPRIRET initiative will improve governance reforms in five states. It aims to reduce the regulatory barriers that limit investment in broadband, digital services, and new technologies.

The British High Commission stated that this effort should encourage more private-sector involvement and improve the business environment for tech-driven investments.

During her visit, Ms Chapman met with Jumoke Oduwole, the Minister of Industry, Trade and Investment. They talked about the progress made under the Enhanced Trade and Investment Partnership between Nigeria and the UK.

Their discussions focused on increasing Nigeria’s exports through the UK’s Developing Countries Trading Scheme. They also talked about boosting cooperation in the fintech sector and expanding capital market connections.

This meeting shows the growing efforts of both countries to strengthen trade and investment ties. Nigeria is looking to diversify its economy and attract more foreign capital.

According to the statement, British International Investment, the UK’s development finance institution, has put about $800 million into Nigeria. This investment covers areas like agriculture, manufacturing, and renewable energy.

The UK government is also helping to improve and expand Lagos ports with about $1 billion in financing.

The UK remains a key destination for Nigerian businesses wanting to expand internationally. Currently, there are seven Nigerian banks operating in the UK.