UK, Nigeria launch economic reform programmes to strengthen stability, drive growth

*The British High Commission in Abuja launches two flagship economic reform programmes – the Nigeria Economic Stability & Transformation, and programme and the Nigeria Public Finance Facility, restating the United Kingdom’s long-term commitment to supporting Nigeria’s economic reform and growth agenda

Isola Moses | ConsumerConnect

The British High Commission, in Nigeria, has launched two flagship economic reform programmes – the Nigeria Economic Stability & Transformation (NEST) programme and the Nigeria Public Finance Facility (NPFF).

The United Kingdom (UK) said the initiatives reaffirmed its long-term commitment to supporting Nigeria’s economic reform and growth agenda.

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Backed by a £12.4 million UK investment, NEST and NPFF form.the core of the UK-Nigeria mutual growth partnership, and support the West African country’s efforts at strengthening macroeconomic stability, improving fiscal resilience, and creating a more competitive environment for investment and private-sector growth.

The British High Commission (BHC) Communications Office/FCDO, in a statement, noted Cynthia Rowe, Head of Development Cooperation at the British High Commission, in Abuja, said: “These two programmes sit at the heart of our economic development cooperation with Nigeria.

“They reflect a shared commitment to strengthening the fundamentals that matter most for our stability, confidence, and long-term growth.”

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The statement indicated the programme launch followed the inaugural meeting of the Joint UK-Nigeria Steering Committee, which endorsed the approach of both programmes and confirmed strong alignment between the UK and Nigeria on priority areas for delivery.

Representing the Government of Nigeria, Sanyade Okoli, Special Adviser to Nigerian President Bola Ahmed Tinubu on Finance and the Economy, welcomed the collaboration.

President Tinubu stated: “We welcome the United Kingdom’s support through these new programmes as a strong demonstration of our shared commitment to Nigeria’s economic stability and long-term prosperity.

“At a time when we are implementing critical reforms to strengthen fiscal resilience, improve macroeconomic stability, and unlock inclusive growth, this partnership will provide valuable technical support.

“Together, we are laying the foundation for a more resilient economy that delivers sustainable development and improved livelihoods for all Nigerians.”

In his remarks at the event, Jonny Baxter, British Deputy High Commissioner in Lagos, highlighted the significance of the programmes within the wider UK-Nigeria mutual growth partnership.

Baxter said: “NEST and NPFF are central to our shared approach to strengthening the foundations that underpin long-term economic prosperity.

“They sit firmly within the UK-Nigeria mutual growth partnership.”

The launch was attended by senior officials from the Federal Ministry of Finance, Central Bank of Nigeria (CBN), Federal Inland Revenue Service (FIRS), Debt Management Office (DMO), Budget Office of the Federation, and international development partners.

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