Abuja: Richard Montgomery, the British High Commissioner to Nigeria, has highlighted the United Kingdom’s growing interest in exploring business opportunities in Nigeria. Speaking at the UK-Nigeria Economic Growth Conference in Abuja, themed ‘Driving Sustainable Trade and Investment,’ Montgomery remarked on Nigeria’s increasing attractiveness for trade and economic partnerships.
According to News Agency of Nigeria, Montgomery attributed the heightened investor confidence to the economic reforms spearheaded by President Bola Tinubu’s administration. He noted that the stability of the naira and rising foreign exchange reserves have made Nigeria a more appealing and less risky environment 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 emphasized.
Additionally, Montgomery pointed out the doubling of revenue for many Nigerian states, which indicates economic growth and the potential for job creation. Despite high inflation rates, he remains optimistic about the country’s business prospects. The High Commissioner further mentioned the collaborative efforts between the UK and Nigerian governments to stimulate job creation, generate wealth, and promote inclusive economic growth, underlining Nigeria’s growing strategic relevance on both regional and global stages.
Mark Smithson, Country Director for the UK’s Department for Business and Trade in Nigeria, also spoke at the event. He highlighted the Enhanced Trade and Investment Partnership (ETIP) as a cornerstone of bilateral relations. According to Smithson, Nigeria is the UK’s second-largest trading partner in Africa and its largest export market on the continent. The ETIP, signed in February 2024, aims to foster inclusive growth and aligns with the growth agendas of both Prime Minister Rishi Sunak and President Tinubu.
Similarly, Zarah Audu, Director General of the Presidential Enabling Business Environment Council (PEBEC), emphasized the UK’s status as an innovative economy and Nigeria’s role as a strategic partner. She noted that Nigeria’s large population and dynamic entrepreneurial base position it as a key driver of bilateral economic growth. Audu highlighted the importance of the ETIP in strengthening trade, investment, and diplomatic ties between the two nations, focusing on shared priorities across various sectors.