The United Kingdom has launched two major economic reform programmes valued at £12.4 million to support Nigeria’s macroeconomic stability, fiscal resilience and private-sector growth.
The programmes — the Nigeria Economic Stability and Transformation (NEST) initiative and the Nigeria Public Finance Facility (NPFF) — were officially unveiled on Thursday at the British High Commissioner’s residence in Abuja.
Speaking at the event, the Head of Development Cooperation at the British High Commission, Ms Cynthia Rowe, described the launch as “an important step in the partnership between the UK and Nigeria.”
She said the programmes align with Nigeria’s economic reform priorities and signal a long-term UK commitment to the country’s economic transformation.
“Together, these programmes signal a coherent and long-term UK commitment to Nigeria’s economic trajectory, from stabilisation to reform and to growth,” Rowe stated.
Rowe explained that NEST, valued at £4.9 million, will support macroeconomic stability, improve the quality of reforms and advance economic diversification. On the other hand, the NPFF, worth £7.5 million, will focus on tax policy, public expenditure management and debt strategy.
She added that both programmes would operate alongside the upcoming UK-Nigeria Growth Programme to support market-creating reforms and make Nigerian firms “more productive, more competitive, and export-ready.”
Representing the Federal Government, the Special Adviser to the President on Finance and the Economy, Mrs Sanyade Okoli, expressed appreciation for the UK’s support.
“A huge thank you to the British government for steadfast support and enduring commitment to Nigeria’s development,” she said.
Okoli noted that the initiatives were timely and strategic, adding that they align with the government’s growth agenda.
“This is the kind of support that is required to enable us to achieve our growth plan. These programmes reflect a true partnership and a genuine desire to see Nigeria move forward,” she said.
The British Deputy High Commissioner in Lagos, Mr Jonny Baxter, said the UK views the engagement as a comprehensive package covering development finance and commercial opportunities.
He described the partnership as modern and private-sector driven, noting that a functioning economy depends fundamentally on a strong private sector.
Baxter acknowledged the difficulties Nigeria has faced during its reform process but praised the progress recorded so far.
“We recognise how challenging these reforms have been and the level of effort it has taken to sustain progress. We want to stand alongside you with that,” he said.
He stressed that macroeconomic stability and sound fiscal decisions are critical to investor confidence.
“When the fundamentals are strong, then growth follows,” Baxter added, confirming that the £12.4 million support is a grant designed to provide technical assistance to Nigeria.
Also speaking, the Head of Growth, Trade and Investment Group at the British High Commission, Mr Mahesh Mishra, said Nigeria’s reforms were already yielding results.
“It’s good to see the naira stabilising, becoming competitive, and Nigeria improving its ratings,” he said.
He emphasised that reforms must translate into tangible benefits for citizens.
“The end goal is how do we mobilise more private investment that will create jobs, better jobs, and improve the livelihood of the average Nigerian,” Mishra added.
The two programmes are funded by the UK Foreign, Commonwealth and Development Office (FCDO) and are being managed by Tetra Tech International Development Europe.
While NEST will run from 2025 to 2028, the NPFF is scheduled to operate from 2025 to 2029. Both programmes aim to strengthen macroeconomic stability, improve fiscal resilience and reduce Nigeria’s dependence on external financing.
Earlier in September 2025, the British High Commissioner to Nigeria, Mr Richard Montgomery, disclosed that trade between Nigeria and the UK had reached a record £7.9 billion.
Similarly, in November 2025, the Nigerian-British Chamber of Commerce reaffirmed its commitment to deepening collaboration with the Federal Government to promote investment, competitiveness and sustainable trade between both countries.
