Crystal Dike
The United Kingdom has launched two economic reform programmes valued at £12.4m to support Nigeria’s macroeconomic stability, fiscal resilience and private-sector growth.
The initiatives – the Nigeria Economic Stability and Transformation (NEST) programme and the Nigeria Public Finance Facility (NPFF) – were unveiled on Thursday at the British High Commissioner’s Residence in Abuja.
Speaking at the launch, the Head of Development Cooperation at the British High Commission, Cynthia Rowe, described the event as “an important step in the partnership between the UK and Nigeria.”
She said the programmes, valued at £12.4m, were designed to strengthen ongoing reforms and aligned with the Federal Government’s economic priorities.
“Together, these programmes signal a coherent and long-term UK commitment to Nigeria’s economic trajectory, from stabilisation to reform and to growth,” Rowe said.
Rowe explained that NEST, worth £4.9m, will support macroeconomic stability, improve the quality of reforms and advance economic diversification, while NPFF, valued at £7.5m, will strengthen tax policy, public expenditure management and debt strategy.
She added that both programmes would work 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, Sanyade Okoli, expressed appreciation for the support.
“A huge thank you to the British Government for its steadfast support and enduring commitment to Nigeria’s development,” she said.
Okoli said the programmes aligned with the government’s growth plan.
“These programmes are timely and strategic. This is the kind of support required to enable us to achieve our growth objectives,” she said, adding that the initiatives reflected “true partnership and a genuine desire to see Nigeria move forward.”
The British Deputy High Commissioner in Lagos, Jonny Baxter, said the UK viewed the engagement “as a whole, as a package,” covering development finance and commercial opportunities.
He described the approach as “a modern partnership driven by a functioning and successful economy that fundamentally depends on the private sector.”
Baxter acknowledged the challenges in Nigeria’s reform process but praised recent progress.
“We recognise how challenging these reforms have been, and the level of effort required to maintain momentum. We want to stand alongside you in that,” he said.
He added that stability and sound policy decisions were central to attracting investment.
“Macroeconomic stability and fiscal resilience give confidence to investors. When the fundamentals are strong, growth follows,” Baxter said.
Baxter also confirmed that the £12.4m is a grant intended to provide technical support to Nigeria.
The Head of the Growth, Trade and Investment Group at the British High Commission, Mahesh Mishra, said early signs showed that the reforms were producing results.
“It is good to see the naira stabilising, becoming competitive, and Nigeria improving its rating,” he said.
Mishra stressed that reforms must translate into employment and improved living standards.
“Reforms are not an end in themselves. The goal is to mobilise more private investment that will create jobs and improve the livelihood of the average Nigerian,” he said.
Reports confirmed that both programmes are funded by the UK Foreign, Commonwealth and Development Office (FCDO) and managed by Tetra Tech International Development Europe. They aim to strengthen macroeconomic stability, improve fiscal resilience and reduce reliance on external financing through targeted support to government institutions.
NEST will run from 2025 to 2028, while NPFF will operate from 2025 to 2029.
Earlier in September 2025, the British High Commissioner to Nigeria, Richard Montgomery, said trade value between Nigeria and the UK had reached an unprecedented £7.9bn. He attributed the growth to the UK-Nigeria Enhanced Trade and Investment Partnership, which removes non-tariff barriers and strengthens cooperation in priority sectors.
Also in November 2025, the Nigerian-British Chamber of Commerce reaffirmed its commitment to working with the Federal Government to advance policies that drive investment growth, economic competitiveness and sustainable trade relations between both countries.