Glory David
In what many see as a strong endorsement of Nigeria’s current economic direction, the British High Commissioner to Nigeria, Dr. Richard Montgomery, has openly praised President Bola Ahmed Tinubu’s bold economic reforms. Speaking during a press briefing in Abuja on Wednesday, May 14, 2025, the envoy described Tinubu’s policies as “big and bold” steps that are turning Nigeria into a more investible destination.
UK High Commissioner Applauds Tinubu’s Economic Reforms
According to Montgomery, two of the biggest moves that caught global attention were the removal of the petrol subsidy and the unification of Nigeria’s multiple exchange rates. He emphasized that these reforms are already making positive waves both at home and abroad, with investors beginning to view Nigeria in a more favorable light.
“These economic reforms are now making Nigeria more investible,” Montgomery said, clearly backing the administration’s approach.
He noted that he has consistently voiced his support for the reforms, particularly because of the long-term impact they are projected to have on stabilizing the economy and attracting global investments. This public endorsement from the UK’s representative adds to a growing list of international observers who believe Tinubu’s economic shake-up is the right move, despite the initial discomfort it may cause citizens.
Montgomery referenced the World Bank’s latest Nigeria Development Update, which highlighted the country’s macroeconomic stabilization efforts, including an improvement in foreign exchange availability and a narrowing gap between official and black-market rates. He also noted the increase in government revenue without a hike in taxes, made possible by better tax administration.
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Beyond numbers, the British High Commissioner pointed to broader investor confidence. Nigeria’s foreign reserves have seen a noticeable increase, and economic analysts believe that a more unified and transparent exchange rate regime is making it easier for foreign businesses to plan and invest.
Despite the optimism, Montgomery acknowledged the challenges Nigerians are currently facing—especially the rising inflation, which is still hovering around the mid-20% range. He admitted that the reforms have brought hardship for many households but expressed hope that inflation will start to decline gradually as the new economic structure takes root.
On the relationship between Nigeria and the UK, Montgomery explained that the two nations are working closely through the Enhanced Trade and Investment Partnership (ETIP), which focuses on key sectors such as agriculture, clean energy, education, financial services, and the creative industry. He revealed that UK-Nigeria bilateral trade currently stands at £7.2 billion, making Nigeria the UK’s second-largest trading partner in Africa and its number one export market on the continent.
However, the High Commissioner didn’t shy away from pointing out that insecurity remains a significant barrier to economic progress. He mentioned the spillover effects from regional crises in Sudan and Niger as major contributors to Nigeria’s own security issues. In response, the UK is partnering with Nigeria’s Office of the National Security Adviser to improve intelligence-sharing and security operations across the country.
Montgomery’s overall tone was one of cautious optimism. He praised Nigeria for taking the tough but necessary steps to rebuild its economy and pledged the UK’s continued support in that journey. His remarks signal growing international confidence in Tinubu’s administration and a renewed interest in Nigeria as a potential investment hub.
As Nigeria continues to navigate this transitional phase, the backing of foreign partners like the UK may serve as both encouragement and validation. While the road ahead may still be bumpy, the direction—according to observers like Dr. Montgomery—is one that leads toward long-term economic stability and growth.
