UK invests £12.4 million to support Nigeria’s new economic reform initiative

UK introduces the £12.4 million NEST and NPFF programs to help Nigeria’s economic reforms, increase stability, and foster long-term growth.

In order to reaffirm the United Kingdom’s long-term commitment to supporting Nigeria’s economic reform and growth agenda, the British High Commission in Abuja launched two flagship economic reform programs: the Nigeria Public Finance Facility (NPFF) and the Nigeria Economic Stability & Transformation (NEST) program. 

At the core of the UK-Nigeria mutual growth partnership, NEST and NPFF, supported by a £12.4 million UK investment, assist Nigeria’s endeavors to bolster macroeconomic stability, enhance fiscal resilience, and establish a more competitive environment for investment and private-sector growth.

Cynthia Rowe, Head of Development Cooperation at the British High Commission in Abuja, stated during the launch that these two programs are vital to our collaboration with Nigeria on economic development. They show a common dedication to fortifying the foundations that are most important to our stability, self-assurance, and long-term development.

The launch came after the Joint UK-Nigeria Steering Committee’s first meeting, which approved the programs’ strategy and reaffirmed the UK and Nigeria’s strong agreement on delivery priorities.

Special Advisor to the President of Nigeria on Finance and the Economy, Sanyade Okoli, spoke on behalf of the Nigerian government and praised the partnership, saying: “We welcome the United Kingdom’s support through these new programs as a strong demonstration of our shared commitment to Nigeria’s economic stability and long-term prosperity.” This cooperation will give important technical help at a time when we are enacting important changes to increase macroeconomic stability, boost fiscal resilience, and spur inclusive growth. By working together, we are creating the groundwork for a more robust economy that will provide sustained growth and better living conditions for every Nigerian.

Jonny Baxter, the British Deputy High Commissioner in Lagos, emphasized the importance of the programs in the broader mutual growth partnership between the UK and Nigeria:

He declared: “Our common strategy for fortifying the pillars of sustained economic growth revolves around NEST and NPFF. The UK-Nigeria mutual growth cooperation is strongly anchored by them.

Senior officials from the Federal Ministry of Finance, Central Bank of Nigeria, Federal Inland Revenue Service, Debt Management Office, Federation Budget Office, and international development partners attended the launch.