UK Aims to Drive Increased Investments in Nigeria Following Bold Economic Reforms
AHMED OLUWASANJO
UK Secretary of Foreign, Commonwealth, and Development Affairs, James Cleverly, expressed his support for Nigeria’s bold economic reforms during a meeting with Mr Tinubu at the State House. He commended Nigeria’s economic reform, acknowledging that it may cause difficulties initially but will eventually bring prosperity to Nigerians..
Mr Cleverly emphasized the UK’s interest in investing in Nigeria’s economy and encouraged more UK investments into the country. He acknowledged Nigeria’s ability to export energy and agricultural products and praised the country’s young, educated, and insightful population.. The UK aims to be a long-term strategic partner of Nigeria and Africa as a whole.
Under Mr Tinubu’s leadership, significant economic reforms have been implemented, such as the removal of petrol subsidies and the floating of the naira. While these policies have caused hardships, we expect them to save the country a substantial amount of money over the next three years. The World Bank has emphasized the importance of compensating transfers to protect vulnerable households from the initial impact of subsidy reform.