The UK has launched a £15 million initiative, aimed at attracting private investment, supporting economic reforms and speeding up Nigeria’s long-term economic transformation.
The initiative was announced during a recent visit by the UK Minister for Africa and International Development, Jenny Chapman, according to a statement issued by the British High Commission on Friday.
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The programme, announced during Ms Chapman’s meeting with Taiwo Oyedele, the minister of finance and coordinating minister of the economy, will run for three years. It plans to deepen ongoing reforms, strengthen the private sector and unlock new sources of capital for economic growth.
“The UK-Nigeria Growth Programme helps bring this partnership to life by supporting capital market development, technology investment, small businesses and technical assistance,” Mr Oyedele said.
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“We look forward to seeing these opportunities deliver lasting benefits and drive progress for both countries.”
The new programme comes as Nigeria and the UK look to expand economic cooperation beyond traditional development assistance towards investment-led growth.
Alongside the initiative, the UK announced expanded synergy in Nigeria’s digital economy through the SPRIRET initiative under its Digital Access Programme.
The initiative will enhance governance reforms across five states and help reduce regulatory barriers constraining investment in broadband infrastructure, digital services, and emerging technologies.
The British High Commission said the intervention is expected to encourage greater private-sector participation and improve the business environment for technology-driven investments.
Trade, finance partnerships
During the visit, Ms Chapman met Minister of Industry, Trade and Investment Jumoke Oduwole to review the progress so far recorded under the Enhanced Trade and Investment Partnership between both countries.
Discussions centred on scaling up Nigeria’s exports through the UK’s Developing Countries Trading Scheme, strengthening cooperation in the fintech sector, and expanding capital market linkages.
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The engagement reflects growing efforts by the two countries to deepen trade and investment ties as Nigeria seeks to diversify its economy and attract foreign capital.
According to the statement, British International Investment, the UK’s development finance institution, has invested roughly $800 million in sectors including agriculture, manufacturing and renewable energy in Nigeria.
The UK government is also supporting the rehabilitation and expansion of Lagos ports through financing valued at about $1 billion.
The country remains an important destination for Nigerian businesses seeking international expansion, with seven Nigerian banks now operating there.
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