Nigeria’s ongoing economic reforms are positioning the country as a prime destination for foreign investment, according to the British Envoy, Richard Montgomery.

Speaking at a press briefing in Abuja on Wednesday, Montgomery praised Nigeria’s reform efforts, highlighting their role in enhancing the nation’s attractiveness to global investors, particularly from the United Kingdom.

Montgomery underscored three key priorities: Nigeria’s promising economic transformation, updates on the UK’s own reform agenda, and a strategic plan to deepen bilateral trade and investment ties.

He emphasized that Nigeria’s reforms are pivotal in unlocking new opportunities for mutual economic growth.

“First, I want to highlight our positive assessment of the economic reforms and changes underway in Nigeria,” Montgomery said. “These reforms are making Nigeria more investable, and we are seeing strong prospects for Nigeria’s growth.

“With the country’s large and growing population, along with its bold economic policies, Nigeria is becoming an increasingly important partner for the UK in Africa.”

Montgomery pointed to Nigeria’s bold moves, such as the abolition of the fuel subsidy and the unification of the exchange rate system.

Despite the hardships these measures have caused for everyday citizens, as inflation remains around 20 per cent, Montgomery remains hopeful about the future.

“Inflation is still high, around the mid-20 per cent range, and it will take time to bring it down,” he explained. “However, we believe the rate will decrease in the coming months and years. The World Bank’s recent economic update on Nigeria reinforces this positive outlook, showing that Nigeria’s foreign exchange reserves are rising, making the country less risky for investment.”

Montgomery underscored how the UK’s economic reforms complement Nigeria’s progress, noting that the UK now offers a more predictable investment climate through streamlined regulations and lower business costs.

“The UK economy has unlocked billions of pounds in investments, particularly in growth sectors like technology, infrastructure, and energy,” he noted.

He also highlighted the strategic partnership between Nigeria and the UK, formalised in November 2024 with the signing of a trade and investment agreement.

“The UK economy has unlocked billions of pounds in investments, particularly in growth sectors like technology, infrastructure, and energy,” he noted.