The United Kingdom has launched two economic reform programmes worth £12.4m to support Nigeria’s macroeconomic stability, fiscal resilience, and private-sector growth. The initiatives, known as the Nigeria Economic Stability and Transformation programme and the Nigeria Public Finance Facility, were unveiled on Thursday at the British High Commissioner’s residence in Abuja.
In her opening remarks, the Head of Development Cooperation at the British High Commission, Cynthia Rowe, described the launch as “an important step in the partnership between the UK and Nigeria”. She explained that the programmes, valued at £12.4m, were designed to strengthen economic reforms and were aligned with Nigeria’s economic priorities under the current administration. According to her, “Together, these programmes signal a coherent and long-term UK commitment to Nigeria’s economic trajectory, from stabilisation to reform and to growth.”
Rowe noted that the Nigeria Economic Stability and Transformation programme, worth £4.9m, would support macroeconomic stability, strengthen the quality of reforms and promote diversification. She also stated that the Nigeria Public Finance Facility, valued at £7.5m, would focus on tax policy, public expenditure management, and debt strategy. She added that both programmes would work alongside the upcoming UK-Nigeria Growth Programme to drive market reforms and make Nigerian companies “more productive, more competitive, and export-ready”.
Representing the Federal Government, Special Adviser to the President on Finance and the Economy, Sanyade Okoli, expressed appreciation for the continued support from the United Kingdom. “A huge thank you to the British government for steadfast support and enduring commitment to Nigeria’s development,” she said. She added that the programmes were aligned with the government’s economic direction, describing them as timely and strategic. “This is the kind of support that is required to enable us to achieve that (government’s growth plan),” Okoli noted, stating that the initiatives reflected “true partnership and true desire to see Nigeria move forward”.
The British Deputy High Commissioner in Lagos, Jonny Baxter, also spoke at the event, explaining that the UK viewed the engagement as a combined economic package. He said it covered development finance and commercial opportunities, pointing out that the support reflected “a modern partnership… driven by a functioning economy, a successful economy, which fundamentally depends on the private sector”. Baxter acknowledged the challenges Nigeria has faced in its economic reform journey and praised the level of progress. “We recognise how challenging they have been, but what a level of effort it has taken to maintain the progress. We want to stand alongside you with that,” he said.
Baxter stressed that stability and sound policy choices were important to attract local and international investment. “Macroeconomic stability, fiscal resilience, and decisions are what give confidence to investors… when the fundamentals are strong, then growth follows,” he said. He confirmed that the £12.4m support was a grant that would provide technical assistance to Nigeria.
The Head of Growth, Trade and Investment Group at the British High Commission, Mahesh Mishra, noted that some results were already visible. “It’s good to see Naira stabilising, becoming competitive, and Nigeria improving its rating,” he said. However, he emphasized that reforms needed to translate into practical benefits for citizens. “Reforms are not really an end by themselves. The end goal is how do we mobilise more private investment that is going to help create jobs, better jobs, to help increase the livelihood of the average Nigerian?” he asked.
The Nigeria Economic Stability and Transformation initiative and the Nigeria Public Finance Facility are funded by the UK Foreign, Commonwealth and Development Office and managed by Tetra Tech International Development Europe. Both programmes aim to strengthen macroeconomic stability, improve fiscal resilience and reduce reliance on external financing through targeted support to government institutions. According to the launch details, NEST will run from 2025 to 2028, while NPFF will operate from 2025 to 2029.
In 2022, under the former UK Department for International Development, the United Kingdom supported Nigeria by strengthening governance and public-finance systems across several states. That assistance included improvements in budgeting, expenditure controls, and public service delivery.
Earlier in 2025, the UK described its economic partnership with Nigeria as “stronger than ever,” noting record bilateral trade levels as British companies renewed investment interest in the country’s reforms and growing private-sector opportunities.
