Abuja: 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 – the Nigeria Economic Stability and Transformation (NEST) programme and the Nigeria Public Finance Facility (NPFF) – were unveiled on Thursday at the British High Commissioner’s residence in Abuja.
According to Nam News Network, the Head of Development Cooperation at the British High Commission, Cynthia Rowe, highlighted the significance of the launch, marking an important step in the partnership between the UK and Nigeria. She stated that the programmes, valued at £12.4m, were designed to strengthen reforms and were aligned with the government’s economic priorities. Rowe emphasized that these programmes signal a coherent and long-term UK commitment to Nigeria’s economic trajectory, from stabilization to reform and growth.
Rowe further explained that NEST, worth £4.9m, would support macroeconomic stability, improve the quality of reforms, and advance diversification, while NPFF, valued at £7.5m, would back tax policy, public expenditure management, and debt strategy. She mentioned that the programmes would work alongside the upcoming UK-Nigeria Growth Programme to support market-creating reforms and enhance the productivity, competitiveness, and export-readiness of Nigerian firms.
Representing the Federal Government, Special Adviser to the President on Finance and the Economy, Sanyade Okoli, expressed appreciation for the support from the British government. Okoli stressed alignment with the government’s growth plan, noting that these programmes were both timely and strategic, reflecting a true partnership and desire to see Nigeria move forward.
The British Deputy High Commissioner in Lagos, Jonny Baxter, described the engagement as a comprehensive package covering development finance and commercial opportunities, reflecting a modern partnership driven by a functioning economy. He acknowledged the challenges Nigeria has faced in its reform process and praised the progress, emphasizing the importance of stability and sound policy decisions in attracting investment.
Baxter also confirmed that the £12.4m is a grant intended to provide technical support to Nigeria. Mahesh Mishra, the Head of Growth, Trade, and Investment Group at the British High Commission, noted that the reforms were already yielding results, with the Naira stabilizing and Nigeria improving its rating. He stressed that reforms must translate into jobs and better living standards for the average Nigerian.
The programmes, funded by the UK Foreign, Commonwealth and Development Office and managed by Tetra Tech International Development Europe, aim to strengthen macroeconomic stability, improve fiscal resilience, and reduce reliance on external financing through targeted assistance to government institutions. NEST will run from 2025 to 2028, while NPFF will operate from 2025 to 2029.