Nigeria is now more investible due to Tinubu’s reforms – UK envoy
Nigeria is fast becoming a magnet for international investors, thanks to sweeping economic reforms under President Bola Ahmed Tinubu, according to Richard Montgomery, the British High Commissioner to Nigeria.
Speaking at a press briefing in Abuja on Wednesday, Montgomery described Nigeria as “more investible” than it has been in years, crediting the positive shift to Tinubu’s “big and bold” policy changes.
“I’ve been very public about commending the big and bold economic reforms being taken by His Excellency, President Bola Ahmed Tinubu,” Montgomery stated. “The abolition of the fuel subsidy and the unification of the exchange rate system are major steps — and they are beginning to pay off.”
While acknowledging the challenges Nigerians face amid high inflation, currently in the mid-20 percent range — the UK envoy expressed optimism that the country is on a steady path to economic recovery. “It’s going to take time to bring that rate down,” he noted. “But we see very good prospects over the coming months and years.”
Montgomery echoed findings from the World Bank’s May 2025 Nigeria Development Update, which highlighted improved foreign exchange stability and a more predictable economic climate — key ingredients for attracting investment.
“Foreign exchange reserves are significantly up, making Nigeria a less risky investment destination,” he explained. “There’s also been a near 90 per cent increase in government revenue — not by raising taxes, but through better administration and accountability.”
He noted that the elimination of fuel subsidies and increased federal revenues have doubled state allocations, enabling much-needed investments in infrastructure and public services.
Nigeria’s economic indicators are showing promising signs. According to Montgomery, the country’s GDP growth has accelerated from a sluggish 2 per cent average between 2015 and 2019 to 3.5 per cent over the last year, with the most recent quarter jumping to 4.6 per cent.
“We’re seeing an uptick in growth. Businesses are expanding, and confidence is returning,” Montgomery added. He pointed to a surge in the Purchasing Managers’ Index (PMI) as a sign of rising optimism within the private sector.
