UK Envoy backs Tinubu, says economic reforms making Nigeria more investible

The British High Commissioner to Nigeria, Richard Montgomery, has praised President Bola Ahmed Tinubu’s economic reforms, describing them as “big and bold” initiatives that have transformed Nigeria into a more attractive destination for investors.

Speaking at a press briefing in Abuja on Wednesday, Montgomery acknowledged that the UK’s interest in Nigeria is growing, citing the positive impact of recent economic policies.

“I’ve been very public previously about commending the big and bold economic reforms being taken by His Excellency, President Bola Ahmed Tinubu,” Montgomery stated.

Highlighting key policy changes, he pointed to the abolition of fuel subsidies and the unification of the exchange rate system as crucial steps toward economic stability.

According to him, these measures are already yielding results, positioning Nigeria as a more “investible” nation.

“My headline this morning is that these economic reforms are paying off, and they are now making Nigeria more investible,” he added.

Montgomery, however, acknowledged the economic strain on Nigerians due to rising inflation, currently hovering in the mid-20 percent range. He noted that while the reforms are transformative, their benefits might take time to materialize fully.

“I realise that some of these reforms for ordinary people are painful. Inflation is still high, it’s in the 20 percent territory, the mid-20s. And it’s going to take time to bring that rate down,” he remarked.

Despite the current economic challenges, the High Commissioner expressed optimism, predicting that inflation rates would begin to ease over the coming months and years, further solidifying Nigeria’s position as an attractive investment hub.