Britain Unveils £12.4m Support Initiatives for Nigeria’s Fiscal Resilience and Private Sector Growth

The United Kingdom has launched two major economic reform programmes worth £12.4 million to support Nigeria’s macroeconomic stability, fiscal resilience, and private-sector development.

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.

NEST, valued at £4.9m, focuses on improving macroeconomic stability, advancing reform quality, and promoting economic diversification. NPFF, worth £7.5m, will support tax policy, public expenditure management, and debt strategy.

Speaking at the event, Cynthia Rowe, Head of Development Cooperation at the British High Commission, described the programmes as “a coherent and long-term UK commitment to Nigeria’s economic trajectory, from stabilisation to reform and growth.”

She emphasised that the initiatives complement the upcoming UK-Nigeria Growth Programme to make Nigerian firms more productive, competitive, and export-ready.

Representing the Federal Government, Sanyade Okoli, Special Adviser to the President on Finance and the Economy, thanked the UK for the timely and strategic support, noting that the programmes align with Nigeria’s growth plan and reflect a genuine partnership.

British Deputy High Commissioner in Lagos, Jonny Baxter, highlighted the importance of macroeconomic stability and sound policies in attracting investment and fostering a functioning economy driven by the private sector.

He confirmed that the £12.4m funding is a grant aimed at providing technical assistance to Nigerian institutions.