UK lauds Nigeria’s ongoing economic reforms

Britain has applauded the ongoing economic reforms being carried out by the administration of President Bola Tinubu.

The British High Commissioner to Nigeria, Richard Montgomery, who stated his home government’s position on Wednesday while on a courtesy visit to Vice-President Kashim Shettima at the State House, Abuja, commended Nigeria for its economic decisions, including subsidy removal and exchange rate reform.

He spoke on the positive impact the reforms have had on the investment climate and their global recognition, and canvassed for actions to mitigate the impact of challenges like inflation and unemployment in the country.

According to him, “I think we already have a good economic dialogue, but I think there is a great potential to do more.  As I discussed with His Excellency, the big economic decisions being taken by this government are really important and are being noticed around the world: the removal of subsidy; the exchange rate reform, all of that create a much better investment environment.  I was in London last week, I was briefing my ministers, but I was also talking to British business in finance, banking and investment sectors.  They are all responding very positively to these first decisions.

“We know that there are tough times that are going on at the moment, inflation and unemployment.  The vice-president and I also touched on some of the measures that might be possible to cushion the blow of some of these economic pressures.

“But I think the big issue is that these reforms help put Nigeria on a higher growth path. They will attract more investments and the United Kingdom and the city of London see Nigeria as a big opportunity going forward.  I will be doing my part to try to boost those, enhance trade and investment.”

The high commissioner also said issues of common interest between Nigeria and the United Kigdom were discussed at the meeting.

According to him, “We discussed our long standing partnership between the UK and Nigeria.  We have many areas of shared interest, including a good history of development cooperation; some excellent trade and investment arrangements and we have also have some good cooperation on security and defence.

“As many of you were seeing from recent talks, we also had good talks on home affairs and justice and we have great people-to-people links that means education, health, and we also discussed a number of issues to do with how we can improve our relationships in the future.”

Asked about UK’s recent student visas and restrictions on dependants, Montgomery explained that though the issue was not discussed at the meeting, he however stressed that such restrictions are not exclusive to Nigeria which constitutes over 10% of the visitors coming to the country.

His words: “Nigerian visitors constitute over 10 per cent of the people coming to London and the UK. On the issue of students’ visas, I will also like to provide the contest; that the number of Nigerian students coming to the UK has increased fivefold in the last three years; it is a fantastic success story for our universities and we are really delighted that so many Nigerians are coming to the UK.

“The issue about restrictions of people bringing dependants; that is not just for Nigeria but many parts of the world; many more students are trying to bring their dependants with them; and I think there are two issues here; the first is – it is not always possible to find housing services to meet all the needs of all our existing students’ population.

“Secondly, I think reasonable people will accept that we have to manage our visitors’ numbers and that we have to manage migration in and out of the UK; just as the Nigerian government does for your own borders.”