Lagos, Nigeria - The British High Commissioner to Nigeria, Richard Montgomery, has praised President Bola Tinubu's economic reforms, stating that they are making Nigeria a more attractive destination for investment.
Speaking at a recent event, Montgomery attributed the progress to the "big and bold" reforms implemented by the Tinubu administration. He noted that the unification of the exchange rate system has made Nigeria less risky, with foreign exchange reserves significantly increasing.
According to Montgomery, the reforms have led to improved revenue collection, with a 90% increase in revenue collection reported. Nigeria's growth rate has also improved, reaching 3.5% in the last 12 months and 4.6% in the last quarter.
While acknowledging the progress made, Montgomery noted that some of the reforms have been painful for ordinary people. He expressed optimism that the prospects for growth and stability are promising, but cautioned that inflation remains a challenge.
The British High Commissioner expressed optimism about growing opportunities in Nigeria, citing improved economic stability and predictability. He noted that the UK and Nigeria have signed a strategic partnership deal, strengthening bilateral relations between the two countries.
Montgomery agreed with the World Bank's assessment that the naira is now more stable, boosting investor confidence. He believes Nigeria's economic reforms will continue to attract investments and drive growth.
The British High Commissioner's comments come as a boost to the Tinubu administration's economic reform efforts. While challenges remain, the progress made so far is expected to have a positive impact on Nigeria's economic future.
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