British High Commissioner Richard Montgomery says Nigeria is becoming more investible due to bold economic reforms under President TinubuHe highlighted improvements such as fuel subsidy removal, exchange rate unification, increased revenue collection, and stronger foreign reservesMontgomery added that Nigeria’s growth rate is rising, and investor confidence is building as shown by a boost in the purchasing manager’s indexBritish High Commissioner to Nigeria, Richard Montgomery, has affirmed that Nigeria is becoming a more attractive destination for investment, crediting the shift to the sweeping economic reforms introduced by President Bola Ahmed Tinubu.
During a press briefing held in Abuja on Wednesday, Montgomery expressed optimism about the country’s future, noting that Nigeria’s current trajectory is drawing increased attention from international investors.
UK envoy has applauded Tinubu’s economic policies. Photo: FB/ABAT
Source: Getty ImagesHe praised Tinubu’s administration for taking bold steps to restructure the economy, despite the short-term challenges these reforms pose to citizens.
“I’ve been very public previously about commending the big and bold economic reforms being taken by His Excellency, President Bola Ahmed Tinubu,” Montgomery said.“We all know about the abolition of the fuel subsidy, we all know about the unification of the exchange rate system, and my headline this morning is that these economic reforms are paying off, and these economic reforms are now making Nigeria more investible.”UK envoy confident of a good future for NigeriansWhile acknowledging the strain on households due to high inflation — currently in the mid-20 percent range — Montgomery expressed confidence that the situation would gradually improve, predicting a downward trend in inflation over time.
Montgomery also pointed to recent findings from the World Bank’s Nigeria Development Update (NDU), which indicate increasing stability in the foreign exchange market. He noted that this development, along with rising foreign reserves, has reduced Nigeria’s perceived investment risk.
Nigerian President Tinubu has been hailed as a transformative leader by the UK envoy, Richard Montgomery. Photo: FB/ABAT
Source: Facebook“Foreign exchange reserves are up, significantly up, so that makes Nigeria less risky,” he explained.“There’s been a very big increase in government revenue collection, not by raising tax banks, but by tax administration and management.”Montgomery lauds GPD growthAccording to Montgomery, more efficient revenue tracking and remittance from ministries, departments, and agencies (MDAs) have nearly doubled federal allocations to states, enabling expanded investments in infrastructure and essential services.
He further highlighted the country’s improving economic growth, stating that Nigeria’s GDP growth, which previously hovered around 2 percent between 2015 and 2019, has now surged.
“It’s now, in the last 12 months, at least about 3.5 percent. But most positively, in the last quarter for which we have data, it’s up to 4.6 percent. So there’s a real uptick in growth.”Montgomery concluded by noting rising business confidence across sectors, citing the recent boost in the purchasing manager’s index (PMI) as a strong indicator of investor optimism and expanding economic activity.
Full list of new English tests for UK visa applicantsEarlier, Legit.ng reported that the UK Home Office had updated its list of Secure English Language Tests (SELT) for visa and citizenship applicants, with several changes aimed at streamlining the application process.
The adjustment includes the introduction of new test formats, more transparent global requirements, and a restructured list of approved providers—steps the government says are designed to simplify the application process for migrants.
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Source: Legit.ng
