The British High Commissioner to Nigeria, Richard Montgomery, has declared that President Bola Tinubu’s economic reforms are beginning to yield positive results, positioning Nigeria as a more attractive destination for foreign investment.
Speaking during a press briefing in Abuja on Wednesday, Montgomery described Tinubu’s policies as “big and bold,” noting that recent moves such as the removal of fuel subsidy and unification of the exchange rate are laying the groundwork for long-term economic stability.
“These economic reforms are paying off,” he said. “Nigeria is becoming more investible, and we are seeing increased interest from UK businesses and investors.”
The envoy acknowledged the economic hardship many Nigerians are currently experiencing, particularly due to persistent high inflation, which remains in the mid-20s.
However, he expressed optimism that the inflation rate would decline in the coming months and years.
Montgomery aligned his position with the World Bank’s May 2025 Nigeria Development Update (NDU), which praised Nigeria’s recent macroeconomic improvements, especially the growing stability of the naira.
He revealed that Nigeria’s foreign exchange reserves have significantly increased, making the country less risky for foreign investors.
In addition, improved tax administration and revenue collection have led to a nearly 90 percent rise in government revenues.
“This means we are seeing a reduction in the fiscal deficit and a doubling of federal allocations to states. That, in turn, is enabling greater investments in infrastructure and public services,” Montgomery said.
Citing economic growth data, the diplomat pointed out that Nigeria’s GDP growth has moved from an average of 2 percent between 2015 and 2019 to around 3.5 percent in the past year, reaching as high as 4.6 percent in the most recent quarter.
He also noted a significant rise in the Purchasing Managers’ Index (PMI), a key indicator of business confidence, stating that companies are beginning to expand and investors are more optimistic about the country’s prospects.
Montgomery’s remarks come amid widespread debate over the impact of Tinubu’s reform agenda, which has drawn both local and international scrutiny.
While many economists laud the policies for their long-term promise, critics warn of the short-term socioeconomic toll on ordinary Nigerians.
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