The United Kingdom has launched two economic reform programs worth £12.4 million to support Nigeria’s macroeconomic stability, fiscal resilience, and private-sector growth. The initiatives, Nigeria Economic Stability and Transformation (NEST) and Nigeria Public Finance Facility (NPFF), aim to strengthen macroeconomic stability, improve fiscal resilience, and reduce reliance on external financing.
NEST, valued at £4.9 million, will focus on stabilizing the economy, enhancing reform quality, and promoting diversification. NPFF, with £7.5 million in funding, will support tax policy, public expenditure management, and debt strategy. These programs will complement the upcoming UK-Nigeria Growth Programme, making Nigerian firms more productive, competitive, and export-ready.
The UK’s support is part of its commitment to Nigeria’s economic development, with trade between the two countries reaching £7.9 billion. The programs will provide technical assistance to Nigeria, strengthening government institutions and promoting economic growth.
These reforms are expected to have a positive impact on Nigeria’s economy, which has been experiencing challenges. The Nigerian government has been implementing reforms to stabilize the economy and promote growth, and this support from the UK is seen as a significant boost.
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