UK Launches £15 Million Growth Programme to Boost Nigeria’s Economic Reforms
By Aboki Forex —
The United Kingdom has unveiled a £15 million initiative aimed at attracting private investment, supporting ongoing economic reforms, and accelerating Nigeria’s long-term economic transformation. The British High Commission announced the programme on Friday, following a visit by UK Minister for Africa and International Development, Jenny Chapman.
The UK-Nigeria Growth Programme, announced during Chapman’s meeting with Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, will run for three years. It is designed to deepen current reforms, strengthen the private sector, and unlock new capital for growth.
“The UK-Nigeria Growth Programme helps bring this partnership to life by supporting capital market development, technology investment, small businesses and technical assistance,” Oyedele said. “We look forward to seeing these opportunities deliver lasting benefits and drive progress for both countries.”
Digital Economy Boost
Alongside the growth programme, the UK announced expanded cooperation in Nigeria’s digital economy through the SPRIRET initiative under its Digital Access Programme. The initiative will enhance governance reforms across five states and reduce regulatory barriers that constrain investment in broadband, digital services, and emerging technologies. The British High Commission said this will encourage private-sector participation and improve the business environment for tech investments.
Trade and Finance Partnerships
During her visit, Chapman met Minister of Industry, Trade and Investment Jumoke Oduwole to review progress under the Enhanced Trade and Investment Partnership between both countries. Discussions focused on scaling up Nigeria’s exports through the UK’s Developing Countries Trading Scheme, strengthening fintech cooperation, and expanding capital market linkages.
The engagement reflects growing efforts to deepen trade and investment ties as Nigeria seeks to diversify its economy and attract foreign capital. According to the statement, British International Investment, the UK’s development finance institution, has invested roughly $800 million in sectors including agriculture, manufacturing, and renewable energy in Nigeria.
The UK government is also supporting the rehabilitation and expansion of Lagos ports through financing valued at about $1 billion. Nigeria remains an important destination for UK businesses, with seven Nigerian banks now operating in the UK.