British High Commissioner to Nigeria, Richard Montgomery, has declared that President Bola Tinubu’s sweeping economic reforms are beginning to yield results—positioning Nigeria as a more attractive and investible destination on the global stage.
Montgomery made the remarks during a press briefing in Abuja on Wednesday, praising Tinubu’s “big and bold” policy decisions, particularly the removal of fuel subsidies and unification of the exchange rate, as catalysts for renewed investor confidence.
“My headline this morning is that these economic reforms are paying off, and these reforms are now making Nigeria more investible,” Montgomery stated.
He acknowledged the short-term pain Nigerians are enduring, including stubbornly high inflation rates hovering in the mid-20s, but expressed optimism that the economic outlook is improving.
According to Montgomery, recent findings align with the World Bank’s May 2025 Nigeria Development Update, which highlights increased macroeconomic stability—reflected in a stronger naira and higher foreign exchange reserves.
“Foreign exchange reserves are up—significantly—so that makes Nigeria less risky,” he noted. “There’s been a nearly 90% increase in revenue collection due to improved tax administration, not new taxes.”
READ ALSO: World Bank Highlights CBN’s Reforms in Stabilising Naira, Boosting Economic Growth
The British envoy also pointed out that the fiscal reforms have led to a doubling of federal allocations to states, boosting their ability to invest in infrastructure and public services.
Highlighting growth trends, Montgomery said Nigeria’s GDP growth rate has improved from an average of 2% between 2015 and 2019 to 3.5% in the past year—and 4.6% in the most recent quarter.
“We’re seeing optimism among businesses. Purchasing Manager’s Index is up. That’s a sign of rising confidence,” he added.
Montgomery’s comments reflect growing international acknowledgment of Nigeria’s economic reset under the Tinubu administration—even as citizens continue to grapple with high living costs and economic adjustment pains.
His remarks are expected to resonate across financial, diplomatic, and policy circles, reinforcing investor interest and support for sustained economic reforms in Africa’s largest economy.