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🇳🇬 Nigeria /Economy & Trade

UK, Nigeria unveil £15m growth initiative to boost investment

From The Punch · () English

Summarized and contextualized by DistantNews.

At a glance

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  • The UK and Nigeria have launched a £15 million Growth Programme to stimulate private investment and accelerate economic transformation in Nigeria.
  • The three-year initiative aims to deepen economic reforms, attract private capital, and support Nigeria's transition to sustained, reform-driven growth.
  • The program also includes expanded cooperation in Nigeria's digital economy, focusing on governance reforms and reducing barriers to investment in broadband infrastructure and digital services.

The United Kingdom and Nigeria have jointly launched a new £15 million Growth Programme designed to unlock private investment and foster economic transformation in Nigeria. This initiative marks a significant step in strengthening the UK-Nigeria Strategic Partnership, aiming to accelerate the nation's transition towards sustained, reform-driven economic growth.

The three-year program will focus on deepening economic reforms, attracting crucial private-sector capital, and driving long-term economic development. A key component involves expanding cooperation in Nigeria's digital economy through the SPRIRET initiative under the UK's Digital Access Programme. This digital arm will support governance reforms across five Nigerian states, working to reduce regulatory barriers and encourage investment in vital areas such as broadband infrastructure, digital services, and emerging technologies.

The UK-Nigeria Growth Programme helps bring this partnership to life by supporting capital market development, technology investment, small businesses and technical assistance.

— Taiwo OyedeleThe Nigerian Minister of Finance spoke on the significance of the new growth initiative.

During a two-day visit to Nigeria, UK Minister for Africa and International Development, Baroness Jenny Chapman, announced the program and engaged in discussions with Nigerian officials, including the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele. Oyedele highlighted the evolving nature of the UK-Nigeria relationship, emphasizing its shift towards growth, development, and shared prosperity. He expressed anticipation for the program's benefits in capital market development, technology investment, support for small businesses, and technical assistance.

Further discussions between Minister Chapman and the Minister of Industry, Trade and Investment, Jumoke Oduwole, reviewed progress under the Enhanced Trade and Investment Partnership. Their talks centered on boosting exports through the Developing Countries Trading Scheme, strengthening fintech collaboration, and expanding capital market linkages between the two nations. The initiative underscores a shared commitment to leveraging economic cooperation for mutual benefit and progress.

We look forward to seeing these opportunities deliver lasting benefits and drive progress for both countries.

— Taiwo OyedeleThe Nigerian Minister of Finance expressed optimism about the program's outcomes.
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Originally published by The Punch. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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