Frank Okon

The United Kingdom and Nigeria have launched a new £15 million Growth Programme aimed at unlocking private investment, accelerating economic transformation and supporting Nigeria’s transition to sustained, reform-led growth.

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The initiative was announced by Baroness Jenny Chapman at the conclusion of a two-day visit to Nigeria by a British delegation she led, underscoring the expanding strategic partnership between both countries.

The programme builds on extensive UK economic engagement in Nigeria. The UK’s development finance institution, British International Investment (BII), has invested nearly $800 million across key sectors including agriculture, renewable energy and manufacturing. In addition, the UK is supporting the rehabilitation and expansion of Lagos ports through a financing package of about $1 billion from UK Export Finance, a project expected to improve trade logistics and stimulate wider economic activity.

The UK is also emerging as an important platform for Nigerian companies seeking global expansion. Seven Nigerian banks now operate in the UK, while London continues to strengthen its role as a gateway to international capital markets for Nigerian businesses, as reflected in the recent growth trajectories of fintech firms LemFi and Moniepoint.

The launch of the UK–Nigeria Growth Programme follows the momentum generated by President Bola Ahmed Tinubu’s state visit to the UK in March 2026 and subsequent engagements at the Global Partnerships Conference, where senior officials from both countries explored areas of mutual economic interest.

A major highlight of the visit was Baroness Chapman’s meeting with Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele. Discussions focused on the new programme, which will run for three years and support reforms aimed at attracting investment, strengthening capital markets and promoting sustainable economic growth.

Speaking on the initiative, Oyedele described the UK–Nigeria relationship as one of the most important partnerships for both countries, noting that it has evolved beyond traditional ties to focus increasingly on development, growth and shared prosperity.

According to him, the Growth Programme will support capital market development, technology investment, small businesses and technical assistance, creating opportunities capable of delivering long-term benefits for both economies.

The UK also announced deeper collaboration in Nigeria’s digital economy through the SPRIRET initiative, implemented under the UK’s Digital Access Programme. The initiative will support digital governance reforms across five Nigerian states, reduce regulatory barriers and encourage greater investment in broadband infrastructure, digital services and emerging technologies.

During her visit, Baroness Chapman also held talks with the Minister of Industry, Trade and Investment, Jumoke Oduwole, on progress under the Enhanced Trade and Investment Partnership. Discussions covered export promotion under the UK’s Developing Countries Trading Scheme as well as cooperation in fintech and capital markets.

In Kaduna, the British minister met with Uba Sani to review more than two decades of UK-Kaduna cooperation and explore opportunities for deeper collaboration in investment mobilisation and climate finance. She also engaged with members of the business community and institutional investors on strategies for attracting new investments into the state.

Chapman further interacted with community animal health workers and livestock breeders, discussing UK-backed interventions in breeding techniques, animal health services and livestock vaccination programmes. She also visited the Unguwan Sanusi Primary Health Care Centre, which serves about 20,000 residents, where she received firsthand accounts of the impact of UK-supported healthcare programmes from patients and frontline health workers.

Reflecting on the visit, Chapman said the engagements had reinforced her confidence in the UK–Nigeria partnership, describing it as deep, practical and increasingly impactful. She said discussions ranging from economic reforms and investment opportunities to healthcare delivery demonstrated Nigeria’s ambition and the growing effectiveness of bilateral cooperation.

She reaffirmed the UK’s long-term commitment to Nigeria, expressing optimism that the next phase of the partnership would deliver even greater economic opportunities and shared prosperity for both nations.