The United Kingdom has launched a new £15 million Growth Programme for Nigeria aimed at accelerating economic transformation, attracting private investment, and supporting reform-driven growth across the country.
The programme was unveiled during a two-day visit to Nigeria by UK Minister for Africa and International Development Baroness Jenny Chapman, according to a statement from the British High Commission in Abuja.
The three-year initiative is designed to help Nigeria transition from macroeconomic stabilisation to sustained economic growth driven by reforms and investment. It was one of the major outcomes of Chapman's meeting with Nigeria's Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
Oyedele described the UK-Nigeria relationship as one of the most important bilateral partnerships for both countries, noting that the partnership now extends beyond traditional ties to focus on development, growth, and shared prosperity. He said the Growth Programme would support capital market development, technology investment, small businesses, and technical assistance.
Alongside the Growth Programme, both countries agreed to deepen collaboration in Nigeria's digital economy through the SPRIRET initiative under the UK's Digital Access Programme. The initiative is expected to support digital governance reforms across five Nigerian states, reduce regulatory barriers, and encourage investment in broadband infrastructure, digital services, and emerging technologies.
Chapman also met with Nigeria's Minister of Industry, Trade and Investment, Jumoke Oduwole, where discussions focused on the Enhanced Trade and Investment Partnership, export opportunities under the Developing Countries Trading Scheme, fintech collaboration, and stronger capital market links.
In Kaduna, Chapman met with Governor Uba Sani to review more than two decades of partnership between the UK and Kaduna State. She also engaged with business community members and institutional investors on investment mobilisation and climate finance opportunities.
The UK government noted that the announcement builds on existing economic engagement in Nigeria, including nearly $800 million invested by British International Investment across agriculture, renewable energy, and manufacturing sectors.
UK Export Finance is also supporting the rehabilitation and expansion of Lagos ports through an approximately $1 billion financing package involving contracts for British Steel. Seven Nigerian banks now operate in the UK, while London continues to play a growing role in helping Nigerian firms access international capital markets, including fintech companies such as LemFi and Moniepoint.
Speaking at the end of the visit, Chapman said the engagements reinforced her confidence in the UK-Nigeria partnership, describing it as deep and moving in the right direction.
The Growth Programme has implications for Nigerian businesses and tax practitioners, as increased capital market development, foreign direct investment, and digital economy expansion could broaden the corporate tax base and generate additional revenue for the government through company income tax, VAT, and withholding tax on new transactions.
