The Central Bank of Nigeria (CBN) and key United Kingdom development finance actors yesterday held talks towards strengthening Nigeria’s financial sector and attracting long-term foreign investment.
The engagement comes amid renewed efforts by the Federal Government to reposition the economy, stabilise the financial system and create an environment conducive to sustained private-sector investment.
CBN Governor, Olayemi Cardoso, met with a high-level delegation from British International Investment (BII) and the British High Commission in Abuja.
The meeting brought together the Chair of BII, Ms. Diana Layfield, and the British High Commissioner to Nigeria, Mr. Richard Montgomery, alongside senior executives of the UK-backed development finance institution.
Cardoso said the apex bank remains focused on building a stable and trusted financial system capable of supporting economic growth and expanding opportunities for businesses and households.
“The CBN is committed to macroeconomic stability, a strong and credible monetary policy, and a transparent, data-driven regulatory framework that will strengthen the banking system and improve how money flows to businesses and households,” he said.
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According to him, development finance institutions play a critical role in Nigeria’s reform journey by providing “patient capital,” promoting strong corporate governance and supporting financial inclusion.
UK backs Nigeria’s financial reforms
Ms. Layfield said BII remains keen on investing in Nigeria’s financial services sector and supporting projects capable of delivering inclusive growth, noting that regulatory clarity and predictability are crucial for long-term investment decisions.
“Nigeria remains an important market for us, and we see strong opportunities in the financial services sector where long-term investment can support stability, inclusion and private-sector development,” she said.
The British High Commissioner, Mr. Montgomery, also welcomed sustained engagement between Nigeria and the UK, stressing that strong financial systems are central to deepening trade and investment ties between both countries.
The meeting was attended by members of BII’s board and management, including its Chief Executive Officer, Mr. Leslie Maarsdorp; Non-Executive Directors, Mr. Andrew Alli and Mr. Simon Rowlands; Managing Director and Head of Africa, Mr. Chris Chijiutomi; and West Africa Regional Director and Head of the Nigeria Office, Mr. Benson Adenuga.
British International Investment, fully owned by the UK Government through the Foreign, Commonwealth and Development Office, manages assets worth about £9.9 billion and supports more than 1,600 businesses across emerging markets.
Bagudu: reforms fostering stability, investor confidence
Reinforcing the reform narrative, the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, said President Tinubu’s economic policies are steadily driving growth, strengthening political consensus and improving investor confidence.
Bagudu spoke in Abuja while receiving officials of the Agence Française de Développement (AFD) Microeconomic Risk Analysis Due Diligence Mission, led by its Country Director, Mr. Jacky Amprou.
He said the reforms have improved cooperation between the executive and legislative arms of government, as well as collaboration among the federal, state and local governments.
“The National Assembly has been very supportive of the President’s bold economic initiatives. Of equal importance is the friendly relationship among the federal, state and local governments,” Bagudu said.
According to him, despite short-term challenges, the reforms have helped stabilise the naira, sustain investor interest and reduce pre-election economic uncertainty.
Bagudu disclosed that the administration is targeting a one-trillion-dollar economy within the next five years, driven by inclusive growth and anchored on the Renewed Hope Ward Development Plan, which seeks to identify economic opportunities across the country’s 8,809 wards.
AFD reviews Nigeria’s reform trajectory
Earlier, Mr. Amprou said the AFD mission was conducting a broad review of Nigeria’s economic and structural reforms to update its country risk and economic assessment.
He noted that since 2022, Nigeria has implemented major reforms that have reshaped its economic landscape, adding that the agency is keen to understand how the government plans to consolidate the gains and accelerate development.
The Permanent Secretary of the Ministry, Dr. Deborah Odoh, said international development support must align with Nigeria’s 2026–2030 National Development Plan, adding that discussions were ongoing for a new AFD–Nigeria Country Partnership Agreement to succeed the current framework ending in 2025.
Shagari: policies restoring hope, governance
Adding a political perspective, former Deputy Governor of Sokoto State and Board Chairman of the National Inland Waterways Authority (NIWA), Alhaji Muntari Shagari, said President Tinubu’s policies are reviving purposeful governance and restoring hope among Nigerians.
Shagari said the Renewed Hope Agenda was addressing deep-rooted structural challenges inherited by the administration, noting that recent reforms had begun to ease economic pressures, including a gradual drop in food prices.
He acknowledged that the reforms came with initial difficulties but described them as necessary for long-term stability and sustainable growth.
Shagari also praised the administration’s security reforms and support for the Dangote Refinery, describing the commencement of operations at the facility as a milestone in Nigeria’s drive toward energy security and economic independence.
On his role at NIWA, he said the blue economy was being prioritised, with renewed focus on safer and more efficient inland water transportation.
He urged Nigerians to remain patient and supportive of the reform agenda, expressing confidence that the policies would deliver lasting prosperity and national unity.
