{"id":118744,"date":"2025-05-14T21:26:52","date_gmt":"2025-05-14T20:26:52","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=118744"},"modified":"2025-05-14T21:26:52","modified_gmt":"2025-05-14T20:26:52","slug":"tinubus-economic-reforms-yielding-fruits-british-envoy","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/tinubus-economic-reforms-yielding-fruits-british-envoy\/","title":{"rendered":"Tinubu&#8217;s Economic Reforms Yielding Fruits &#8211; British Envoy"},"content":{"rendered":"<div>By Myke Agunwa<\/div>\n<div><\/div>\n<div>The &#8220;big and bold&#8221; economic reforms embarked upon by President Bola Tinubu has started to attract global accolade following it&#8217;s endorsement by the British High Commissioner to Nigeria, Mr. Richard Montgomery.<\/div>\n<div><\/div>\n<div>The envoy in a press conference on Wednesday in Abuja affirmed that Nigeria has morphed into a more investible destination.<\/div>\n<div><\/div>\n<div>He said that the United Kingdom sees growing investment opportunities in Nigeria for a combination of reasons.<\/div>\n<div><\/div>\n<div>\u201cI\u2019ve been very public previously about commending the big and bold economic reforms being taken by His Excellency, President Bola Ahmed Tinubu.<\/div>\n<div><\/div>\n<div>\u201cWe all know about the abolition of the fuel subsidy, we all know about the unification of the exchange rate system, and my headline this morning is that these economic reforms are paying off, and these economic reforms are now making Nigeria more investible.<\/div>\n<div><\/div>\n<div>\u201cI realise that some of these reforms for ordinary people are painful.<\/div>\n<div><\/div>\n<div><\/div>\n<div>\u201cInflation is still high, it\u2019s in the 20 percent territory, the mid-20s. And it\u2019s going to take time to bring that rate down.<\/div>\n<div><\/div>\n<div>\u201cBut we can see very good prospects for that rate coming down in the coming months and years\u201d he said.<\/div>\n<div><\/div>\n<div>He said that the commission is on the same page with World Bank\u2019s May 2025 Nigeria Development Update (NDU) report which showed that the naira is now more stable, adding that a predictable economic environment buoys investments.<\/div>\n<div><\/div>\n<div>\u201cForeign exchange reserves are up, significantly up, so that makes Nigeria less risky. There\u2019s been a very big increase in government revenue collection, not by raising tax banks, but by tax administration and management.<\/div>\n<div><\/div>\n<div>\u201cIt\u2019s almost a 90 percent increase in the amount of resources we\u2019ve collected, partly through administrative management and making sure that revenues from various MDAs reach the treasury, and that increase in revenue means reductions in fiscal deficit.<\/div>\n<div><\/div>\n<div>\u201cIt means that the combination of increased revenue and the abolition of the fuel subsidy have doubled federal allocations to the states, enabling more investments in infrastructure as well as public services.<\/div>\n<div><\/div>\n<div>\u201cMost importantly, we\u2019re seeing a growth rate in Nigeria too, so between 2015 and 2019, the growth rate in Nigeria was an average of 2 percent.<\/div>\n<div><\/div>\n<div>\u201cIt\u2019s now, in the last 12 months, at least about 3.5 percent. But most positively, in the last quarter for which we have data, it\u2019s up to 4.6 percent. So there\u2019s a real uptick in growth&#8221; the envoy stated.<\/div>\n<div><\/div>\n<div>He added that businesses are signing\u00a0 expansion seals and optimism is growing among investors, as evidenced by a significant rise in the purchasing manager\u2019s index (PMI).<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>By Myke Agunwa The &#8220;big and bold&#8221; economic reforms embarked upon by President Bola Tinubu has started to attract global accolade following it&#8217;s endorsement by the British High Commissioner to&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":118745,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-118744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tinubu&#039;s Economic Reforms Yielding Fruits - British Envoy - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/tinubus-economic-reforms-yielding-fruits-british-envoy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tinubu&#039;s Economic Reforms Yielding Fruits - British Envoy - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"By Myke Agunwa The &#8220;big and bold&#8221; 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