Outgoing British High Commissioner to Nigeria Richard Montgomery says President Bola Tinubu’s economic reforms are laying the foundation for long-term growth despite the short-term hardship experienced by many Nigerians.
The outgoing British High Commissioner to Nigeria, Richard Montgomery, has expressed confidence that President Bola Ahmed Tinubu’s economic reforms will ultimately place Nigeria on a stronger economic footing, despite the immediate challenges facing households and businesses.
Montgomery made the remarks during a farewell visit to the Chairman of the Nigeria Revenue Service (NRS), Dr Zacch Adedeji, in Abuja, where he reflected on Nigeria’s economic transformation during his three-year diplomatic posting.
‘Tough Reforms, But Necessary’
The British envoy acknowledged that key policies introduced by the Tinubu administration—including monetary, fiscal and tax reforms—have imposed short-term hardship on many Nigerians through inflation, currency adjustments and rising living costs.
However, he argued that such measures are essential to restoring economic stability and creating a stronger foundation for sustainable growth.
According to Montgomery, he has consistently briefed British officials on the significance of the reforms and believes they are fundamental to Nigeria’s long-term economic future.
Praises Economic Management Team
Montgomery commended members of Nigeria’s economic management team, including officials at the Central Bank of Nigeria, the Ministry of Finance and the Nigeria Revenue Service.
He praised their handling of monetary policy, fiscal reforms and tax administration, describing their work as technically sound and politically strategic despite the difficult economic environment.
The envoy also said improvements in investment inflows and economic management suggest Nigeria is moving in the right direction.
Calls for Faster Economic Growth
Looking ahead, Montgomery said Nigeria should focus on raising its annual economic growth rate from about 4 per cent to 7 per cent, arguing that stronger growth would have a more meaningful impact on employment, incomes and living standards.
He expressed optimism that the current reform agenda could help achieve that objective if implementation continues.
NRS Chairman Appreciates UK Support
Responding, Nigeria Revenue Service Chairman Dr Zacch Adedeji thanked Montgomery for supporting Nigeria’s ongoing tax and fiscal reforms during his tenure.
Adedeji described the United Kingdom as an important development partner and said technical cooperation between the NRS and the UK’s His Majesty’s Revenue and Customs (HMRC) had contributed to ongoing institutional reforms.
He also praised Montgomery’s commitment to strengthening bilateral relations between Nigeria and the United Kingdom.
President Tinubu’s administration has implemented a series of major economic reforms since assuming office, including the removal of the petrol subsidy, foreign exchange market reforms and tax policy changes.
While international financial institutions and several foreign partners have welcomed the reforms as necessary for long-term stability, many Nigerians continue to express concerns over the rising cost of living and inflation associated with the policy adjustments.