Nigeria Secures ₦589 Billion in Support Through New Partnership Agreements with the UK

Nigeria is set to gain approximately ₦589 billion (£272.6 million) from eight partnership agreements signed with the United Kingdom on Thursday in Abuja. The agreements, formalized by Nigeria’s Minister of Budget and Economic Planning, Senator Abubakar Bagudu, and the UK’s Chargé d’Affaires, Ms. Cynthia Rowe, aim to enhance cooperation across critical sectors such as governance, climate change, education, health, and the economy....CONTINUE READING>>>

During the signing ceremony, Bagudu expressed gratitude for the UK’s continued support, emphasizing that the agreements come at a crucial time as global economies, including Nigeria’s and the UK’s, face economic challenges. He highlighted the UK’s commitment to partnership despite its own difficulties, recognizing the interconnected nature of issues like health, climate change, and governance.

Bagudu acknowledged the far-reaching benefits of the agreements, noting that some of them address global challenges. He used health and climate change as examples, citing how the COVID-19 pandemic showed the world’s shared vulnerabilities and how poor governance in one country can lead to wider instability, migration, and conflict.

He also touched on President Bola Tinubu’s recent economic reforms, which, although causing short-term discomfort, are part of a broader “Renewed Hope Agenda” aimed at fostering macroeconomic stability and stimulating both domestic and foreign investments. Bagudu stressed that Nigeria’s collaboration with international partners like the UK will help the country overcome its developmental challenges.

Cynthia Rowe, in her remarks, expressed condolences to Nigeria for the recent floods in some states and reaffirmed the UK’s solidarity with the country. She emphasized the long-standing partnership between the two nations, highlighting that the new agreements would complement over £1 billion already spent on various programmes in Nigeria. Rowe expressed a deep commitment to working closely with the Nigerian government to advance its development goals.

The UK’s Foreign and Commonwealth Development Office (FCDO) will oversee the implementation of these agreements. The FCDO has long been involved in Nigeria’s development efforts, particularly in areas such as human development, conflict resolution in the Lake Chad Basin, and economic transformation. The agreements outline four primary objectives: promoting honest and reliable investment, empowering women and girls, enhancing humanitarian support during crises, and fostering sustainable economic development. These goals aim to create a more inclusive, resilient, and prosperous Nigeria.

One of the key agreements is the Human Assistance and Resilience Program (HARP), which has a three-year budget of ₦324 billion (£150 million). This program will provide humanitarian assistance, particularly in the Northeast, building on the earlier “Force for Good Agenda.” Another major initiative is the Nigeria Governance and Climate Change Programme (NGCP), with a budget of ₦84 billion (£83.8 million). NGCP aims to engage with the government on climate and governance issues, boost state government revenue, and integrate climate action into policy and planning.

Other agreements include the Strengthening Peace and Resilience in Nigeria (SPRING) program, which aims to reduce conflict and increase climate resilience in northern Nigeria, with a budget of ₦82 billion (£38 million). Additional agreements include the Equipment Support for Health Training Institutions (₦8.3 billion/£3.8 million), Climate Resilient Infrastructure for Basic Services (₦41 billion/£19 million), Building Resilience in Nigeria’s Nutrition Stockpile (₦26 billion/£12 million), and Strengthening Humanitarian Access in Nigeria (₦24 billion/£11 million).

The final agreement, “Manufacture Africa,” aims to drive inclusive economic transformation across the continent by providing technical assistance, with a budget of ₦151 billion (£70 million). This initiative is designed to create the jobs needed for Africa’s future economic growth.

In sum, these agreements mark a significant step forward in the UK-Nigeria partnership, offering Nigeria much-needed resources and expertise to tackle its pressing challenges while fostering long-term development and stability.