Critical sectors of the Nigerian economy are set to receive monetary boosts worth N589 billion (£272.6 million) following the conclusion of eight partnership agreements signed between the Federal Government and the United Kingdom.
This was disclosed in a statement issued by the Ministry of Budget and Economic Planning, Atiku Bagudu, on Thursday in Abuja.
The programme implementation agreements signed by the minister and the UK Charge d’ Affaires, Cynthia Rowe, commit both countries to collaboration in critical sectors, including governance, climate change, education, health, and the economy.
“I am passionate about the UK’s close relationship with Nigeria and working with the Government to advance the country’s development agenda,” Rowe said.
“The signing of these important agreements today builds on our support worth over £1billion, delivering real improvements for people in health, education, governance, our work with women and girls, and helping where there is humanitarian need,” she said.
While welcoming Rowe and his team to the signing ceremony at the ministry’s headquarters in Abuja, Bagudu expressed appreciation for the UK government’s support, saying it was a significant show of friendship.
He said the timing of the implementation agreement was significant given the downward trend of world economies. “Many economies in the world are going through turbulent times. Nigeria and the UK are not exceptions.”
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The minister praised the UK’s spirit of partnership, which enabled it to support other countries despite its economic challenges.
He stated that some agreements would benefit more than Nigeria, explaining that they deal with global issues.
“Health is no longer a local issue. COVID-19 reminded us that we have a shared universe. Climate is a universal phenomenon,” Bagudu noted. Governance is no longer a local issue. Governance failure in one country can affect other countries through forced migration, conflict or the spread of arms.”
The minister spoke about President Bola Tinubu’s administration’s recent economic reforms, which he regretted had caused some discomfort among the people.
He, however, explained that they were part of its Renewed Hope Agenda strategies aimed at macroeconomic stability that would stimulate local and foreign investments needed for the nation’s economic revival, growth, and development.
Bagudu said the agreements recognised that despite the best efforts of a country, it might not have all the resources it needed to meet its developmental needs, adding that Nigeria was confident that with working partners, it would overcome its challenges.
The minister thanked the charge d’affaires for her cooperation and assistance in ensuring the consummation of the implementation agreements, which he said were the 15th to be signed by the ministry within a month.
