Lawmaker advocates stronger Nigeria-UK partnerships

Senator Mukhail Abiru (Lagos-East) has called for stronger partnerships between Nigeria and the United Kingdom.

Abiru disclosed this while delivering his keynote address at an event organized by the Bridge Club on Wednesday, as made available in a statement signed by his media aide, Mr. Enitan Olukotun, in Lagos.

The event was tagged, ‘An Evening with the British High Commissioner, His Excellency Dr. Richard Montgomery CMG’, with the theme, “Prosperous Future: Unlocking Mutual Growth For Nigeria and the United Kingdom.”

Abiru, Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, said that despite the challenges facing the nation, the path to Nigeria’s economic prosperity remained viable. He identified sectors where the United Kingdom could partner with Nigeria to accelerate development, listing areas such as trade and investment, education, capacity building, agriculture, manufacturing, solid minerals, and technology.

“These are key areas that can unlock Nigeria’s non-oil export potential. For instance, Nigeria’s agricultural sector, despite its vast potential, remains underdeveloped. We need to invest in modern farming techniques, expand agro-processing capabilities, and build resilient supply chains.”

“Additionally, the tech sector in Nigeria has already demonstrated immense promise, with Nigerian startups attracting global attention. By fostering innovation, supporting entrepreneurs, and building robust digital infrastructure, we can unlock new opportunities for economic growth,” he said.

Abiru expressed confidence in the leadership of President Bola Tinubu in restoring the nation to the path of sustainable development. He cited some of the far-reaching and ambitious policies and reforms aimed at addressing the anomalies of past administrations, which are strongly supported by the 10th National Assembly.

“It is of interest to mention here that the current administration in Nigeria has embarked on a number of bold and strategic reforms aimed at unlocking the country’s full potential toward attaining a $1 trillion economy. Notable among these reforms, which are designed to create a more transparent and resilient economy, is the scrapping of the unsustainable and corrupt fuel subsidy regime.

“This has enabled the government to redirect public funds toward critical sectors such as education, health, and infrastructure, as well as the elimination of multiple exchange rates, which has created a more transparent and predictable exchange rate system, improved investor confidence in Nigeria, and helped to boost liquidity in the forex market.

“Today, Nigeria has begun to record current account surpluses partly on account of forex market reforms. As a complement, the Central Bank of Nigeria is implementing a banking sector recapitalization program that aims to position our banks to finance the productive sectors of the economy,” he said.

Abiru said that equally notable were the tax reforms that sought to modernize the tax system, enhance the ease of doing business, and address many of the challenges in the fiscal policy space in Nigeria. He said that these include the multiplicity of taxes and levies, which hinder the growth of small businesses, a shallow tax base, as well as loopholes in tax laws and corruption in tax administration.

Mr. AbdulHakeem Mustapha, SAN, President of the Bridge Club, commended Abiru for his contributions to the discourse.