The United Kingdom has called on Nigeria to accelerate its economic reforms, particularly by addressing market-distorting practices linked to state-owned enterprises. This request was made by Simon Manley, the UK’s Permanent Representative to the World Trade Organisation, during Nigeria’s Trade Policy Review in Geneva. While praising Nigeria’s economic strides, such as fuel subsidies and monetary policy adjustments, Manley emphasized the need for deeper reforms to create a more business-friendly environment.
Manley highlighted the negative impact of around 40 state-owned enterprises, especially in the energy sector, which have been found to stifle competition and harm private sector participation. These practices were described as detrimental to trade and investment, and he urged Nigeria to take decisive action to address them. Additionally, he pointed out concerns raised by British businesses, including harmful subsidies, forced technology transfers, and complex regulatory frameworks.
The UK official also acknowledged Nigeria’s growing economic diversification, especially in manufacturing, agriculture, and infrastructure development. He reiterated the importance of the UK-Nigeria Strategic Partnership in fostering mutual growth and reducing trade barriers to improve Nigeria’s business environment and prosperity.
