2 months ago
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Critical sectors of the Nigerian economy are set to receive monetary boosts worth N589bn (£272.6m) 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, Ms Cynthia Rowe, commit both countries to collaboration in critical sectors, including governance, climate change, education, health, and the economy.
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,” he stated.
The minister praised the UK’s spirit of partnership, which enabled it to support other countries despite its economic challenges.
Bagudu noted 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. 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,” he said.
The minister spoke about President Bola Tinubu’s administration’s recent economic reforms, which he regretted had caused some discomfort among the people.
However, he 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.
On her part, Rowe commiserated with Nigeria over the recent flood in some states and expressed how sorry the UK was over the incident.
She appreciated Nigeria’s long-standing cooperation and praised the Ministry of Budget and Economic Planning for being an integral partner that had shaped the relations.
The new implementation agreements, she said, would complement the over £1 billion that had been spent on several programmes in states across the country.
“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 in a short statement, adding, “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.”
For decades, the implementation agency, the Foreign and Commonwealth Development Office, has been actively engaged in other sectors of the country’s national development, demonstrating a long-term commitment to Nigeria’s growth and stability. This includes human development, the Lake Chad Basin Conflict, UK-Nigeria People-to-People links, and economic transformation.
The FCDO has set four clear objectives for the partnership agreements. These include delivering honest, reliable investment, providing women and girls with the freedom to succeed, stepping up life-saving support in times of crisis, and promoting sustainable economic development. These goals aim to help Nigeria attain a more stable, inclusive, resilient, healthy and prosperous polity.
The star agreement, with a three-year budget of N324bn (£150m), is the Human Assistance and Resilience Programme. It aims to deliver on the integrated review of an earlier programme, “Force for Good Agenda,” and provide life-saving humanitarian assistance in the Northeast.
The Nigeria Governance and Climate Change Programme follows it with an N84bn (£83.8m) spending plan. It aims to support coalitions engaging with the government on areas to help resolve climate and governance problems affecting the poorest and most vulnerable Nigerians; increase state government income from internally generated revenue; mainstream climate action in the centre of state government policy, planning, and budgets; and strengthen election delivery and credibility.
The Strengthening Peace and Resilience in Nigeria, which aims to reduce conflict and support Nigerian communities to better adapt to the effects of climate change, was also signed.
With a budget of N82bn (£38m), SPRING will support the reduction of rural violence and increased peace, security, justice and climate resilience for citizens in volatile regions of Northern Nigeria.
Other agreements are the Equipment Support for Health Training Institutions N8.3bn (£3.8m); Climate Resilient Infrastructure for Basic Services N41bn (£19m); Building Resilience in Nigeria’s Nutrition Stockpile N26bn (£12m); and Strengthening Humanitarian Access in Nigeria N24bn (£11m).
The last of the agreements is the Manufacture Africa, which proposes to help drive the inclusive economic transformation needed to create jobs for the future by providing technical assistance to African countries to the tune of N151bn (£70m).
