Outgoing British High Commissioner to Nigeria, Richard Montgomery, has stated that President Bola Tinubu's economic reforms will ultimately place Nigeria on a stronger footing in the long term. Montgomery made the remarks during a farewell visit to the Nigeria Revenue Service (NRS) headquarters in Abuja.
Reforms Cause Short-Term Pain but Are Necessary
Montgomery acknowledged that the reforms have caused short-term hardship for ordinary Nigerians, including devaluation and inflation. However, he emphasized that these measures are essential for revitalizing the economy. "I know that a lot of the economic reforms are tough, and they can cause short-term pain for ordinary people— you know, devaluation, inflation, and so forth," he said.
He added, "But I stand by and continue to brief, including our new Prime Minister (Andy Burnham), who’s hoping to speak to His Excellency, President Bola Tinubu at some point in the next couple of weeks, about how fundamental the reforms have been."
Praise for Nigeria's Economic Management Team
The High Commissioner commended the work of key Nigerian officials, including Central Bank Governor Yemi Cardoso, Finance Minister Wale Edun, NRS Chairman Zacch Adedeji, and Minister of Finance Taiwo Oyedele. He highlighted their efforts in monetary policy, tax reform, and fiscal management.
"I think what you and other key members in the economic management team have done is fundamental to the future of Nigeria. So, you have my real admiration," Montgomery stated. He noted that Nigeria's budget and fiscal management are particularly challenging due to the National Assembly's budget process.
Call for Higher Growth Rate
Montgomery urged Nigeria to aim for a growth rate of four to seven percent over the next four years to make a tangible difference for ordinary citizens. "The next four years needs to be about getting the growth rate from four to seven percent because that’s what will make a difference for ordinary people," he said. He expressed confidence that with continued collaboration, this target is achievable.
He also praised the NRS as "one of our best partners" and lauded the peer review partnership between the NRS and His Majesty’s Revenue and Customs (HMRC).
NRS Chairman Responds
In response, NRS Chairman Zacch Adedeji expressed regret over Montgomery's departure, applauding his tenure. "The way you’ve done this work actually changed the story, most especially your support, both personal as well as the technical assistance for our reforms," Adedeji said.
He added, "You saw us as part of the economic fabric of this country. Those engagements really went a long way in shaping our reforms. I also like what you said that real sustainable development is not about aid giving, but about strategic partnership." Adedeji expressed hope that such engagement would continue under Montgomery's successor.
