The Nigerian economy possesses huge potential but faces challenges in achieving consistent and inclusive growth. This gap has consequences for employment, poverty reduction and development, as well as for Nigeria’s standing as a global market, producer and investment destination.
Although the country has experienced periods of economic growth, marked by macroeconomic stability and increased investment in high-value sectors like finance and information communication and technology, these gains have not been sustained or sufficiently broad-based to generate the large-scale job creation needed.
To address this challenge, the UK’s Foreign, Commonwealth and Development Office (FCDO) has established the Nigeria Economic Stability and Transformation (NEST) programme, aiming to support the Government of Nigeria (GoN) in creating the conditions for higher, sustained growth.
NEST seeks to contribute to improved economic indicators, including reduced inflation and enhancing monetary policy and exchange rate management, increased private and development finance, enhanced leading indicators of economic diversification towards non-oil sectors through investment and trade with the UK and others, and unlocking of additional IFI funding for macroeconomic and structural reforms.
The programme will operate as a demand-led facility, working closely with government clients to identify and shape a portfolio of activities. NEST will work primarily with Federal Government institutions responsible for economic strategy, policy, its implementation and communication to increase the chances that economic reforms initiated in mid-2023 are sustained and to improve their quality.
Tetra Tech International Development will develop and manage the Advisory Facility to provide long and short-term technical assistance to GoN. This flexible and responsive facility will provide technical expertise and capacity building to government ministries and implementing agencies to support strategy and policy development and implementation, including cross government coordination as well as communication of reforms. We will partner with Nigerian organisations to support debate about Nigeria’s economic future. We will leverage the facility’s platform to help Nigeria benefit from the UK’s wider economic development offer, such as British Investment Partnerships and Centres of Excellence.
Our technical assistance will work by embedding advisers in ministries and other implementing agencies; deploying technical experts to provide advice, run workshops, undertake studies and research, mentor and coach government officials; and partnering with non-government institutions to deliver objectives.
At a glance
Location
Nigeria
Implementation period
2025–2028
Client
Foreign, Commonwealth & Development Office, UK