Tinubu meets with King Charles III at Buckingham Palace, London

President Bola Tinubu was warmly received on Wednesday in London by His Majesty King Charles III at Buckingham Palace for a private meeting, highlighting the enduring and cherished relationship between Nigeria and the United Kingdom, UK.
This will be the two leaders’ first meeting since they met in Dubai at the COP 28 Climate Summit last year. The latest meeting was at the King’s request.
Both leaders discussed global and regional matters of shared priority, focusing on the urgent and complex challenge of climate change.
Tinubu and His Majesty also explored opportunities for collaboration in anticipation of the upcoming COP 29 Summit in Azerbaijan and the Commonwealth Heads of Government Meeting (CHOGM) in Samoa.
The president reiterated Nigeria’s firm commitment to addressing climate change in a manner that aligns with the country’s energy security objectives whilst affirming Nigeria’s readiness to adopt global strategies for sustainability.
During their dialogue, the two leaders shared ideas for innovative approaches to climate financing and funding, expressing mutual interest in strengthening partnerships by harnessing Nigeria’s leadership position in Africa and the Commonwealth according to a statement by Bayo Onanuga Special Adviser to the President
(Information and Strategy).
Meanwhile, Nigeria is to reap about N589 billion (£272.6 million) from eight partnership agreements it signed with the United Kingdom in Abuja.
The programme implementation agreements signed by the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, 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 her 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.
Rowe in her statement 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 (FCDO), 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 N324 billion (£150 million), is the Human Assistance and Resilience Program (HARP). 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 (NGCP) follows it with an N84 billion (£83.8 million) 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 (SPRING), 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 N82 billion (£38 million), 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 (ESHTI) N8.3 billion (£3.8 million); Climate Resilient Infrastructure for Basic Services (CRIBS) N41 billion (£19 million); Building Resilience in Nigeria’s Nutrition Stockpile (BRINNS) N26 billion (£12 million); and Strengthening Humanitarian Access in Nigeria (SHAN) N24 billion (£11 million).
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 N151 billion (£70 million).

Tinubu assures of a robust economy

In another development, President Tinubu has welcomed the National Bureau of Statistics (NBS) ‘s new report on the country’s trade balance.
According to the report, Nigeria recorded another trade surplus in the second quarter of 2024, hitting N6.95 trillion. The current surplus is 6.60% higher than the N6.52 trillion surplus recorded in the first quarter.
Just days after the country recorded almost 100 percent oversubscription of its first $500 million domestic bond and half-year revenue of N9.1 trillion, the latest report underscores the increasing positive shifts in the economy over the last year.
A statement by Bayo Onanuga, Special Adviser to the President
(Information & Strategy)
noted that “Tinubu expresses confidence in the reforms his administration is pursuing and believes they will create a more robust economy that will usher in a new era of prosperity for Nigerians.
The NBS report reflects the country’s strong export performance in the second quarter.
“Although total merchandise trade in Q2 2024 stood at N31.89 trillion, a 3.76% decline compared to the preceding quarter (Q1 2024), it marked a 150.39% rise from the corresponding period in 2023.
“The NBS reported that the Q2 surplus was essentially driven by exports to Europe, the United States and Asia.
Total exports stood at N19.42 trillion, accounting for 60.89% of the country’s total trade. This represents a 1.31% increase from N19.17 trillion in the first quarter and a 201.76% surge from N6.44 trillion recorded in Q2 2023.
“The dominance of crude oil exports remains a key factor in this performance, contributing N14.56 trillion, or 74.98% of total exports.
Non-crude oil exports, valued at N4.86 trillion, comprised 25.02% of the total export value, with non-oil products contributing N1.94 trillion.
“The strong export performance, particularly in crude oil, ensured Nigeria maintained a favourable trade balance.
“In Q2 2024, European and American countries dominated Nigeria’s top export destinations. Spain emerged as the largest export partner, receiving goods valued at N2.01 trillion, accounting for 10.34% of Nigeria’s total exports.
“The United States followed closely with N1.86 trillion (9.56%), while France imported N1.82 trillion of Nigerian goods, representing 9.37% of total exports. Nigeria’s other major export partners include India (N1.65 trillion or 8.50%) and the Netherlands (N1.38 trillion).
“Generally, the economic indicators, which were very low when President Tinubu assumed office last year, are turning positive.
The government will continue to consolidate on the gains of the reforms as more fiscal and tax policy reforms already embarked upon by the administration come to fruition.
President Tinubu is determined to confront the inhibitions that have stunted the growth and development necessary to unlock the country’s full potential.