The UK has launched a £15 million initiative, aimed at attracting private investment, supporting economic reforms and speeding up Nigeria’s long-term economic transformation.

The initiative was announced during a recent visit by the UK Minister for Africa and International Development, Jenny Chapman, according to a statement issued by the British High Commission on Friday.

The programme, announced during Ms Chapman’s meeting with Taiwo Oyedele, the minister of finance and coordinating minister of the economy, will run for three years. It plans to deepen ongoing reforms, strengthen the private sector and unlock new sources of capital for economic growth.

“The UK-Nigeria Growth Programme helps bring this partnership to life by supporting capital market development, technology investment, small businesses and technical assistance,” Mr Oyedele said.

“We look forward to seeing these opportunities deliver lasting benefits and drive progress for both countries.”

The new programme comes as Nigeria and the UK look to expand economic cooperation beyond traditional development assistance towards investment-led growth.

Alongside the initiative, the UK announced expanded synergy in Nigeria’s digital economy through the SPRIRET initiative under its Digital Access Programme.

The initiative will enhance governance reforms across five states and help reduce regulatory barriers constraining investment in broadband infrastructure, digital services, and emerging technologies.

The British High Commission said the intervention is expected to encourage greater private-sector participation and improve the business environment for technology-driven investments.

Trade, finance partnerships

During the visit, Ms Chapman met Minister of Industry, Trade and Investment Jumoke Oduwole to review the progress so far recorded under the Enhanced Trade and Investment Partnership between both countries.

Discussions centred on scaling up Nigeria’s exports through the UK’s Developing Countries Trading Scheme, strengthening cooperation in the fintech sector, and expanding capital market linkages.

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The engagement reflects growing efforts by the two countries to deepen trade and investment ties as Nigeria seeks to diversify its economy and attract foreign capital.

According to the statement, British International Investment, the UK’s development finance institution, has invested roughly $800 million in sectors including agriculture, manufacturing and renewable energy in Nigeria.

The UK government is also supporting the rehabilitation and expansion of Lagos ports through financing valued at about $1 billion.

The country remains an important destination for Nigerian businesses seeking international expansion, with seven Nigerian banks now operating there.

SpaceX lifted off on its first day as a public company, immediately jumping to $150 a share after it began trading on the Nasdaq, around 11% higher than the $135 figure at which it officially priced its IPO on Thursday. The stock price reached as high as $176 in midday trading, pushing the company’s market capitalization to nearly $2.3 trillion, making SpaceX the sixth most valuable public company in the U.S.

The stock pop isn’t a surprise. The company’s IPO was oversubscribed by 4x, according to Bloomberg, meaning many institutional investors didn’t receive allocations and are likely buying shares on the open market.

The demand for SpaceX is also a function of its small float, with only about 4% of shares available for public trading, while early investors and employees hold the rest. SpaceX also successfully lobbied a number of indexes (like the Nasdaq 100) to change their inclusion rules. The company will now join those indexes in a matter of days, not months, increasing demand for SpaceX stock before other large institutions and funds start automatically buying it.

Robinhood said it has seen “record-breaking” traffic on its trading platform Friday in the hours after SpaceX’s historic public markets debut.

The debut is also one of the largest windfalls in the history of venture capital. The returns to Founders Fund, which invested $600 million in the company and owns a 3% stake, are estimated at more than $50 billion at the IPO price of $135, according to Bloomberg. Meanwhile, Andreessen Horowitz’s stake is worth more than $10 billion, and Sequoia’s is valued at over $20 billion.

Debuting at $150 made founder Elon Musk the world’s first trillionaire. The New York Times has reported that around 4,400 current and former SpaceX employees will become millionaires, while around 400 will become centimillionaires.

The original version of this article was published at 11 am ET. The article has been updated with a new share price and other information.