Bilateral trade between Nigeria and the United Kingdom has surged to a record £8.1 billion annually, as President Bola Tinubu begins a landmark State Visit aimed at strengthening economic cooperation and unlocking new investment opportunities.
Central to the visit is a £746 million financing agreement expected to drive the most significant modernisation of Nigeria’s seaport infrastructure in nearly five decades. The deal, to be unveiled by the Minister of Marine and Blue Economy, Adegboyega Oyetola, is set to transform key maritime gateways and enhance the country’s global trade competitiveness.
The visit follows a wave of fresh investments by Nigerian and British firms across sectors such as banking, fintech, manufacturing, education, and the creative economy—developments projected to generate hundreds of jobs in both countries.
In the financial sector, Zenith Bank has expanded its footprint with a new branch in Manchester, expected to create about 30 jobs, while also exploring a potential listing on the London Stock Exchange by 2027. Similarly, Fidelity Bank has strengthened its UK presence through the acquisition and rebranding of Union Bank UK into FidBank UK, with plans to double its workforce by 2026 and position London as its global hub.
First City Monument Bank has also chosen the UK as the launch base for its digital cross-border payments platform, underscoring growing financial integration between both economies. Collectively, seven Nigerian banks now operate in the UK, supporting around 1,000 jobs.
Nigerian fintech firms are equally scaling up. LemFi plans to invest £100 million over the next five years as it establishes London as its global headquarters, while Moniepoint aims to grow its UK workforce to 100 employees by 2026. Digital bank Kuda is also expanding its UK operations as part of its global growth strategy.
On the industrial front, UK-based Twinings Ovaltine has launched a £24 million manufacturing facility in Lagos—its first in Africa—creating over 100 direct jobs and boosting regional exports.
The creative industry is also benefiting from the strengthened partnership, with EbonyLife set to establish EbonyLife Place London, a move expected to create up to 40 jobs and promote African storytelling internationally.
Officials say the surge in economic activity is being driven in part by the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP), which continues to open opportunities across key sectors including technology, infrastructure, education, and advanced manufacturing.
UK Business and Trade Secretary Peter Kyle described the growing relationship as one delivering tangible benefits, emphasizing the shared commitment to enterprise, innovation, and education.
UK Deputy Prime Minister David Lammy also noted that the partnership is creating new pathways for growth, reducing barriers, and fostering job creation in both countries.
Beyond commerce, Nigeria and the UK are deepening collaboration in education and culture, with leading British universities expanding into Nigeria and new creative exchange programmes underway.
