• Bilateral trade at record £8.1 billion annually

Sopuruchi Onwuka

The United Kingdom and Nigeria have strengthened their economic ties with a series of major investment agreements, expected to create hundreds of new jobs in both countries.

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The announcements came during ministerial discussions under the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP) held in London on Monday, just ahead of the historic State Visit of President Bola Ahmed Tinubu and First Lady Oluremi Tinubu, which begins today.

Bilateral trade between the two nations now stands at a record £8.1 billion annually, underscoring the benefits of closer collaboration.

The British High Commission in Nigeria described the talks as a boost to the UK’s position as a global hub for African business and a testament to Nigeria’s growing readiness for international trade and investment.

Several Nigerian banks and fintech companies announced expansions into the UK. Zenith Bank opened a new branch in Manchester, expected to create up to 30 jobs, while Fidelity Bank acquired and rebranded Union Bank UK as FidBank UK, with plans to double its 62-person workforce by 2026. FCMB selected the UK as the first international destination for its digital cross-border payments platform.

Nigerian fintech firms LemFi, Moniepoint, and Kuda Bank also announced significant UK expansions, with LemFi investing £100 million over five years and London designated as its global headquarters, Moniepoint growing its London team to 100 employees by 2026, and Kuda Bank planning to double its UK presence.

Seven Nigerian banks now operate in the UK, supporting over 1,000 jobs.

British companies are also investing in Nigeria with Twinings Ovaltine launching a £24 million manufacturing facility in Lagos and creating more than 100 jobs and boosting exports across West Africa.

Also, the UK fintech, Wise, received approval for its first Nigerian license to expand remittances, and Asset Green Limited partnered with the Nigeria Sovereign Investment Authority to develop a large-scale integrated dairy project.

The creative and cultural sectors are also seeing growth, with EbonyLife launching EbonyLife Place London and creating up to 40 jobs.

“The British Council and Department for Business and Trade will support young creative entrepreneurs in both countries through the SCALE Creative Entrepreneur Award Programme, while a UK-Nigeria Advertising Summit and the UK/Nigeria Season of Culture in 2028 will further strengthen bilateral ties,” British High Commission stated.

In addition, leading UK universities are expanding programs in Nigeria, including partnerships between the University of Birmingham and the University of Lagos in Applied AI, Digital Communications, and Global Surgery, and a Data Science initiative between the London School of Economics and Nile University.

The University of the West of England opened a dedicated office in Lagos, while Wellington College International Lagos will offer 1,500 places when it opens in 2027. UK-owned educational technology company EStars will also deliver digital learning programs to around three million students in collaboration with the Lagos State Ministry of Education.

UK Business and Trade Secretary, Peter Kyle, said the agreements show how enterprise, innovation, and education are transforming lives in both countries, while Deputy Prime Minister David Lammy described the partnership as creating momentum and opportunity for innovators, reducing barriers, and opening new pathways for growth.