Nigerian and UK Businesses Scale Up Investments as President Tinubu Visits London
Hundreds of new jobs are poised to be generated as Nigerian banks, fintech innovators, and creative industry enterprises significantly expand their operations in Britain. This strategic move involves millions in investments, reinforcing the United Kingdom's status as a premier global business hub, supported by world-class talent, robust access to capital, and a stable regulatory framework. Simultaneously, it underscores Nigeria's growing role as a vital source of innovation and investment into the UK, fostering economic growth for both nations.
Major Investments and Job Creation
In a landmark development, UK-based Twinings Ovaltine has inaugurated a £24 million manufacturing facility in Lagos, marking its first venture in Africa. This initiative is set to create over 100 direct jobs and enhance the company's export capabilities across West Africa. This expansion coincides with the historic State Visit of President Bola Ahmed Tinubu of Nigeria, accompanied by First Lady Oluremi Tinubu, commencing on March 18th. The visit aims to solidify the UK's position as a global nexus for African business.
Leveraging the UK's Trade and Industrial Strategies, along with commitments under the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP), the government is attracting substantial investments into key growth sectors. These include financial services, technology, education, and advanced manufacturing. A statement issued by the British High Commission in Abuja highlighted that Deputy Prime Minister David Lammy hosted an ETIP reception at Kensington Palace, gathering 180 senior representatives from government and industry to celebrate the deepening trade relationship across priority sectors such as financial services, education, creative industries, infrastructure, and technology.
Financial Sector Expansion
Zenith Bank, one of Nigeria's largest financial institutions, has opened a new branch in Manchester, with the potential to create up to 30 direct jobs, providing a significant boost to the Northwest economy. Additionally, the bank is exploring a listing on the London Stock Exchange by 2027 to enhance its UK market presence and secure long-term funding for UK-Africa growth initiatives. Fidelity Bank has acquired and rebranded Union Bank UK into FidBank UK, with plans to double its workforce of 62 employees in 2026 and inject new capital, establishing London as its global hub. FCMB has also chosen the UK as the inaugural international destination for its digital cross-border payments platform, facilitating increased trade and investment flows between Africa and the rest of the world. Currently, seven Nigerian banks operate in the UK, collectively supporting at least 1,000 jobs.
Dame Dr. Adaora Umeoji, Group Managing Director and CEO of Zenith Bank PLC, remarked, "The United Kingdom remains a key global financial centre. The opening of Zenith Bank, Manchester, therefore, marks another important milestone in our international expansion strategy, enabling us to deepen relationships with our customers, support trade and investments, and connect businesses between Africa and the UK more effectively."
Fintech and Creative Industry Growth
Nigerian fintech investment is accelerating rapidly, with LemFi committing £100 million over the next five years and designating London as its global headquarters. Moniepoint plans to expand its London-based team to 100 employees in 2026, building infrastructure to support millions of African users worldwide. Kuda Bank is strengthening its UK headquarters as a base for global expansion and intends to double its UK footprint in 2026.
The UK's reputation as a global creative capital is further cemented through partnerships with Nigerian firms. EbonyLife, a leading Nigerian creative brand, will launch EbonyLife Place London, creating up to 40 new jobs and reinforcing the UK's role as a hub for African storytelling and creative talent. Additionally, the SCALE Creative Entrepreneur Award Programme, developed by the British Council with support from the Department for Business and Trade, will assist young Nigerian and UK creative entrepreneurs in expanding internationally and building lasting ties to benefit both economies.
The UK Advertising Exports Group will announce a strategic partnership with the Nigerian advertising sector, including a UK-Nigeria Advertising Summit later this year and a talent exchange scheme to deepen bilateral engagement.
Government and Industry Perspectives
Business and Trade Secretary Peter Kyle emphasized, "The UK and Nigeria share a belief in the power of enterprise, innovation and education to transform lives, and today’s commitments show exactly that. With Nigerian firms creating jobs across the UK and British businesses expanding into one of the world’s fastest growing markets, our partnership is strengthening both economies and delivering real benefits for people in both countries."
Deputy Prime Minister David Lammy added, "The UK and Nigeria’s Strategic Partnership is bringing momentum and opportunity to innovators in both our countries. We are reducing barriers, creating jobs and opening new pathways for growth. Growth is the core mission of this government, and it underpins our relationship with Nigeria. I am deeply proud that the cultural and commercial bonds between our nations are thriving and that both our businesses and people are feeling the benefits of that."
