UK-Nigeria Trade Soars to £8.1 Billion as Tinubu Begins State Visit
Bilateral trade between the United Kingdom and Nigeria has surged to an all-time high of £8.1 billion annually, according to a report released by the British High Commission in Abuja. This milestone comes as President Bola Ahmed Tinubu embarks on a historic state visit to the UK, with the report highlighting that hundreds of new jobs are set to be created in both countries as a result of deepening economic ties.
Expanding Financial and Corporate Investments
The report outlines significant fresh investments by Nigerian banks, fintech firms, and British companies, with millions of pounds expected to flow into both economies. It emphasizes that the growing partnership reflects how "countries grow faster when they grow together," as trade and investment connections continue to strengthen. Nigerian firms are leading much of the expansion into the UK market, with companies like LemFi, Kuda Bank, and Moniepoint scaling up their operations.
- LemFi plans to invest £100 million over the next five years, positioning London as its global headquarters.
- Moniepoint is expected to grow its UK workforce to about 100 employees by 2026.
- Kuda Bank continues to strengthen its UK base for global expansion.
In the banking sector, Zenith Bank has opened a new branch in Manchester, a move anticipated to create up to 30 direct jobs. The bank is also exploring a listing on the London Stock Exchange by 2027 to deepen its presence and unlock long-term funding. Additionally, Fidelity Bank has acquired and rebranded Union Bank UK as FidBank UK, with plans to double its workforce in 2026. Similarly, FCMB has selected the UK as the first international destination for its cross-border payments platform, aimed at boosting trade flows between Africa and global markets. Overall, the report notes that seven Nigerian banks now operate in the UK, supporting at least 1,000 jobs.
British Investments and Sectoral Growth
On the British side, Twinings Ovaltine has launched a £24 million manufacturing facility in Lagos, marking its first in Africa. This initiative is creating over 100 direct jobs while expanding exports across West Africa. The report further highlights growing opportunities in financial technology and investment. British fintech firm Wise is expected to receive approval for its first Nigerian licence, while the Nigeria Sovereign Investment Authority has entered into a partnership with Asset Green Ltd to explore a large-scale dairy project aimed at strengthening local production and reducing imports.
Beyond finance, both countries are also strengthening ties in the creative and education sectors. EbonyLife Media plans to establish EbonyLife Place London, creating about 40 jobs and expanding opportunities for African storytelling in the UK. There are also plans for a UK–Nigeria Season of Culture in 2028, alongside new initiatives to support creative entrepreneurs and deepen collaboration in advertising and the arts.
Government and Industry Perspectives
Speaking on the development, UK Business and Trade Secretary Peter Kyle said the latest commitments show how both countries are turning shared values into economic gains. "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," he stated. UK Deputy Prime Minister David Lammy added that the partnership is delivering real results, noting, "we are reducing barriers, creating jobs and opening new pathways for growth," and emphasizing that the relationship continues to benefit businesses and citizens in both countries.
The report added that ongoing engagements under the UK–Nigeria Enhanced Trade and Investment Partnership, including a high-level reception at Kensington Palace attended by senior government and industry leaders, are helping to strengthen cooperation across key sectors such as finance, technology, infrastructure, and education. With President Tinubu’s visit expected to further cement ties, the report emphasized that the expanding relationship is not only boosting trade but also delivering tangible benefits for people in both countries.
