Bilateral trade between the United Kingdom and Nigeria has reached a record £8.1 billion annually, as President Bola Ahmed Tinubu commenced a historic state visit aimed at strengthening economic and diplomatic ties between both countries.
As part of the visit, Minister of Marine and Blue Economy, Adegboyega Oyetola, is expected to unveil a £746 million financing agreement to modernise Nigeria’s seaport infrastructure—described as the most ambitious upgrade in nearly 50 years.
The visit comes amid a surge in multi-million-pound investments by Nigerian and British firms across sectors including financial services, fintech, manufacturing, education and the creative industries, with the potential to generate hundreds of jobs in both countries.
Among key developments, Zenith Bank has opened a new branch in Manchester, expected to create up to 30 direct jobs, while also exploring a possible listing on the London Stock Exchange by 2027.
Group Managing Director/CEO of Zenith Bank, Adaora Umeoji, said:
“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.”
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 selected the UK as the first international base for its digital cross-border payments platform, further expanding Nigeria’s financial footprint abroad.
Collectively, seven Nigerian banks now operate in the UK, supporting over 1,000 jobs, while fintech firms are also scaling investments. LemFi plans to invest £100 million over five years to establish London as its global headquarters, while Moniepoint aims to grow its workforce in the UK capital to 100 employees by 2026. Kuda is also expanding its UK operations as part of its global growth strategy.
In the industrial sector, Twinings Ovaltine has launched a £24 million manufacturing facility in Lagos—its first in Africa—creating over 100 direct jobs and boosting exports across West Africa.
The creative industry is also witnessing increased collaboration, with EbonyLife set to establish EbonyLife Place London, expected to create up to 40 jobs while promoting African storytelling globally.
Officials attribute the growing investment momentum to the UK–Nigeria Enhanced Trade and Investment Partnership (ETIP), which is unlocking opportunities across priority sectors including technology, infrastructure, education and advanced manufacturing.
Commenting on the development, UK Business and Trade Secretary Peter Kyle said:
“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.”
Also speaking, UK 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.”
Beyond trade, both countries are also expanding cooperation in education and culture, with leading UK universities increasing their presence in Nigeria and new creative exchange programmes underway.
