Nigeria and the United Kingdom’s bilateral trade has hit an all-time high of £8.1 billion a year, with hundreds of new jobs set to be created as Nigerian banks, fintech innovators and creative industry businesses scale up their operations in Britain.
Checks showed that the Nigeria/UK trade relationship is characterised by a significant trade surplus in favour of the UK, with the total value split approximately £5.7 billion in exports from the UK to Nigeria and £2.4 billion in imports from the latter.
In terms of the new job creations, the move will see millions invested, reinforcing the UK’s position as a leading global business hub, backed by world-class talent, strong access to capital and a stable regulatory environment, while showcasing Nigeria’s expanding role as a key source of innovation and investment in the UK, a statement said.
As part of the growing tie, the UK’s Twinings Ovaltine has launched a £24 million manufacturing facility in Lagos, its first in Africa, creating over 100 direct jobs and boosting the company’s exports across West Africa.
This comes as President Bola Ahmed Tinubu, accompanied by the First Lady, Oluremi Tinubu, commences a historic state visit today, strengthening the UK’s position as a global hub for African business.
Courtesy of the UK’s Trade and Industrial Strategies – combined with commitments made through the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP), the government is attracting investment into key growth sectors, including financial services, technology, education and advanced manufacturing.
The statement signed by the British High Commission in Abuja noted that the Deputy Prime Minister, David Lammy, held an ETIP reception at Kensington Palace yesterday, bringing together 180 senior representatives from government and industry to celebrate the breadth, depth and continued growth of trade relationships across priority sectors, including financial services, education, creative industries, infrastructure and technology.
The UK’s Trade Envoy to Nigeria, Florence Eshalomi, also addressed the group.
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. 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.”
Lammy said: “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.”
Zenith Bank, one of Nigeria’s largest financial institutions, opened its Manchester branch yesterday with the capacity to create up to 30 new direct jobs in a boost for the economy.
The bank is also exploring a 2027 London Stock Exchange listing to deepen its UK market presence and unlock long-term funding for UK-Africa growth.
Fidelity Bank’s acquisition and rebrand of Union Bank UK into FidBank UK with plans to double its 62-person workforce this year and add new capital, while Fidelity Group makes London its global hub.
FCMB has also selected the UK as the first international destination for its digital cross-border payments platform, boosting trade and investment flows between Africa and the rest of the world. Seven Nigerian banks now operate in the UK, supporting at least 1,000 jobs in total.
Group Managing Director/CEO, Zenith Bank, Dr 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.”
Nigerian fintech investment is also accelerating rapidly. LemFi will invest £100 million over the next five years as it designates London its global headquarters, while Moniepoint plans to grow its London-based team to 100 employees this year, building the infrastructure that supports millions of African users worldwide.
