- Trade Between UK, Nigeria Peaks at £8.1bn Amid Growing Partnership
- New Investments to Create Jobs in UK, Nigeria
- Banks, Fintechs Drive Expansion
Trade between United Kingdom and Nigeria has reached a record £8.1 billion annually, with hundreds of new jobs expected to be created across both countries.
Eko Hot Blog gathered that this was revealed in a report by the British High Commission in Abuja ahead of President Bola Ahmed Tinubu’s state visit to the UK.
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The report highlights a wave of fresh investments from Nigerian banks, fintech companies, and British firms, with millions of pounds set to flow into both economies. According to the commission, the growing partnership shows how both nations benefit when they strengthen economic ties.
Nigerian companies are playing a major role in the expansion, particularly in the financial technology space. Firms like LemFi, Kuda Bank, and Moniepoint are scaling up operations in the UK.
LemFi, for instance, plans to invest £100 million over the next five years as it positions London as its global headquarters. Moniepoint is also expected to grow its UK workforce to about 100 employees by 2026, while Kuda continues to strengthen its base for international expansion.
In the banking sector, Zenith Bank has opened a new branch in Manchester, a move expected to create up to 30 jobs. The bank is also considering a listing on the London Stock Exchange by 2027 to boost its global presence.
Similarly, Fidelity Bank has acquired and rebranded Union Bank UK as FidBank UK, with plans to expand its workforce, while FCMB is using the UK as the launch point for its cross-border payments platform to support international trade.
Altogether, the report notes that at least seven Nigerian banks now operate in the UK, supporting around 1,000 jobs.
On the British side, Twinings Ovaltine has launched a £24 million manufacturing facility in Lagos, creating over 100 jobs and boosting exports across West Africa.
The report also points to growth in other sectors. Wise is expected to secure approval for its first Nigerian licence, while the Nigeria Sovereign Investment Authority is partnering with Asset Green Ltd on a major dairy project to improve local production and reduce imports.
Beyond finance and trade, cultural and creative industries are also benefiting. EbonyLife Media plans to establish EbonyLife Place London, expected to create about 40 jobs and expand 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 creatives and deepen collaboration in the arts, advertising, and education sectors.
Speaking on the development, UK Business and Trade Secretary Peter Kyle said the partnership is translating shared values into real economic gains, while Deputy Prime Minister David Lammy noted that the relationship is helping to remove barriers, create jobs, and open new opportunities.
The report added that ongoing engagements under the UK–Nigeria Enhanced Trade and Investment Partnership, including high-level meetings at Kensington Palace, are further strengthening cooperation across key sectors.
With President Tinubu’s visit set to deepen ties, the growing relationship is already delivering tangible benefits, from job creation to increased investment, for people in both countries.
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