UK–Nigeria Trade Hits £8.1bn as Tinubu Visit unlocks Major Investment

photo credit: The sun

Bilateral trade between the United Kingdom and Nigeria has reached a record £8.1 billion annually, as President Bola Ahmed Tinubu begins a 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 with the UK to modernise Nigeria’s seaports-marking the most significant upgrade of the country’s port infrastructure in nearly 50 years.

The visit comes amid a wave of new investments by Nigerian and British firms across sectors such as finance, fintech, manufacturing, education and the creative industry, with hundreds of jobs expected to be created in both economies.

Among the key developments, Zenith Bank has opened a new branch in Manchester, projected to create about 30 direct jobs, as part of its international expansion strategy. The bank is also considering a listing on the London Stock Exchange by 2027.

Similarly, Fidelity Bank has expanded its UK operations by acquiring and rebranding Union Bank UK into FidBank UK, with plans to double its workforce by 2026 and establish London as a global hub.

First City Monument Bank has also chosen the UK as the first international base for its digital cross-border payments platform, further strengthening financial linkages between both countries.

In total, seven Nigerian banks now operate in the UK, supporting over 1,000 jobs.

Nigerian fintech companies are also ramping up investments. LemFi plans to invest £100 million over five years while establishing London as its global headquarters. Moniepoint is targeting a workforce of 100 employees in London by 2026, while Kuda continues to expand its UK presence as part of its global growth strategy.

On the industrial front, Twinings Ovaltine has launched a £24 million manufacturing facility in Lagos-its first in Africa-creating more than 100 direct jobs and boosting exports across West Africa.

The creative sector is also benefiting, with EbonyLife planning to establish EbonyLife Place in London, expected to create up to 40 jobs while promoting African storytelling globally.

The surge in economic activity is partly driven by the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP), which is opening up opportunities in technology, infrastructure, education and advanced manufacturing.

Speaking on the growing relationship, UK Business and Trade Secretary Peter Kyle said the partnership is delivering real economic benefits for both nations.

“The UK and Nigeria share a belief in enterprise, innovation and education as drivers of growth, and today’s commitments reflect that,” he said.

Also commenting, UK Foreign Secretary David Lammy noted that the partnership is creating new opportunities for businesses and innovators in both countries.

Beyond trade, both nations are also strengthening collaboration in education and culture, with UK universities expanding into Nigeria and new creative exchange programmes in development.