Bilateral trade between the United Kingdom and Nigeria has reached a record £8.1 billion annually, as President Bola Ahmed Tinubu embarked on a state visit aimed at strengthening economic and diplomatic ties between the two countries.
A major highlight of the visit is a £746 million financing agreement expected to modernise Nigeria’s seaport infrastructure. The deal will be unveiled by the Minister of Marine and Blue Economy, Adegboyega Oyetola, and is expected to represent the most significant upgrade of the country’s port system in nearly 50 years.
The agreement is designed to transform Nigeria’s major maritime gateways and improve global competitiveness for its port operations.
Nigerian Banks Expanding in the UK
Several Nigerian financial institutions are expanding their presence in the UK as trade relations deepen.
Zenith Bank has opened a new branch in Manchester that could create up to 30 jobs and is also considering a listing on the London Stock Exchange by 2027.
The bank’s Group Managing Director, Adaora Umeoji, said the move strengthens the institution’s global expansion strategy and will help connect businesses between Africa and the UK.
Meanwhile, Fidelity Bank Nigeria has expanded its UK operations through the acquisition and rebranding of Union Bank UK into FidBank UK, with plans to double its workforce by 2026.
First City Monument Bank has also chosen the UK as the first international destination for its digital cross-border payments platform.
Currently, seven Nigerian banks operate in the UK, supporting about 1,000 jobs.
Fintech and Manufacturing Investments
Nigerian fintech companies are also expanding their presence in the UK.
LemFi plans to invest £100 million over five years as it establishes London as its global headquarters, while Moniepoint aims to grow its London workforce to about 100 employees by 2026.
Digital bank Kuda is also strengthening its UK base as part of its global expansion plans.
In manufacturing, 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.
Creative Industry and Cultural Collaboration
The creative sector is also seeing new investments. Media company EbonyLife Media plans to establish EbonyLife Place London, which could create about 40 jobs while promoting African storytelling globally.
Officials say the growth in trade and investment is partly driven by the UK–Nigeria Enhanced Trade and Investment Partnership (ETIP), which focuses on sectors such as technology, infrastructure, education and advanced manufacturing.
Commenting on the partnership, UK Business and Trade Secretary Peter Kyle said the collaboration shows how enterprise, innovation and education can drive economic transformation.
David Lammy, the UK Deputy Prime Minister, added that the partnership is opening new opportunities for businesses and innovators in both countries.
Beyond trade, both nations are also expanding cooperation in education and cultural exchanges, with several UK universities planning to increase their presence in Nigeria.
