UK–Nigeria trade hits £8.1bn amid Tinubu visit

Bilateral trade between the United Kingdom (UK) and Nigeria has reached an all-time high of £8.1 billion annually, as President Bola Tinubu on Tuesday embarked on a historic State Visit to the UK aimed at deepening economic and diplomatic ties between both nations.

During the visit, the Minister of Marine and Blue Economy, AdegboyegaOyetola, would unveil a landmark £746 million financing agreement with the UK that would deliver the most ambitious modernisation of Nigeria’s seaport infrastructure in nearly half a century, transforming the country’s principal maritime gateways and repositioning its port system for global competitiveness.

The visit, scheduled to commence today comes on the back of a wave of multi-million-pound investments by Nigerian and British firms across key sectors, including financial services, fintech, manufacturing, education and the creative industries.

The latest developments are expected to generate hundreds of new jobs in both countries, reinforcing the UK’s position as a global business hub while highlighting Nigeria’s growing role as a source of innovation and capital.

Among the notable investments, Zenith Bank has opened a new branch in Manchester, with the capacity to create up to 30 direct jobs, further strengthening its international expansion strategy. The bank is also exploring a potential listing on the London Stock Exchange by 2027.

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Group Managing Director/CEO of Zenith Bank, Dame Dr. Adaora Umeoji, said the move reflects the bank’s commitment to deepening cross-border business relationships.

“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,” a statement quoted her to have said.

In a similar vein, Fidelity Bank has expanded 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 destination for its digital cross-border payments platform.
“Collectively, seven Nigerian banks now operate in the UK, supporting no fewer than 1,000 jobs.

“Nigerian fintech firms are also scaling up their investments. LemFi plans to invest £100 million over the next five years as it establishes London as its global headquarters, while Moniepoint aims to grow its London workforce to 100 employees by 2026. Kuda is equally strengthening its UK base as a springboard for global expansion.

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“On the industrial front, UK-based Twinings Ovaltine has launched a £24 million manufacturing facility in Lagos; it’s first in Africa, creating over 100 direct jobs and boosting exports across West Africa,” the statement added.

Furthermore, it noted that the creative sector is also witnessing increased collaboration, with EbonyLife set to establish EbonyLife Place London, creating up to 40 jobs while promoting African storytelling on the global stage.

“The surge in investments is being driven in part by the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP), which continues to unlock opportunities across priority sectors such as technology, infrastructure, education and advanced manufacturing,” it added.

Speaking on the growing partnership, UK Business and Trade Secretary Peter Kyle said the relationship was delivering tangible benefits for both countries.

“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,” he said.

Also commenting, UK Deputy Prime Minister David Lammy said the partnership is creating new pathways for growth.

“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,” he said.

Beyond trade and investment, both countries are also strengthening cooperation in education and culture, with leading UK universities expanding into Nigeria and new creative exchange programmes in the pipeline.