Nigeria-UK bilateral relations hit £8.1b annually
…UK firm launches £24m facility in Lagos Nigeria and the United Kingdom’s bilateral trade has reached an all-time high of £8.1 billion annually, The Nation learnt. This is as hundreds
…UK firm launches £24m facility in Lagos
Nigeria and the United Kingdom's bilateral trade has reached an all-time high of £8.1 billion annually, The Nation learnt.
This is as hundreds of new jobs are expected to be created as Nigerian banks, fintech innovators, and creative industry businesses scale up their operations in Britain.
Besides, UK’s Twinings Ovaltine has launched a first-of-its-kind in Africa, a £24 million manufacturing facility in Lagos.
The facility is expected to create over 100 direct jobs and boost the company's exports across West Africa.
This is coming ahead of President Bola Tinubu and the First Lady, Mrs. Oluremi Tinubu’s historic State Visit to the UK commencing on Wednesday, 18th March 2026.
According to a statement by the British High Commission, the latest development 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 into the UK, growing both economies.
The development is attributed to the UK’s Trade and Industrial Strategies – combined with 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 Deputy Prime Minister held an ETIP reception on Monday, bringing together 180 senior representatives from government and industry to celebrate the breadth, depth, and continued growth of our trade relationship across priority sectors, including financial services, education, creative industries, infrastructure, and technology.
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Business and Trade Secretary Peter Kyle said the Nigeria-UK partnership is strengthening both economies and delivering real benefits for people in both countries.
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.”
On his part, Deputy Prime Minister David Lammy was quoted as saying, “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.”
Meanwhile, Zenith Bank, one of Nigeria’s largest financial institutions, opened its Manchester branch on Tuesday, 17 March 2026, with the capacity to create up to 30 new direct jobs in a boost for the Northwest 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.
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Also, Fidelity Bank’s acquisition and rebrand of Union Bank UK into FidBank UK with plans to double its 62-person workforce in 2026 and add new capital, while the 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.
Reacting to the development, Dame Dr. Adaora Umeoji, Group Managing Director/CEO, Zenith Bank PLC, 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.”
The statement further added that Nigerian fintech investment is also accelerating rapidly: LemFi will invest £100 million over the next five years as it designates London its global headquarters.
“Moniepoint plans to grow its London-based team to 100 employees in 2026, building the infrastructure that supports millions of African users worldwide.
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“Kuda Bank is strengthening its UK headquarters as the base for global expansion and plans to double its UK footprint in 2026.”
The UK’s reputation as a global creative capital also continues to deepen ties through EbonyLife, one of Nigeria’s leading creative industry brands, which will launch EbonyLife Place London, creating up to 40 new jobs and strengthening the UK’s role as a home for African storytelling and creative talent.
“The SCALE Creative Entrepreneur Award Programme, developed by the British Council and supported by the Department for Business and Trade, will support young Nigerian and UK creative entrepreneurs to grow internationally and build lasting ties to benefit both the UK and Nigerian creative economies.’
“The UK Advertising Exports Group will announce a strategic partnership with the Nigerian advertising sector. This will include a UK-Nigeria Advertising Summit taking place later this year and a talent exchange scheme which will deepen bilateral engagement.
“The British Council and the Federal Ministry of Art, Culture, Tourism and Creative Economy in Nigeria, will deliver the UK/Nigeria Season of Culture in 2028, involving a range of innovative initiatives and events designed by UK and Nigerian creative organisations.
“A Creative Industries Roundtable at Lancaster House will bring together alumni, Chevening scholars and creative leaders from both countries.”
British businesses are expected to benefit from the blossoming relations, like British fintech Wise, which is expected to receive approval for its first Nigerian licence, enabling it to expand in a remittances market valued at up to £39.9 million.
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Also, the Nigeria Sovereign Investment Authority (NSIA) has signed an agreement with Asset Green Ltd to explore a large-scale integrated dairy project that will strengthen Nigeria’s dairy value chain, reduce reliance on imports, and improve nutrition.
Also, there has been a resurgence of agreements between firms and schools from both countries.
Leading UK universities are also expanding into Nigeria, helping train the next generation of Nigerian and British scientists, technologists, and innovators. Nigeria is a key education partner and a priority country for the UK’s International Education Strategy.
The University of Birmingham and the University of Lagos have signed a new agreement to deliver programmes in Applied AI, Digital Communications, and Global Surgery.
“The LSE has launched a new Data Science partnership with Nile University of Nigeria alongside the University of the West of England, opening a dedicated office in Lagos.
“Wellington College International Lagos will open in 2027, offering places for 1,500 students - becoming one of West Africa’s flagship British curriculum schools.
“EStars, a UK-owned educational esports and technology company, will partner with the Lagos State Ministry of Basic and Secondary Education to deliver esports-based digital learning programmes to around three million students,” the statement added.
