UK, Nigeria Seal Fresh Investment Deals as Bilateral Trades Rise £8.1bn
Hundreds of new jobs are set to be created across the United Kingdom and Nigeria following a wave of investment agreements concluded ahead of the state visit of President Bola Ahmed Tinubu to the UK commencing today (Wednesday).
The agreements, finalised during ministerial discussions under the UK–Nigeria Enhanced Trade and Investment Partnership (ETIP) in London, come as bilateral trade between both countries reaches an all-time high of £8.1 billion annually; an indication of the deepening economic relationship and growing investor confidence on both sides.
President Tinubu, accompanied by First Lady Oluremi Tinubu, is scheduled to commence the official visit on Wednesday in what officials describe as a historic engagement aimed at unlocking further economic opportunities.
The newly signed deals span key sectors including financial services, fintech, manufacturing, education and the creative industries, with millions of pounds committed to expansion projects.
In Nigeria, Twinings Ovaltine has launched a £24 million manufacturing facility in Lagos—its first in Africa—creating over 100 direct jobs while boosting exports across West Africa.
In the UK, Zenith Bank has opened a new branch in Manchester, expected to create up to 30 jobs and strengthen financial linkages between both countries. The bank is also exploring a potential London Stock Exchange listing by 2027.
Similarly, Fidelity Bank has rebranded Union Bank UK into FidBank UK, with plans to double its workforce by 2026 as it positions London as its global headquarters.
At least seven Nigerian banks are now operating in the UK, collectively supporting about 1,000 jobs.
Nigeria’s fintech sector is also accelerating its international footprint. LemFi plans to invest £100 million over the next five years, designating London as its global headquarters while Moniepoint aims to grow its London workforce to 100 employees by 2026.
Similarly, Kuda Bank is expanding its UK operations as a base for global growth.
These developments underscore Nigeria’s emergence as a key player in global digital finance and innovation.
The partnership is also extending into the creative sector. EbonyLife plans to establish EbonyLife Place London, creating up to 40 jobs and strengthening African storytelling in the UK.
Other initiatives include a UK–Nigeria Advertising Summit, talent exchange programmes, and a joint “Season of Culture” slated for 2028 to deepen cultural and creative ties.
Academic institutions are also forging stronger links. University of Birmingham and University of Lagos have signed agreements to deliver programmes in Applied AI, Digital Communications and Global Surgery.
The London School of Economics has also launched a data science partnership with Nile University of Nigeria, further strengthening research and innovation collaboration.
UK Business and Trade Secretary Peter Kyle said the agreements demonstrate the transformative power of enterprise, innovation and education in strengthening both economies.
Deputy Prime Minister David Lammy added that the UK–Nigeria partnership is “creating jobs, reducing barriers and opening new pathways for growth.”
An ETIP reception held at Kensington Palace brought together about 180 senior representatives from government and industry to celebrate the expanding trade relationship across priority sectors.
