UK, Nigeria deepen trade ties to boost jobs, expand operations

2026-03-17 - 12:14

By Favour Ulebor, Abuja The United Kingdom and Nigeria have deepened trade ties to boost job creation and expand business operations. In a press statement on Tuesday, companies from both countries expressed their commitment to new investments across key sectors such as financial services, technology, education, and manufacturing. The investments are driven by ongoing cooperation under the UK-Nigeria Enhanced Trade and Investment Partnership. The statement noted that Nigerian banks, fintech firms, and creative industry businesses are scaling up their presence in Britain, while British companies are also increasing investments in Nigeria, strengthening economic ties between the two nations. The development comes as President of the Federal Republic of Nigeria, Mr Bola Ahmed Tinubu, alongside the First Lady, Mrs Oluremi Tinubu, prepares to begin a State Visit to the UK on Wednesday. Several Nigerian financial institutions are at the forefront of the expansion. According to the report, Zenith Bank has opened a new branch in Manchester, expected to create about 30 direct jobs. Fidelity Bank has also strengthened its UK presence following the acquisition and rebranding of Union Bank UK, with plans to increase its workforce. Other banks, including FCMB, are expanding digital financial services to support cross-border payments between Africa and global markets. In total, about seven Nigerian banks now operate in the UK, supporting at least 1,000 jobs. Nigerian fintech companies are also making significant investments. LemFi plans to invest £100 million over the next five years and has designated London as its global headquarters. Moniepoint is set to expand its London-based workforce, while Kuda Bank is also strengthening its UK operations as part of its global growth strategy. In the creative sector, EbonyLife is set to establish EbonyLife Place in London, which is expected to create about 40 jobs and promote African storytelling in the UK. In addition, new partnerships are being developed between UK and Nigerian creative institutions to support talent exchange and industry growth. On the Nigerian side, British company Twinings Ovaltine has launched a £24 million manufacturing facility in Lagos, its first in Africa. The factory is expected to create over 100 direct jobs and boost exports across West Africa. The statement also noted that the British fintech company Wise is set to receive approval for its first licence in Nigeria, enabling it to expand its operations in the country’s remittance market. In the education sector, leading UK universities are strengthening partnerships with Nigerian institutions. The University of Birmingham has signed an agreement with the University of Lagos to deliver programmes in Applied Artificial Intelligence and other fields. Similarly, the London School of Economics has launched a data science partnership with Nile University of Nigeria, while the University of the West of England has opened a new office in Lagos. Further developments include plans to establish Wellington College International Lagos by 2027, which will provide education for about 1,500 students, as well as a partnership to introduce esports-based digital learning programmes for millions of students in Lagos State. Speaking on the development, UK Business and Trade Secretary, Mr. Peter Kyle, said the growing partnership reflects a shared commitment to enterprise, innovation and education. Also speaking, the UK Deputy Prime Minister, Mr. David Lammy, said the relationship between both countries continues to create opportunities, reduce barriers and support economic growth for businesses and citizens. Vanguard News