Bilateral trade between Nigeria and the United Kingdom has reached a record £8.1 billion annually, signaling growing economic ties between the two nations.
Analysts have said the surge comes as Nigerian banks, fintech companies, and creative industry businesses expand their operations in Britain, creating hundreds of new jobs.
In a related development, UK-based Twinings Ovaltine inaugurated a £24 million manufacturing plant in Lagos, the first of its kind in Africa.
The facility is expected to generate over 100 direct jobs while boosting exports across West Africa.
The announcement comes ahead of President Bola Tinubu and First Lady Oluremi Tinubu’s historic state visit to the UK, which begins Wednesday, March 18, 2026.
According to the British High Commission, the latest investments highlight Nigeria’s growing role as a source of innovation while reinforcing the UK’s reputation as a leading global business hub.
The surge in trade is largely attributed to the UK’s Trade and Industrial Strategies and the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP).
The initiatives aim to attract investment into key growth sectors including financial services, technology, education, and advanced manufacturing.
Deputy Prime Minister David Lammy, who hosted an ETIP reception attended by 180 senior government and industry representatives, said the partnership is creating momentum for innovators in both countries.
“We are reducing barriers, creating jobs and opening new pathways for growth,” he said, adding that the UK-Nigeria strategic partnership strengthens cultural and commercial bonds.
Business and Trade Secretary Peter Kyle described the collaboration as a win-win for both economies.
“With Nigerian firms creating jobs in the UK and British businesses investing in one of the world’s fastest-growing markets, our partnership delivers tangible benefits for people in both nations,” he stated.
Nigerian banks are playing a key role in the expansion.
Zenith Bank opened a Manchester branch on March 17, 2026, with the capacity to create up to 30 jobs, while exploring a 2027 London Stock Exchange listing to deepen its UK presence.
Fidelity Bank has rebranded Union Bank UK as FidBank UK, planning to double its workforce and increase capital.
FCMB is also using the UK as the launchpad for its digital cross-border payments platform. In total, seven Nigerian banks now operate in the UK, supporting over 1,000 jobs.
Reacting to Zenith Bank’s expansion, Group Managing Director/CEO Dame Dr. Adaora Umeoji said the move represents a major milestone in the bank’s international strategy.
“It enables us to strengthen relationships with customers, support trade and investment, and connect businesses between Africa and the UK more effectively,” she said.
