The United Kingdom and Nigeria have strengthened economic relations with fresh investments and business expansions expected to create hundreds of jobs across both countries.

The development comes as Nigerian banks, fintech firms and creative industry businesses scale up operations in the UK, while British companies expand investments in Nigeria.

The initiatives are also part of activities ahead of President Bola Tinubu’s state visit to the UK, scheduled to commence on March 18, 2026.

With bilateral trade between the UK and Nigeria reaching an all-time high of £8.1 billion annually, Tinubu’s visit is expected to deepen diplomatic engagement and open new channels for economic and cultural cooperation.

In a statement on Tuesday, the British High Commission said the growing partnerships are supported by commitments made through the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP).

According to the mission, the Deputy Prime Minister held an ETIP reception at Kensington Palace on Monday, bringing together 180 senior representatives from government and industry.

UK Business and Trade Secretary, Peter Kyle said the latest commitments highlight the strength of economic ties between 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.

“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,” he said.

Also speaking, UK Deputy Prime Minister, David Lammy, said the strategic partnership between both nations was driving growth and creating new opportunities.

“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,” Lammy said.

The mission also noted in the statement, that Zenith Bank has opened a new branch in Manchester, with the capacity to create up to 30 direct jobs, while also exploring a potential listing on the London Stock Exchange by 2027.

“Fidelity Bank has also strengthened its UK presence through the acquisition and rebranding of Union Bank UK into FidBank UK, with plans to double its workforce by 2026, as it positions London as a global hub for its operations.”

The Group Managing Director and Chief Executive Officer, Zenith Bank Plc, Dr. Adaora Umeoji, said the UK remains a key global financial centre.

“The opening of Zenith Bank, Manchester marks another important milestone in our international expansion strategy.

“It will enable us to deepen relationships with our customers, support trade and investments, and connect businesses between Africa and the UK more effectively,” she said.

Also, First City Monument Bank has selected the UK as the first international destination for its digital cross-border payments platform, aimed at boosting trade and financial flows between Africa and global markets.

According to the British mission, seven Nigerian banks are now operating in the UK, collectively supporting at least 1,000 jobs.

It said in the fintech sector, Nigerian companies are ramping up investments, with LemFi committing £100 million over the next five years as it establishes London as its global headquarters.

Moniepoint is also set to expand its London-based workforce to 100 employees by 2026, while Kuda Bank plans to double its UK footprint as part of its global expansion strategy.

Nigeria’s creative industry is also gaining ground in the UK, with EbonyLife set to launch EbonyLife Place London, a move expected to create up to 40 jobs and promote African storytelling on the global stage.

On the Nigerian side, the mission said UK companies are increasing investments, with Twinings Ovaltine launching a £24 million manufacturing facility in Lagos.

This facility, the first in Africa is expected to create over 100 direct jobs and boost exports across West Africa.

Further strengthening economic ties, British fintech firm Wise is set to receive approval for its first Nigerian licence, enabling it to expand in the country’s growing remittance market.

In the education sector, leading UK institutions are expanding partnerships in Nigeria.

“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 London School of Economics 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,” the mission said.