UK, Nigeria deepen commercial ties as companies confirm multi-million investments

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By Nkiruka Nnorom

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Commercial ties between the United Kingdom and Nigeria are set to deepen, as banks, fintechs, manufacturers and investors in the creative sector on both sides confirm new expansions and investment pledges.

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As part of the expansion, Zenith Bank Plc opened its Manchester branch yesterday (Tuesday, March 17) with the capacity to create up to 30 new direct jobs. The bank is also targeting 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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Fidelity Bank Plc planned to double its UK staff and add new capital, while FCMB has also selected the UK as the first international destination for its digital cross border payments platform, while Twining’s Ovaltine is launching a £24 million manufacturing facility in Lagos, its first in Africa, creating over 100 direct jobs and boosting the company’s exports across West Africa.

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It comes as President Bola Ahmed Tinubu, accompanied by the First Lady, Mrs. Oluremi Tinubu, are set to commence an historic State Visit today (Wednesday, March 18), strengthening the UK’s position as a global hub for African business.

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Nigerian fintech investment in UK is also accelerating rapidly with LemFi planning to plough £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, while Kuda Bank is strengthening its UK headquarters as the base for global expansion and plans to double its UK footprint in this year.

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Addressing an ETIP reception, Monday, at Kensington Palace ahead of Tinubu’s state visit, UK’s Business and Trade Secretary, Peter 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.”

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Deputy Prime Minister, David Lammy, said: “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.”

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Dame Dr. Adaora Umeoji, Group Managing Director/CEO, Zenith Bank Plc, speaking, 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.”

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Other businesses that have made investment pledges include: 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.

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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.’

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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.

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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 Nigeria creative organisations.

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A Creative Industries Roundtable at Lancaster House will bring together alumni, Chevening scholars and creative leaders from both countries.

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On the British side, fintech, Wise, will 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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The Nigeria Sovereign Investment Authority (NSIA), which was set up with UK Support in 2011, has signed an agreement with Asset Green Ltd to explore a largescale integrated dairy project that will strengthen Nigeria’s dairy value chain, reduce reliance on imports and improve nutrition.

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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.

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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.

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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.

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Wellington College International Lagos will open in 2027, offering places for 1,500 students – becoming one of West Africa’s flagship British curriculum schools.

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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.

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