The United Kingdom and Nigeria have concluded a series of major investment agreements ahead of the official state visit of President Bola Ahmed Tinubu, scheduled to commence on Wednesday, March 18.
The agreements were finalised during ministerial discussions under the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP) held in London, reinforcing economic ties between both countries and boosting investor confidence.
The development is expected to generate hundreds of new jobs across both nations, as Nigerian banks, fintech firms, and creative industry players expand operations in the UK, while British companies deepen investments in Nigeria.
Among key highlights, Nigerian firms such as LemFi, Kuda, Moniepoint, and Fidelity Bank are scaling up their presence in the UK. Zenith Bank has also opened a new branch in Manchester, expected to create about 30 direct jobs and strengthen economic activity in the region.
In Nigeria, Twinings Ovaltine has launched a £24 million manufacturing facility in Lagos—its first in Africa—creating over 100 direct jobs and boosting exports across West Africa.
The agreements also underscore Nigeria’s growing role as a hub for innovation and investment, while consolidating the UK’s position as a leading global destination for African businesses.
Speaking on the development, UK Business and Trade Secretary, Peter Kyle, said the partnership reflects a shared commitment to innovation and economic growth.
“The UK and Nigeria share a belief in the power of enterprise, innovation and education to transform lives. These commitments demonstrate how our partnership is delivering real benefits for both countries,” he said.
UK Deputy Prime Minister, David Lammy, added that the partnership is creating new opportunities for businesses and innovators in both nations.
“We are reducing barriers, creating jobs, and opening new pathways for growth. The cultural and commercial ties between our countries continue to thrive,” he said.
Further strengthening financial ties, Fidelity Bank has rebranded Union Bank UK as FidBank UK, with plans to expand its workforce, while First City Monument Bank (FCMB) is launching a cross-border digital payments platform in the UK.
Nigeria’s fintech sector is also making significant inroads, with LemFi committing £100 million investment over five years, Moniepoint planning to expand its London workforce, and Kuda Bank strengthening its UK headquarters for global operations.
In the creative industry, EbonyLife is set to launch EbonyLife Place London, creating about 40 jobs, while new initiatives such as the SCALE Creative Entrepreneur Programme and a planned UK-Nigeria Advertising Summit aim to deepen collaboration.
The partnership also extends to education, with top UK institutions forming alliances with Nigerian universities. The University of Birmingham and the University of Lagos have signed agreements in areas including Applied AI and Global Surgery, while other institutions are expanding their footprint in Nigeria.
Additionally, Wellington College International Lagos is expected to open in 2027, offering education to about 1,500 students, while UK-based EStars will partner with Lagos State to deliver digital learning programmes to millions of students.
With bilateral trade between both countries now valued at £8.1 billion annually, officials say the agreements signal a new phase of economic cooperation and shared growth.
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