Trade relationship between Nigeria and United Kingdom don reach new record of about £8.1 billion every year, as businesses from both countries dey increase investment and create more jobs.
Data show say the trade balance favour the UK, with around £5.7 billion exports from Britain go Nigeria, while Nigeria exports goods worth about £2.4 billion enter the UK market.
The new investment wave go also create hundreds of jobs, especially as Nigerian banks, fintech companies and creative industry businesses expand their operations for Britain.
UK Firm Open New Factory for Lagos
As part of the growing economic partnership, Twinings Ovaltine open new £24 million manufacturing factory for Lagos, the first facility wey the company get for Africa.
The factory go create over 100 direct jobs and also boost export of the company’s products across West Africa.
The development come as Bola Ahmed Tinubu begin official state visit to the UK alongside the First Lady, Oluremi Tinubu, as both countries dey strengthen economic and business partnership.
Banks, Fintech Firms Expand for UK
Several Nigerian financial institutions also dey expand their presence for the UK.
Zenith Bank recently open new branch for Manchester, wey fit create about 30 new jobs, while the bank dey also plan possible listing on the London Stock Exchange by 2027.
Another Nigerian bank, Fidelity Bank, acquire and rebrand Union Bank UK into FidBank UK, with plan to double its workforce and increase investment.
First City Monument Bank (FCMB) also choose the UK as the first international base for its digital cross-border payment platform, aimed at improving trade and financial connections between Africa and the rest of the world.
Currently, seven Nigerian banks dey operate inside the UK, supporting about 1,000 jobs.
Fintech Investment Also Growing
Nigerian fintech companies also dey increase investment inside Britain.
LemFi plan invest £100 million within five years and make London its global headquarters.
Another fintech firm, Moniepoint, plan increase its London workforce reach 100 employees this year.
Officials from both countries say the partnership dey open more opportunities for business growth, innovation and job creation for Nigerians and Britons alike.
