LAGOS, — Bilateral trade between Nigeria and the United Kingdom has reached an all-time high of £8.1 billion annually, providing a high-octane backdrop for President Bola Ahmed Tinubu’s historic State Visit to the UK, which commenced Wednesday, March 18, 2026.
The milestone, announced by the British High Commission, marks a significant surge in economic cooperation driven by the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP). The visit is the first by a Nigerian leader in 37 years and sees President Tinubu hosted by King Charles III and Queen Camilla at Windsor Castle.
The record trade volume is anchored by a flurry of multi-million-pound investments across manufacturing, financial services, and the creative economy. British giant Twinings Ovaltine has officially launched a £24 million manufacturing facility in Lagos—its first in Africa. The plant is set to create over 100 direct jobs and serve as a regional export hub for West Africa.
In the banking sector Nigerian financial institutions are aggressively scaling their UK footprints. Zenith Bank opened its Manchester branch Tuesday, while Fidelity Bank is doubling its UK workforce following its rebranding of Union Bank UK as FidBank UK. In total, seven Nigerian banks now operate in Britain, supporting over 1,000 jobs.
Also in fintech, London has been designated the global headquarters for LemFi, which committed £100 million in investment over the next five years. Meanwhile, Moniepoint and Kuda are also expanding their UK-based teams to support millions of African users.
The UK Deputy Prime Minister, David Lammy, said “The UK and Nigeria’s Strategic Partnership is bringing momentum and opportunity to innovators in both our countries,” Lammy stated during a reception at Kensington Palace earlier this week.
With UK exports to Nigeria currently sitting at approximately £5.7 billion and Nigerian imports to the UK at £2.4 billion, both governments expressed optimism that the current State Visit will further balance and expand these figures through 2027.
