Nigerian firms, including Fidelity Bank, Moniepoint, and LemFi, are expanding their operations in the United Kingdom, a push that is expected to see investments exceed £100 million and create hundreds of jobs.
This comes as both countries deepen economic ties ahead of
the planned state visit of President Bola Tinubu.
The state visit, scheduled for March 18 and 19, is adjusged
the highest level of diplomatic engagement hosted by the British monarchy. The
visit is the first in 37 years by a Nigerian leader.
In a statement on Tuesday, the British high commission in
Nigeria said Twinings Ovaltine has also launched a £24 million manufacturing
facility in Lagos — its first in Africa — expected to create over 100 direct
jobs and boost exports across West Africa.
Detailing Nigerian investment in the UK, the commission said
Zenith Bank has opened a new branch in Manchester, with a capacity to create up
to 30 jobs.
Adaora Umeoji, group managing director and chief executive
officer of Zenith Bank Plc, said the expansion underscores the UK’s importance
to the lender’s global strategy.
“The United Kingdom remains a key global financial centre,”
Uneoji was quoted as saying.
“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.”
Fidelity Bank is also said to be scaling its UK presence
after acquiring and rebranding Union Bank UK into FidBank UK, with plans to
double its workforce in 2026.
The commission said at least seven Nigerian banks are now
operating in the UK, supporting about 1,000 jobs.
LEMFI TO INVEST £100 MILLION
According to the statement, LemFi, a financial technology
(fintech) firm, is planning to invest £100 million over a period of five years
as it designates London as its global headquarters.
Moniepoint and Kuda Bank are reportedly expanding their UK
teams as part of global growth plans.
The commission also noted investment from Nigeria’s creative
sector, stating that EbonyLife plans to launch EbonyLife Place London, creating
up to 40 jobs, alongside new initiatives backed by the British council to
support cross-border creative enterprises.
The UK government said the investments reflect strengthening
bilateral ties under the enhanced trade and investment partnership (ETIP),
which targets growth across financial services, technology, education, and
manufacturing.
Commenting on the development, David Lammy, UK deputy prime
minister, said the partnership is creating opportunities in both countries.
“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,” Lammy said.
Bilateral trade between both countries is estimated at £8.1
billion annually, with officials projecting further growth as new investments
materialise.
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