HUNDREDS of new jobs are set to be created in the United Kingdom and Nigeria as bilateral trade between both countries rises to an all-time high of £8.1 billion annually.

This is according to a report released on Tuesday by the British High Commission, Abuja, ahead of the historic state visit of President Bola Ahmed Tinubu to the UK, beginning Wednesday.

The report outlines fresh investments by Nigerian banks, fintech firms and British companies, with millions of pounds expected to flow into both economies.

It noted that the growing partnership reflects how “countries grow faster when they grow together,” as trade and investment ties continue to deepen.

According to the report, Nigerian firms are leading much of the expansion into the UK market as companies such as LemFi, Kuda Bank and Moniepoint are scaling up operations, with LemFi alone planning to invest £100 million over the next five years as it positions London as its global headquarters.

Moniepoint is also expected to grow its UK workforce to about 100 employees by 2026, while Kuda continues to strengthen its UK base for global expansion.

In the banking sector, Zenith Bank has opened a new branch in Manchester, a move expected to create up to 30 direct jobs. The bank is also exploring a listing on the London Stock Exchange by 2027 to deepen its presence and unlock long-term funding.

The High Commission disclosed that Fidelity Bank has also acquired and rebranded Union Bank UK as FidBank UK, with plans to double its workforce in 2026.

Similarly, FCMB has selected the UK as the first international destination for its cross-border payments platform, aimed at boosting trade flows between Africa and global markets. Overall, the report noted that seven Nigerian banks now operate in the UK, supporting at least 1,000 jobs.

On the British side, Twinings Ovaltine has launched a £24 million manufacturing facility in Lagos, marking its first in Africa; creating over 100 direct jobs while expanding exports across West Africa.

The report further highlighted growing opportunities in financial technology and investment.

British fintech firm Wise is expected to receive approval for its first Nigerian licence, while the Nigeria Sovereign Investment Authority has entered into a partnership with Asset Green Ltd to explore a large-scale dairy project aimed at strengthening local production and reducing imports.

Beyond finance, both countries are also strengthening ties in the creative and education sectors as EbonyLife Media plans to establish EbonyLife Place London, creating about 40 jobs and expanding opportunities for African storytelling in the UK.

There are also plans for a UK–Nigeria Season of Culture in 2028, alongside new initiatives to support creative entrepreneurs and deepen collaboration in advertising and the arts.

Speaking on the development, UK Business and Trade Secretary Peter Kyle said the latest commitments show how both countries are turning shared values into economic gains.

“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,” he said.

Also, UK Deputy Prime Minister David Lammy said the partnership is delivering real results.

According to him, “we are reducing barriers, creating jobs and opening new pathways for growth,” adding that the relationship continues to benefit businesses and citizens in both countries.

The report added that ongoing engagements under the UK–Nigeria Enhanced Trade and Investment Partnership, including a high-level reception at Kensington Palace attended by senior government and industry leaders, are helping to strengthen cooperation across key sectors such as finance, technology, infrastructure and education.

With President Tinubu’s visit expected to further cement ties, the report emphasised that the expanding relationship is not only boosting trade but also delivering tangible benefits for people in both countries.