UK, Nigeria seal multi-sector deals as trade hits £8.1bn
By Trek Africa Newspaper
The United Kingdom and Nigeria have unveiled investments and partnerships spanning manufacturing, fintech, agriculture and education, as trade between both countries hits a record £8.1 billion annually.
At the heart of the new commitments is a major industrial investment in Lagos, where a British firm is set to establish its first manufacturing facility in Africa.
According to a statement by the British High Commission on Tuesday, the plant, to be located in Nigeria’s commercial hub, is expected to create more than 100 direct jobs while strengthening export capacity across West Africa.
It noted that the development underscores Nigeria’s growing appeal as a regional production base and aligns with broader efforts to boost local manufacturing and reduce import dependence.
“In the financial technology space, UK-based remittance company Wise is set to receive regulatory approval for its first Nigerian licence, marking a significant step in its expansion into Africa’s largest economy.
“The move will position the firm to tap into Nigeria’s fast-growing remittance market, estimated to be worth up to £39.9 million, while enhancing competition and efficiency in cross-border payments.
“Agriculture and food security also feature prominently in the new agreements.
“The Nigeria Sovereign Investment Authority has entered into a partnership with Asset Green Ltd to explore the development of a large-scale integrated dairy project”, the statement read.
