The next chapter of the UK-Nigeria economic relationship

President Bola Ahmed Tinubu’s recent state visit to the UK was a significant moment in the UK-Nigeria economic relationship, signalling deepening ties and mutual goodwill. I was privileged to attend the state banquet at Windsor Castle alongside the President and His Majesty King Charles III, an occasion that not only honoured the history of this partnership but also the great opportunity that lies ahead.

Our ties have never been stronger. Bilateral trade has grown by more than 11% year-on-year to exceed £8.1 billion annually. UK exports to Nigeria now amount to roughly £5.7 billion, while Nigerian capital is increasingly finding its way into the UK, with investment stock approaching £500 million.

What used to be a one-directional flow of commodities has become something far more balanced: a two-way economic corridor with real value accrued on both sides.

The opportunity now lies beyond traditional trade. Whilst the relationship was for decades defined by oil and imports, today, it is being reshaped by technology and finance. As a case in point, the UK-Nigeria Enhanced Trade and Investment Partnership – the formal cooperation framework signed in 2024 to boost trade, capital flows, and economic collaboration – places a greater emphasis on financial services and digital innovation.

Fintech is central to this transformation. Nigeria has emerged as one of the most dynamic fintech markets in the world, with innovative and ambitious companies building critical, scalable infrastructure for payments, banking, and credit, providing the launchpad for millions of businesses to grow and underpinning the very foundations for modern trade.

For instance, SMEs make up the overwhelming majority of companies in Nigeria, yet many still struggle with access to credit, foreign exchange, and cross-border payments, frictions which limit trade and stunt their potential. Fintech is beginning to change that. By enabling faster, cheaper, and more reliable payments, digital platforms allow businesses to transact as easily across borders as they do domestically – and by widening access to credit and financial tools, they give SMEs the ability to scale internationally, including into the UK.

Remittances present another substantial opportunity. More than $2.7 billion annually is sent from the UK to Nigeria, most of which props up local livelihoods and household consumption – vital support in a developing economy. But with the right infrastructure, a greater share could be channelled into other crucial investments: funding small businesses, supporting entrepreneurs, and driving long-term growth.

The macroeconomic case is undeniable. Nigeria remains one of the largest underbanked populations in the world, with tens of millions of people still excluded from the formal financial system, although rapid fintech innovation is beginning to change that. Expanding access to digital finance is both a social imperative and a substantial economic opportunity. When more people are financially included, economies become more productive and more connected to global partners like the UK.

At Moniepoint, we see this firsthand in our work with over 20 million businesses and individuals, many of whom were previously underbanked. When those businesses gain access to reliable payments and credit, they grow, and that growth has a multiplier effect. They hire more, trade more, and increasingly look beyond their domestic markets.

The continued evolution and expansion of Nigerian companies, including into the UK, promises to build real economic links: job creation, investment in talent, and cross-border commerce in ways that were simply not possible before.

With its reputation as a global financial centre and strong regulatory framework, the UK has the opportunity to become a hub for Nigerian fintech expansion. Clearer pathways to entry will allow the UK to attract investment, talent, and innovation, all the while further strengthening its ties with one of Africa’s largest economies.

The fundamentals for success are already in place: trade exceeding £8 billion, strong growth, deep cultural ties, and a rapidly digitising economy in Nigeria. The state banquet showed how precious our relationship is to both parties. What is needed now is the infrastructure, both technological and regulatory, to take this partnership to the next level. It is a moment that calls for ambition, optimism, and cooperation – all of which were in strong supply at the state banquet.

The next chapter of the UK-Nigeria economic relationship will be defined by connectivity – specifically, the exchange of finance, technology, and talent. The opportunity is so vast that, if realised, the corridor between London and Lagos could become one of the most important economic links in the world.