By Tunde Raman
Nigeria’s exports to the United Kingdom are dominated by crude oil, valued at £1.0 billion, while the UK’s exports to Nigeria are led by refined oil, worth £1.6 billion. The UK also maintains a healthy trade surplus of £3.4 billion with Nigeria.
During President Tinubu’s visit, a financing deal worth £746 million was signed between the two countries for the refurbishment of two major Nigerian ports, Apapa Quays and Tincan Port Complex. The import of that most ambitious deal is unmistakable. The multiplier effect of a modernised port, whether through loans or otherwise, on the speedy clearance of goods and on general operational efficiency and effectiveness, can hardly be overemphasised.
Additionally, Nigerian banks like Zenith Bank and Fidelity Bank are expanding their presence in the UK, with investments in Fintech, manufacturing, and education also on the rise.
Both President Tinubu and King Charles alluded to the growing, harmonious, mutually beneficial bilateral and trade relationships between the two countries in their speeches at the state banquet at Windsor Castle.
“Nigeria and the United Kingdom have shared more than just history; our two nations share a vision of progress and resilience. Today, we continue that journey, committed to building a future rooted in partnership, mutual respect, and common values,” President Tinubu said, while expressing confidence that the friendship between the two countries will continue to improve.
King Charles said: “Your visit (Tinubu’s visit) has provided the opportunity to celebrate the fact that Nigeria is investing in Britain’s future as much as Britain is investing in Nigeria’s. Leading Nigerian banks have chosen the City of London as a global base; examples of the best Nigerian companies are listed on London’s Stock Exchange, and U.K. Export Finance is supporting investment in Nigeria’s ports.
“In education, British schools and universities are opening their doors in Nigeria, and British and Nigerian technology companies are forming ever closer partnerships. I was pleased to see that visitors from Nigeria spent £178 million in Britain in 2024, and 251,000 people from Britain travelled to Nigeria and spent just as much, in return.”
At No 10 Downing Street, London, President Tinubu later held bilateral and business meetings with British Prime Minister Keir Starmer during the visit, during which discussions centred on trade, the economy, climate change, terrorism, the tension in the Middle East, and wider global challenges.
“Currently, the entire world is challenged. Nigeria is not immune to what is happening around the world. I have seen your reactions on television on certain developments,” President Tinubu told Prime Minister Starmer, adding, “My reaction, as you rightly said, is the economy and the welfare of the people and how we should work together to improve the livelihood of our people.”
Like King Charles, the British PM also expressed his appreciation for the UK’s enduring relationship with Nigeria, particularly the vibrant people-to-people connections that continue to strengthen both societies, noting that both countries already maintain strong collaboration in areas such as the economy, defence, and security.
Before leaving the UK and heading back to Lagos in time to attend the Eid-el-Fitr prayers at Dodan Barracks Prayer Ground, President Tinubu created time to attend an Access Bank-sponsored art exhibition at Tate Modern, where he praised the creativity and resilience of Nigerians as they reinvented images of the past into modern history.
Indeed, it may have been a two-day visit, but the impact and significance will continue to resonate in the coming years.
Rahman is Senior Assistant to President Tinubu on Media & Special Duties
