Efforts to deepen trade and financial collaboration between Nigeria and the United Kingdom are gaining fresh momentum, as the London Mayor’s Office rolls out new initiatives to tackle long-standing obstacles limiting seamless cross-border business transactions.
During a recent visit to Lagos, the Deputy Mayor of London, Howard Dawber, reaffirmed the city’s commitment to building stronger economic links with Nigeria, particularly within the rapidly growing technology and startup sectors. He underscored London’s readiness to remove financial barriers that currently restrict Nigerian entrepreneurs and firms.
“We clearly recognize that some country-specific regulations are creating unnecessary obstacles, and they’re slowing down business growth,” Dawber stated. “Multiple Nigerian companies earning millions and with proven success internationally have told me they struggle just to open a bank account in the UK. That’s unacceptable.”
Nigerian Firms Face Hurdles Opening UK Bank Accounts
At the heart of the problem, Dawber explained, lies a critical issue: the difficulty Nigerian businesses encounter when attempting to establish bank accounts in London. Despite their financial credibility and strong track records, many companies face excessive red tape and risk-based screening that prevent them from accessing basic financial services in the UK.
Determined to change this, Dawber pledged to work closely with UK regulators. He promised to advocate for more technical innovations and risk-assessment frameworks tailored to legitimate foreign businesses, especially those operating in emerging markets like Nigeria.
“There’s a huge opportunity for mutual growth here,” he said. “London can gain from Lagos’s energetic tech ecosystem just as much as Nigeria can benefit from London’s financial expertise.”
Two-Way Trade and Innovation Exchange Underway
The London Mayor’s official economic agency, London & Partners, is currently facilitating deeper business integration by helping Nigerian startups establish a presence in the UK while supporting British companies looking to expand into Nigeria. This two-way trade partnership forms a key pillar in bridging regulatory gaps and unlocking market potential.
Dawber emphasized that while London thrives on structured rules and governance, there must be room for flexibility, particularly when working with high-potential businesses from developing economies.
“We’re great at rules in London. We follow them strictly, and that provides stability,” he noted. “But sometimes, we hold too rigidly to global standards without adapting them to specific market conditions. That rigidity can block innovation and delay trade.”
Targeting Cross-Border Payment Friction
In addition to banking access, Dawber highlighted broader trade challenges facing African markets, including fragmented payment systems, infrastructure gaps, and limited regional connectivity. He called for collaborative action between the UK government and African counterparts to address these barriers head-on.
“The friction around cross-border payments between Africa and the UK—especially between hubs like Lagos and London—is something we need to fix,” Dawber said. “We must simplify how money flows between our countries if we want trade to thrive.”
A Call for Regulatory Reform
Dawber made it clear that reforming the financial landscape is critical for sustaining long-term growth and partnership. He insisted that by making banking regulations more adaptable and responsive, both London and Lagos could unlock powerful trade pathways, empower more startups, and attract investment across borders.
He concluded with a strong message: “Streamlining financial access for credible Nigerian firms will help them scale globally and strengthen the commercial bridge between our nations. We’re ready to do the work to make that happen.”
This renewed commitment from the London Mayor’s Office signals a promising shift in UK-Nigeria economic relations—one centered on inclusive growth, innovation, and shared success.
