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UK Reaffirms Commitment to Strengthen, Deepen Trade Relation with Nigeria
The UK has reaffirmed commitment to strengthen and deepen its relationship with Nigeria, as both sides confirmed their shared interest in pursuing a potential Enhanced Trade and Investment Partnership at the eighth and final UK-Nigeria Economic Development Forum (EDF) which held today at the Transcorp Hilton Hotel in Abuja.
The EDF was launched by the former Prime Minister, Theresa May and President Muhammed Buhari in August 2018 and held bi-annually; serving as a platform to address market access barriers, respond to opportunities and challenges of doing business and boost bilateral trade and investment in our two countries.
Since 2018, the EDF has played a crucial role in strengthening the UK-Nigeria trading relationship and through this forum, both countries have been able to unlock finance, facilitate better regulatory link ups, support British and Nigerian businesses and engage on important global issues.
The total trade in goods and services (exports plus imports) between the UK and Nigeria currently stands at £5.5billion. Of this £5.5 billion: total UK exports to Nigeria amounted to £3.3 billion in the four quarters to the end of Q2 2022; while total UK imports from Nigeria amounted to £2.2 billion in the four quarters to the end of Q2 2022.
The agreement in the EDF Memorandum of Understanding (MoU) comes to a close today, and the UK and Nigeria agreed that the Enhanced Trade and Investment Partnership will offer an alternative high-profile mechanism to progress bilateral economic issues of mutual strategic importance, under which both sides will continue to work together to resolve market access issues and enhance economic cooperation.
UK International Trade Secretary, Kemi Badenoch said: “Nigeria is Africa’s largest economy and I’m delighted to see our trade and investment links grow, already worth £5.5 billion. The successes the EDF over the last four years has helped address crucial market access barriers and boosted our exchanges in key sectors such as Legal and Financial Services.
“I welcome the shared interest in exploring an Enhanced Trade and Investment Partnership between our nations that will open up new opportunities for UK and Nigerian business, create jobs and future-proof our economies against a changing world.”
UK Prime Minister’s Trade Envoy to Nigeria, Helen Grant said: “The UK and Nigeria go far when we go together. We are supporting Nigeria on the path to becoming a higher-growth, more inclusive and more sustainable economy as we move towards the 2023 elections.
“This is part of a wider push by the UK to drive a free trade, pro-growth agenda across the globe, using trade to drive prosperity and help eradicate poverty. A potential Enhanced Trade and Investment Partnership would include a series of commitments to tackle non-tariff market access barriers to deliver tangible results for businesses in both the UK and Nigeria“
The UK had recently launched the Developing Countries Trading Scheme (DCTS), one of the most generous preference schemes in the world, with enhanced preferences for Nigeria-UK Trade and Investment. The new scheme which will come into effect in early 2023, will cut tariffs on hundreds of everyday products from developing countries – this will be welcome news to Nigerian exporters.
It will equally extend tariff cuts to hundreds of more products exported from Nigeria and other developing countries, going further than the EU’s Generalised Scheme of Preferences. This is on top of the thousands of products, which Nigeria can already export to the UK duty-free.
Nigeria Minister for Industry, Trade and Investment, Otunba Adeniyi Adebayo CON said: “The EDF has been a fantastic forum and it is important that what comes out of the working group builds upon its principles and strengthens its outcomes.
“I know that both Nigeria and the United Kingdom have exchanged policy papers detailing how they wish to proceed, and I look forward to feedback as both papers are reviewed.
“Increased collaboration with Nigeria and other developing markets is needed to mitigate against both current and potential future supply-chain challenges. To this end, the introduction of the Developing Countries Trading Scheme (DCTS) is warmly welcomed. The reduction in tariffs on hundreds of everyday products should be a win for both Nigerian exporters and UK consumers who are able to access our products at a lower price.
“In 2021, UK exports to Nigeria were said to be $1.64 Billion and Nigerian exports to the UK $1.12 Billion. Not too far apart.
“As we move into 2023 it will be good to see the DCTS grow these numbers. Increasing bilateral trade is key for both nations and the agreement we are forging must strategically promote its increase. We must continue to work together to resolve market access issues and enhance economic cooperation.”
Mobility technology company, Moove has raised $250 million in a Series C funding round at a valuation of $2.1 billion, reaching unicorn status.
The startup will deploy the fresh capital to build out autonomous vehicle infrastructure, expand fleet ownership, construct robotics-focused “Nests” for charging and maintenance, and grow its autonomous workforce from 150 to 500 by year-end.
The company plans to enter additional global markets, reflecting a strategy to build the operational infrastructure required for large-scale autonomous transportation rather than simply supplying vehicles.
Led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s Growth Fund, and Ion Pacific, the round also included new investors BlueCrest Capital Management, Sona Asset Management and The Raptor Group, alongside existing backers BlackRock, MUFG, Franklin Templeton and Uber.
“Autonomous mobility is becoming an infrastructure race requiring fleets, charging systems, maintenance, data infrastructure and continuous city-level operations,” said Ladi Delano, co-founder, co-CEO and advisory board chairman of Moove.
Founded in Lagos in 2020, Moove has grown into a global mobility platform employing about 3,300 people across 29 cities in 13 countries, operating approximately 42,000 vehicles and reaching $420 million in annualised recurring revenue.
It has expanded organically and through acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan. Moove also operates autonomous vehicle fleets in partnership with Waymo in Phoenix and Miami, with London expected to join its footprint.
The $2.1 billion valuation places Moove among Africa’s small group of tech unicorns, alongside Flutterwave, OPay, Moniepoint, Andela, Chipper Cash, Wave, Tyme, MNT-Halan and Interswitch.
The $250 million round is the largest single funding deal announced by an African startup this year, though EV mobility firm Spiro raised $270 million cumulatively across two separate rounds.
Heirs Life Assurance, the specialist life insurance company of Heirs Insurance Group, has appointed Pastor Jerry Eze as an Independent Non-Executive Director on its Board, effective August 10, 2026.
L – R: Tony Elumelu, Chairman, Heirs Life Assurance; Pastor Jerry Eze, incoming director, Heirs Life Assurance
The appointment reinforces Heirs Life Assurance’s commitment to expanding financial inclusion and accelerating insurance adoption by strengthening public trust, consumer education, and long-term financial resilience across Nigeria.
Despite being Africa’s largest economy, Nigeria’s insurance penetration remains below one percent – among the lowest globally – highlighting the need to expand financial protection and build greater public trust in insurance.
As Heirs Life continues to pursue its mission of making insurance accessible to every Nigerian, Eze’s appointment brings a unique perspective on community engagement, value-based leadership, and broad societal impact.
Pastor Jerry Eze is the Founder and Lead Pastor of Streams of Joy International Ministry, a growing multinational ministry with 34 branches across West Africa, Southern Africa, Europe and North America.
He is also the convener of the New Season Prophetic Prayers and Declaration (NSPPD), one of the world’s largest digital prayer platforms, reaching millions of people daily. Through his ministry and humanitarian initiatives, he has become one of Africa’s most influential voices, championing hope, compassion, and community transformation.
Beyond ministry, Eze is the Founder of the Jerry Eze Foundation, a faith-led philanthropy where he provides housing support and grants to vulnerable and underserved communities.
In 2026, he announced N1billion in grants to support young entrepreneurs across agriculture, technology, and manufacturing, further advancing enterprise development and economic opportunity.
Before entering full-time ministry, Pastor Jerry Eze built a career in development communications, serving as a Communications Specialist on a World Bank HIV/AIDS programme and with the United Nations Population Fund (UNFPA).
He holds a Bachelor’s degree in History and International Relations from Abia State University and a postgraduate degree in Business Administration from Enugu State University of Science and Technology.
Speaking about the appointment, Tony O. Elumelu, CFR, Chairman, Heirs Life Assurance, said: “Pastor Jerry brings an exceptional combination of integrity, influence, and a deep understanding of people and communities.
“As we continue our mission to democratise access to insurance, his insight will help strengthen consumer trust, deepen financial inclusion, and reinforce our commitment to protecting the financial future of millions of Nigerians.
“We are delighted to welcome him to the Board of Heirs Life Assurance and the broader family of Heirs Insurance Group.”
Commenting on his appointment, Pastor Jerry Eze said: “I am honoured to join the Board of Heirs Life Assurance at a defining moment for the insurance industry. Financial security empowers individuals, families, and businesses to pursue their aspirations with greater confidence and resilience.
“I look forward to working with the Board and Management to advance the company’s mission of making insurance more accessible, relevant, and impactful for every Nigerian.”
Heirs Life Assurance has become one of Nigeria’s leading specialist life insurance companies, ranking 7th on the Financial Times list of Africa’s fastest-growing companies.
It is one of the three insurance businesses of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents.
Combining an omni-channel digital presence with physical branches spread across the country, Heirs Life continues to redefine life insurance through innovation, customer-centric solutions, and a commitment to making financial protection accessible to every Nigerian.
Heirs Insurance Group, comprising Heirs Life Assurance, Heirs General Insurance, and Heirs Insurance Brokers, collectively serves over 3 million people directly and indirectly.
The Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.
The World Bank Group has announced the 31-month debarments of United Aviation Services Limited (UNASEL), a transportation services company based in Nigeria, and Air Vice Marshal Alkali Mamu, its owner and president, “in connection with fraudulent practices under the Enhancing Niger Northeastern Connectivity Project,” according to a press release issued by the multilateral development bank.
The statement said that the project aims to enhance connectivity and road safety along the Zinder-Agadez Road section and improve access to basic socioeconomic infrastructure for selected communities in that road section.
However, according to the statement: “UNASEL and Mr. Mamu presented false experience documents in a prequalification application to qualify for a contract under the project. This was a fraudulent practice under the World Bank’s sanctions framework.”
“The debarments make UNASEL and Mr. Mamu ineligible to participate in projects and operations financed by Bank Group institutions. The debarments are part of two settlement agreements under which UNASEL and Mr. Mamu admit culpability for the underlying sanctionable practices,” it added.
The statement further said: “Per the Bank Group Sanctioning Guidelines, the settlement agreements provide for a reduced period of debarment in light of UNASEL and Mr. Mamu’s cooperation.
As a condition for release from sanction under the terms of the settlement agreements, UNASEL and Mr. Mamu commit to developing and implementing integrity compliance measures that reflect the relevant principles set out in the Bank Group Integrity Compliance Guidelines, and Mr. Mamu further agrees to complete corporate ethics training.
UNASEL and Mr. Mamu also commit to continue to fully cooperate with the Bank Group’s Integrity Vice Presidency.
“The debarments of UNA SEL and Mr. Mamu qualify for cross-debarment by other multilateral development banks under the Agreement for Mutual Enforcement of Debarment Decisions that was signed on April 9, 2010.”
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