Mayor of London’s office is working to enhance cross-border business transactions between Nigeria and the United Kingdom.
Gatekeepers News reports that Deputy Mayor of London, Howard Dawber, recently visited Lagos and emphasized the city’s commitment to strengthening economic ties with Nigeria, particularly in the tech and startup ecosystem.
“We know there are some country-specific regulatory hurdles that need to get sorted out, because they are holding people and businesses back,” Dawber said. He identified difficulty in opening bank accounts in London as a major obstacle for Nigerian businesses looking to expand operations.
Dawber pledged to engage with UK regulators to explore technical solutions and flexible risk assessment mechanisms that could streamline banking access for legitimate foreign businesses. “There’s a real synergy here, with London seeking to learn from Lagos’s rapidly growing tech sector,” he noted.
The Mayor’s official promotional agency, London & Partners, is actively exploring opportunities to facilitate the entry of Nigerian businesses into London and to support British firms expanding into Nigeria. Dawber acknowledged that Africa’s broader trade ecosystem faces numerous logistical and regulatory challenges but emphasized that simplifying banking and regulatory frameworks would open up valuable trade channels.
