Efforts to streamline the Nigeria-UK trade ties are gaining renewed urgency, as London authorities commit to addressing regulatory hurdles impeding Nigerian companies.
During a recent visit to Lagos, Howard Dawber, Deputy Mayor of London for Business, acknowledged mounting concerns from Nigerian startups and SMEs struggling to navigate the UK’s complex financial systems.
His remarks, delivered during a business engagement session with local entrepreneurs, signal a possible shift in the UK’s approach to emerging market partnerships.
“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.
Bank Account Access a Persistent Barrier
A central complaint from Nigerian companies, Dawber revealed, is the difficulty of opening and maintaining bank accounts in London, even for businesses with verified operations and multi-million-dollar revenue streams.
“A few people have said to me, it has been really difficult to get a bank account. And these are businesses earning millions of dollars, with real good track record that are working in other countries,” he stated.
Dawber committed to engaging with UK regulators to find solutions, noting that technical fixes and more nuanced risk assessments could remove unnecessary barriers.
What You Should Know
The visit is part of an ongoing initiative by the Mayor of London’s office to deepen ties with Nigeria’s economic capital, Lagos.
At the centre of this initiative is London & Partners, the city’s official business growth and promotion agency, which is working to facilitate bilateral investment flows.
According to Dawber, London is eager to learn from the innovation and agility displayed by Lagos-based tech startups, many of which have expanded quickly across Africa and beyond.
The goal, he explained, is to create a two-way corridor for companies from both countries to scale more easily across borders.
“The cross-border payment issue within Africa, as it relates to the UK, is something we can work on with the UK government, to ease transactions between Nigeria and the UK—specifically between Lagos and London,” he noted.
Calls for a More Flexible Regulatory Approach
Dawber acknowledged that London’s well-established financial system, while globally respected, can sometimes prove rigid in dealing with international partners, especially from emerging markets.
“We are very good at rules in London. We like rules, and we stick to them. And that’s great in terms of dependability,” he said. “But sometimes, when there’s a global rule, we stick to it a little bit more firmly than everybody else.”
This strict adherence to regulation, may also stifle access for credible foreign businesses. Dawber suggested a more flexible, context-aware application of regulations, particularly for high-potential African firms looking to globalise.
What This Means
According to industry analysts, Dawber’s comments highlight a growing awareness within UK institutions that Africa, and Nigeria in particular, represents a dynamic market with untapped potential, not just for aid or trade but for co-creation and innovation.
Dawber concluded by affirming the Mayor of London’s commitment to reducing frictions in the business landscape, particularly around payments, banking access, and regulatory frameworks.
Simplifying these areas, he said, would unlock new channels for Nigerian enterprises to scale internationally while also enriching London’s global business ecosystem.
Talking Points
It is encouraging to see that the Mayor of London’s office is acknowledging and prioritising the long-standing challenges Nigerian businesses face when navigating the UK’s financial system.
Bank account access has been a silent barrier for too long. The fact that credible, revenue-generating Nigerian companies are still unable to easily open accounts in London reflects deeper issues in global regulatory alignment.
At Techparley, we believe this is a timely intervention. Nigeria’s startup ecosystem is expanding beyond borders, and Lagos–London is a natural business corridor that should be easier to navigate, not harder.
Dawber’s remarks reflect a shift in tone. The UK is beginning to recognise that a one-size-fits-all approach to financial regulation doesn’t always serve fast-growing economies like Nigeria.
The willingness to engage UK regulators on technical and policy-level solutions shows that London understands the opportunity in unlocking easier market access for African entrepreneurs.
We also appreciate the acknowledgment that Lagos is not just a recipient of innovation, it’s a contributor. London can learn just as much from Lagos’s agility, resilience, and mobile-first business models.
Simplifying cross-border banking and easing payment friction is a win-win. It allows African businesses to scale internationally, while enabling London to remain competitive as a global financial hub.
But to make this work, the rhetoric must translate into action. Conversations must be followed by pilot frameworks, regulatory sandboxes, and policy revisions tailored to the realities of African startups.
