The Deputy Mayor of London, Howard Dawber, has pledged to address key financial hurdles that prevent Nigerian startups from scaling internationally, particularly the difficulty of opening business bank accounts in the UK.
Speaking during a high-profile trade mission to Nigeria, Dawber told reporters in Lagos that despite the innovation and profitability of many Nigerian tech ventures, they are being held back by stringent financial regulations in London. He emphasized that this bottleneck is one of the biggest barriers facing Nigerian entrepreneurs looking to expand their operations into global markets.
According to Dawber, the inability to easily access banking services in London has become a recurring complaint from Nigerian tech founders, even those with proven business models and solid reputations. He expressed concern that while London’s financial sector is known for its strong regulations, some of the rules are applied too rigidly, inadvertently stifling international collaboration and investment.
To bridge this gap, Dawber announced his intention to engage UK financial regulators on developing more flexible risk assessment models that better accommodate reputable foreign businesses, particularly from Nigeria. He stressed the urgent need for smarter policies that would facilitate smoother cross-border transactions between Lagos and London, ultimately enabling Nigerian startups to thrive on the international stage.
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Highlighting London’s growing interest in Africa’s digital economy, Dawber said, “There’s a huge opportunity for London to learn from Lagos’s vibrant tech scene.” He revealed that London and Partners, the city’s official promotional agency, is working on programs to help successful Nigerian startups establish a presence in London while also supporting British firms looking to enter the Nigerian market.
He acknowledged broader trade challenges faced by African businesses, including payment processing issues, poor infrastructure, and limited regional connectivity, but maintained that collaboration between Lagos and London could lead to more efficient payment transfers and a stronger economic partnership.
Dawber’s comments are in line with London’s broader strategy to deepen economic ties with Africa and tap into Nigeria’s booming innovation landscape. His commitment to breaking down financial barriers has sparked optimism among tech stakeholders, who see it as a vital step toward unlocking international growth opportunities and redefining UK-Nigeria business relations in the digital age.
