The Minister of Foreign Affairs, Amb. Yusuf Tuggar, has highlighted Nigeria’s leading role in the fintech and financial services sector, emphasizing its contribution to job creation and economic growth across Africa.
During his visit to Moniepoint Inc.’s United Kingdom (UK) offices, Tuggar underscored the importance of fostering global confidence in Nigerian businesses as they expand internationally.
“Nigeria holds a strong position in the fintech and financial services sector. With banks and fintech firms operating across Africa, we must continue instilling confidence in Nigerian businesses as they expand globally,” Tuggar stated. He further noted that the growth of the fintech sector plays a crucial role in financial inclusion and economic strengthening.
Driving Financial Transformation in Nigeria
Moniepoint Inc.’s CEO, Tosin Eniolorunda, echoed Tuggar’s sentiments, reaffirming the company’s commitment to empowering African business owners and promoting financial well-being.
“Nigeria’s vibrant digital landscape presents a unique opportunity to drive economic and social progress,” said Eniolorunda. “By equipping individuals and businesses with innovative financial tools, we believe technology can serve as a catalyst for economic growth.”
He also emphasized the significance of international cooperation in fostering fintech innovation and creating new opportunities within the sector.
“This visit by Amb. Yusuf Maitama Tuggar highlights the importance of cross-border collaboration and the strengthening of Nigeria’s global partnerships,” Eniolorunda added.
Strategic Bilateral Relations with the UK
Earlier in March, Tuggar announced plans for a working visit to the United Kingdom aimed at enhancing bilateral ties across key sectors, including business, diplomacy, security, and culture.
He stressed that the visit reflects Nigeria’s commitment to advancing shared priorities with the UK and fostering strategic cooperation.
Key objectives of the visit included expanding security collaboration through intelligence briefings and defense discussions, as well as promoting Nigeria’s global image through media engagements and cultural exchanges. Tuggar expressed optimism that the visit would strengthen collaboration on security and intelligence-sharing to address insecurity and instability in the Sahel and West Africa.
A UK government fact sheet revealed that total trade in goods and services between the UK and Nigeria reached £7.5 billion in the four quarters leading to the end of Q3 2024—a 5.6% increase compared to the same period in 2023. Of this, UK exports to Nigeria amounted to £5.3 billion, while imports from Nigeria stood at £2.2 billion, marking a 12.2% decline.
The UK ranked Nigeria as its 36th largest trading partner during the same period, accounting for 0.4% of total UK trade.
With fintech playing a vital role in Nigeria’s digital economy, ongoing international collaboration and investment will further strengthen the country’s position as a financial powerhouse in Africa.
