London will host its first-ever Africa Business Summit next year, Mayor Sir Sadiq Khan announced during a trade mission aimed at deepening economic links between the capital and the continent. The event, set to bring together entrepreneurs, investors, and government officials from across Africa’s 54 nations, seeks to unlock new trade and investment opportunities.
Speaking from Lagos, Nigeria, the first stop on his tour, Sir Sadiq emphasised the potential for stronger collaboration. “Expanding ties with Africa will be key to delivering our international trade ambitions, creating thousands of good jobs in the next five years and beyond,” he said. The mayor’s itinerary also includes visits to Ghana and South Africa, where he will explore partnerships in key sectors such as technology.
Currently, Africa accounts for just 1.25% of foreign direct investment in London, a figure City Hall hopes to boost through closer engagement. “London has a rich history with the continent through our diaspora communities,” Sir Sadiq noted. “This summit is about tapping into the huge economic opportunities that a strong, mutual relationship can bring.”
The initiative has drawn support from business leaders like Kolawole Ajayi, a Nigerian chef with restaurants in Peckham. “We have a lot of talent in Nigeria,” he told BBC London. “If London can harness that potential, there will be significant growth. The days when outsourcing was limited to India are over; Nigeria has brilliant minds ready to contribute.”
Foreign Secretary David Lammy, MP for Tottenham, also praised the move, describing London as a “global city where the world comes to do business.” National figures underscore the growing importance of African trade, with UK-Africa transactions reaching £49bn in 2024.
However, the mayor’s trip has not been without criticism. Shadow Chancellor Mel Stride acknowledged Africa’s cultural significance but argued that Sir Sadiq should remain in London to address pressing domestic issues, such as shoplifting.
Despite the debate, the focus remains on fostering innovation-driven partnerships. “Lagos is Africa’s top tech hub, and London leads in Europe,” Sir Sadiq said. “By connecting these ecosystems, we can create wealth, prosperity, and jobs on both sides.”
With plans for the summit now underway, London appears poised to strengthen its role as a bridge between the UK and Africa’s dynamic economies.
