The Mayor of London, Sadiq Khan, has today announced that City Hall will host its first-ever London-Africa business summit next year as he revealed that the UK’s bilateral trade with the African continent is likely to reach £62 billion ($79 billion) by 2030.
The Summit will bring together entrepreneurs and investors, state officials, mayors, trade groups and stock exchanges from across the continent, with the aim of promoting London as the best global city for African businesses to expand and invest in.
It will focus on strengthening trade and investment links both ways, and the opportunities that can be unlocked for both London and Africa via key growth sectors, including fintech, creative industries, education and sustainability.
The announcement comes as Sadiq this week leads a trade mission to Nigeria, Ghana and South Africa to bang the drum for London as a place to invest and do business, making him the first London Mayor to do so.
The Mayor is determined to meet the goals of his Growth Plan and has doubled down on his commitment to attract foreign direct investment to help grow London’s economy by £107 billion by 2035 and create 150,000 good jobs by 2028.
Africa’s economic growth is expected to accelerate, with several African countries projected to rank among the top 10 fastest-growing economies globally in 2025.
The bilateral trade relationship between Africa and the UK has shown consistent growth over recent years, despite global challenges. More businesses from London expand into Africa than from any other city globally and the UK stands as one of Africa’s significant trading partners, with trade between the UK and Africa worth nearly £50 billion ($63 billion) in 2024 and UK exports up seven per cent year on year.
Since 2013, London has been the leading destination city for African FDI in Europe and the US with 72 projects, and ranks as the second most popular destination globally outside Africa — behind only Dubai (202 projects) and ahead of Paris (63 projects).
Over the past decade, there have been a total of 71 projects recorded from Africa to London, accounting for an estimated £578 million in Capital Expenditure and creating 2,145 jobs.
Sadiq is visiting Lagos in Nigeria, Accra in Ghana, and Johannesburg and Cape Town in South Africa this week to build on extensive connections between the region and the capital’s growing African diaspora, and boost trade links with London.
Alongside the visit, the Mayor’s growth agency London & Partners is hosting a trade delegation of 36 London-based companies that are looking to grow their business and access opportunities in Africa.
The Mayor of London, Sadiq Khan, said: “Trade between the UK and Africa is projected to be worth £62 billion by 2030. Whether its their tech start ups or business and financial services, London is perfectly placed to benefit from Africa’s growth.
“Today I am announcing that City Hall will host the first-ever mayoral London-Africa business summit to tap into the huge economic opportunities that a strong, mutual relationship with the continent can bring.
“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.
“London has a rich history with the continent through our diaspora communities. I’m proud to be the first Mayor of London to visit Africa to drive trade and investment and strengthen our cultural links as we work to build a better, more prosperous city for everyone.”
With nearly eight per cent of Londoners being of African heritage and African students studying in London accounting for four per cent of all international students, half of whom are studying at post-graduate level, the Summit will be a landmark opportunity for London to build on its strong cultural links and history with the African continent.
The Mayor is keen to tap into Africa’s successes as a growing tech hub and has already begun to establish relationships with cities leading in this space, including Lagos in Nigeria which has generated five tech ‘unicorns’ startup companies valued at over US$1 billion – and is ranked as the world’s fastest-growing tech hub by global data analysts Dealroom.
Accra, the capital of Ghana has also been highlighted by Dealroom as an up-and-coming business sector with a tech hub that punches above its weight in innovation startup activity, research output, and university-industry collaboration.
Foreign Secretary David Lammy said: “London is a global city, where the world comes to do business.
“The UK is committed to a new approach with African countries – rooted in partnership, not paternalism and built on mutual respect. By bringing together investors, innovators and decisions-makers the London-Africa Business Summit will strengthen those ties and unlock growth and prosperity.”
