The inaugural Africa-London business summit has been announced for next year by Sir Sadiq Khan during his trade mission to Africa.

The mayor indicated that the summit will take place in London, aiming to harness the “significant economic prospects that a robust partnership with the continent can provide.”

Sir Sadiq Khan commenced his investment tour in Lagos, Nigeria, this week, with plans to also visit Accra in Ghana, as well as Johannesburg and Cape Town in South Africa.

In response, Conservative shadow chancellor Mel Stride expressed that while cultural connections “carry great importance,” he believes the mayor ought to be present in London “steering the ship” to address pressing matters, such as shoplifting.

The summit is designed to convene entrepreneurs, investors, state representatives, and trade organizations from all 54 countries of the continent.

According to a spokesperson from City Hall, the goal is to draw foreign investment into the capital and enhance trade relations.

Current statistics from the mayor’s office indicate that Africa constitutes only 1.25% of foreign direct investment in London.

“Fortifying our relationships with Africa will be crucial for achieving our international trade goals and creating thousands of quality jobs over the next five years and beyond,” stated Sir Sadiq.

“London shares a rich history with Africa through our diverse diaspora communities.”

Kolawole Ajayi, a Nigerian chef with a food stall and two restaurants in Peckham, south London, expressed enthusiasm about the potential for deepening relations.

“We have a wealth of talent in Nigeria; if London can nurture that and create opportunities, we can expect substantial growth,” he told BBC London.

“The days of outsourcing solely to India are over. There are bright minds in Nigeria, I assure you.”

Foreign Secretary and Tottenham MP David Lammy also praised the initiative, branding London a “global city where international business converges.”

According to the Office for National Statistics, trade with Africa reached £49 billion nationally in 2024.

The mayor highlighted that technology is a critical sector driving trade growth, during his interview with BBC News in Nigeria.

“Lagos holds the title as the leading tech city in Africa, while London is the premier tech hub in Europe.

“My hope is to forge partnerships that will foster wealth, prosperity, and job creation.”