Nigeria has secured a £746 million export finance agreement with the United Kingdom to support the redevelopment of Lagos’ Apapa and Tin Can Island port complexes.
According to a report by the BBC, the deal was finalised on Thursday during a bilateral meeting between UK Prime Minister Keir Starmer and President Bola Tinubu at Downing Street in London.
Under the agreement, UK Export Finance will guarantee loans for the refurbishment of the two major port facilities, with the financing structure to be coordinated by Citibank.
As part of the project, British Steel is expected to supply 120,000 tonnes of steel under a £70 million contract for the port works. At least 20 per cent of the project components will be sourced from the UK, a move projected to generate about £236 million in supplier contracts for British firms.
UK Trade Secretary Peter Kyle said the deal would reinforce British Steel’s global expertise while supporting jobs and economic growth in Scunthorpe.
Describing the agreement as “historic,” Starmer noted that it marks the first time in 37 years that a West African leader has signed such a deal with the UK. He added that Tinubu’s visit signals a new phase in bilateral relations between both countries.
Speaking ahead of the meeting, Tinubu said engagements with the UK government would centre on “trade, economic cooperation, and shared challenges — including security and climate change.”
Also commenting, minister of marine and blue economy, Adegboyega Oyetola, said the port redevelopment project would boost Nigeria’s standing in regional commerce.
“This project will strengthen Nigeria’s position as a leading maritime hub in West and Central Africa,” he said.
The development comes as Tinubu continues his state visit to the UK, which began on Wednesday following an invitation from King Charles III and Queen Camilla at Windsor Castle.
The visit is also expected to culminate in the signing of a Memorandum of Understanding aimed at deepening trade and investment ties between both nations.
