Nigeria and the United Kingdom have finalised a £746 million export finance agreement to support the redevelopment of two major ports in Lagos, marking a significant milestone in bilateral economic cooperation.
The deal was announced following a high-level meeting between President Bola Ahmed Tinubu and British Prime Minister Keir Starmer at Downing Street in London.
Under the arrangement, UK Export Finance (UKEF) will guarantee loans for the rehabilitation of the Apapa Port Complex and the Tin Can Island Port Complex—two critical gateways for Nigeria’s international trade.
The financing is expected to be coordinated by Citibank, while British Steel will supply about 120,000 tonnes of steel for the project under a contract valued at £70 million.
The agreement is projected to generate approximately £236 million in supply contracts for British firms, with at least 20 per cent of the project components required to be sourced from the United Kingdom.
UK officials described the steel contract as the largest export supported by UKEF for British Steel, underscoring its significance to both economies.
British Trade Secretary Peter Kyle said the deal would reinforce the global competitiveness of British Steel while supporting jobs and economic growth in the United Kingdom.
On Nigeria’s side, the Minister of Marine and Blue Economy, Adegboyega Oyetola, said the port redevelopment would enhance the country’s capacity to handle maritime trade and strengthen its position as a leading hub in West and Central Africa.
The agreement forms part of broader engagements during Tinubu’s two-day state visit to the UK, which also includes plans to deepen trade and investment relations through additional Memoranda of Understanding.
In a related development, the Nigeria Sovereign Investment Authority (NSIA) signed an MoU with UK-based Asset Green Limited to develop an integrated dairy production platform in Nigeria, further expanding economic collaboration between both countries.
