Nigeria has secured a £746 million export finance agreement with the United Kingdom to fund the rehabilitation of two key port facilities in Lagos.
The deal was unveiled on Thursday during talks between Prime Minister Keir Starmer and President Bola Tinubu at Downing Street in London.
Under the arrangement, UK Export Finance (UKEF) will provide guarantees for loans aimed at refurbishing the Apapa and Tin Can Island port complexes, with Citibank expected to coordinate the financing.
As part of the package, British Steel will deliver 120,000 tonnes of steel for the projects in a contract valued at £70 million.
The agreement is projected to generate about £236 million in supplier contracts for British firms, with a minimum of 20 percent of project components to be sourced from the UK. According to the UK government, the steel deal represents the largest UKEF-backed export secured by British Steel.
The agreement was formally signed by Wale Edun, Nigeria’s minister of finance, and Blair McDougall MP, the UK parliamentary under-secretary of state and minister for small business and economic transformation.
Edun said the deals are consistent with Nigeria’s priority on infrastructure, energy, and industrial development.
He noted that the increasing emphasis on bilateral partnerships would help attract the scale of investment required to boost economic activity, create jobs, and reduce poverty, in line with the administration’s ‘renewed hope’ agenda.
The minister said the agreements underscore growing confidence and mutual trust between both countries, as well as a shared commitment to deliver tangible economic outcomes for Nigeria and the United Kingdom.
The ministry of marine and blue economy also highlighted the expected impact of the port upgrades on Nigeria’s trade competitiveness.
Adegboyega Oyetola, minister of marine and blue economy, said the project would “strengthen Nigeria’s position as a leading maritime hub in West and Central Africa”.
The deal was concluded during Tinubu’s state visit to the UK, which Starmer described as the first by a West African leader in 37 years.
Speaking after the meeting, the prime minister said the visit marked a “historic” moment in bilateral relations.
Tinubu, in his remarks, described his trip — also the first state visit by a Nigerian leader to the UK in 37 years — as “very thrilling and significant” in strengthening bilateral relations between the two nations.
“We can not forget the institutional development we have enjoyed over the years,” the Nigerian leader said.
He added that discussions would span trade, economic reforms, climate change, terrorism, and broader global issues.
“Nigeria is currently going through strong reforms of its economy, and we will discuss that further in our bilateral discussions,” he said.
“Currently, the entire world is challenged. Nigeria is not immune to what is happening around the world. I have seen your reactions on television on certain developments.
“My reaction, as you rightly said, is the economy and the welfare of the people and how we should work together to improve the livelihood of our people,” he said.
Tinubu is in the UK for a two-day state visit, which began on Wednesday.
The visit will also see the signing of a memorandum of understanding (MoU) to strengthen trade and investment relations between both countries.
In a related development, the Nigeria Sovereign Investment Authority (NSIA) entered into an MoU with the UK’s Asset Green Limited to establish an integrated dairy production platform in Nigeria.
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