Nigeria and the United Kingdom have sealed a £746 million export finance deal to support the redevelopment of two major ports in Lagos.
The agreement was announced during a meeting between Prime
Minister Keir Starmer and President Bola Tinubu at Downing Street in London on
Thursday, according to a BBC report.
Under the deal, UK Export Finance (UKEF) will guarantee
loans for the refurbishment of the Apapa and Tin Can Island port complexes.
The financing arrangement will, reportedly, be coordinated
by Citibank.
As part of the agreement, British Steel will supply 120,000
tonnes of steel for the port projects under a contract valued at £70 million.
The deal is expected to generate £236 million in supplier
contracts for British companies, as at least 20 percent of the project
components must be sourced from the UK.
The UK government said the steel contract is the largest
export, backed by UKEF for British Steel.
Peter Kyle, the UK trade secretary, said the deal would
“reinforce British Steel’s world-class expertise while supporting jobs and
growth in Scunthorpe”.
The agreement, struck during Tinubu’s state visit to the UK,
was described by Starmer 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.
Before the meeting, Tinubu had said discussions with the UK
government would focus on trade, economic cooperation, and shared challenges —
including security and climate change.
Commenting on the deal, the ministry of marine and blue
economy said the redevelopment of the two ports would strengthen the country’s
position in regional trade.
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”.
Tinubu is in the UK for a two-day state visit, which
commenced on Wednesday.
The visit also includes plans to sign a memorandum of understanding (MoU) to deepen trade and investment ties between both countries.
The Nigeria Sovereign Investment Authority (NSIA) signed an
MoU with the UK’s Asset Green Limited to develop an integrated dairy production
platform in the West African nation.
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