Nigeria UK port redevelopment deal worth £746m signed to revamp Apapa and Tin Can Island ports, boosting trade and infrastructure investment
Nigeria and the United Kingdom have signed a £746 million export finance deal to support the redevelopment of two major Lagos ports, Apapa Port and Tin Can Island Port.
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The agreement was finalised during a meeting between Prime Minister Keir Starmer and Bola Tinubu at Downing Street on Thursday.
Under the deal, UK Export Finance will guarantee loans to fund the refurbishment of the port complexes, with Citibank coordinating the financing arrangement.
As part of the agreement, British Steel will supply 120,000 tonnes of steel for the projects under a £70 million contract.
The deal is projected to generate £236 million in supplier contracts for British companies, with at least 20 percent of project components sourced from the UK.
The UK government noted that this steel contract represents the largest export backed by UK Export Finance for British Steel to date.
The agreement was signed on behalf of Nigeria by Wale Edun, and on behalf of the UK by Blair McDougall MP. Wale Edun stated that the deal aligns with Nigeria’s priority on infrastructure, energy, and industrial development and underscores growing confidence and mutual trust between both nations.
Adegboyega Oyetola added that the redevelopment of the ports would strengthen Nigeria’s position as a leading maritime hub in West and Central Africa, enhancing regional trade.
Prime Minister Keir Starmer described the agreement as historic, marking the first deal signed by a West African leader in 37 years.
Bola Tinubu, on the first Nigerian state visit to the UK in nearly four decades, called the visit “thrilling and significant” in deepening bilateral relations, noting discussions on trade, the economy, climate change, and global security challenges.
The visit also includes a memorandum of understanding (MoU) between the Nigeria Sovereign Investment Authority and Asset Green Limited to develop an integrated dairy production platform in Nigeria, further strengthening trade and investment ties.
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The port redevelopment initiative is expected to boost infrastructure, create jobs, and enhance economic activity, forming a key component of Nigeria’s ‘renewed hope’ agenda for national development.
