LONDON, Mar 19 – United Kingdom and Nigeria have announced a £746 million ($990 million) export finance agreement to fund the redevelopment of two of Nigeria’s trading ports.
The deal will support the refurbishment of the Lagos Port Complex and the TinCan Island Port Complex, two critical gateways for Nigeria’s maritime trade.
Financing will be backed by UK Export Finance, which will guarantee the investment, while Citibank will coordinate and arrange the loan.
Boost for Trade and Industry
The agreement is expected to generate approximately £236 million in supplier contracts for British companies, strengthening commercial ties between both countries.
Among the key beneficiaries is British Steel, which is set to secure a £70 million contract as part of the project. The deal comes as the UK government seeks to support its domestic steel industry through a new sector strategy.
Strategic Infrastructure Upgrade
The redevelopment of Lagos’ major ports is expected to improve cargo handling capacity, reduce congestion and enhance Nigeria’s position as a key trade hub in West Africa.
Upgrading port infrastructure is critical for Nigeria’s broader economic ambitions, particularly in boosting exports, facilitating imports and improving supply chain efficiency.
Diplomatic and Economic Context
The agreement was announced during a state visit by Bola Tinubu to the United Kingdom, highlighting deepening economic cooperation between the two nations.
The deal reflects a broader push to mobilise international financing for infrastructure development in Africa, while also creating commercial opportunities for global partners.