Nigeria and the United Kingdom yesterday signed a £746 million deal to modernise two of Nigeria’s busiest ports, Apapa and Tin Can Island, in Lagos. The project is expected to boost trade, create jobs, and strengthen economic ties between the two countries.
President Bola Tinubu said Nigeria and the UK must use their long-standing relationship to expand trade and economic cooperation. He spoke with UK Prime Minister Sir Keir Starmer at Downing Street during his state visit, the first by a Nigerian leader in 37 years.
“We can not forget the institutional development we have enjoyed over the years,” Tinubu said, noting that discussions also covered trade, economy, climate change, terrorism, and global challenges.
At Lancaster House, Tinubu, alongside his wife Oluremi, witnessed the signing of the £746 million agreement. Nigeria was represented by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, while the UK side was represented by Blair McDougall, Parliamentary Under-Secretary of State and Minister for Small Business and Economic Transformation.
Edun explained that the deal fits Nigeria’s focus on infrastructure, energy, and industrial growth. He said the partnership would attract investment, create jobs, reduce poverty, and build mutual trust between Nigeria and the UK.
The agreement, backed by UK Export Finance (UKEF) and coordinated by Citibank London, will fund port upgrades and is expected to support thousands of skilled jobs in both countries. At least £236 million in contracts will go to British firms, including a £70 million steel supply deal with British Steel.
UK Secretary of State for Business and Trade, Peter Kyle, called the deal a major boost for British industry and UK-Nigeria relations, adding it reflects the quality of UK-made steel.
Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, said the project would improve port efficiency, reduce vessel turnaround times and logistics costs, increase transparency, and boost government revenue.
The countries also signed an MoU to explore future trade and investment opportunities, with more UKEF-backed financing and UK supplier participation expected.
British Steel CEO Allan Bell called the contract a “record-breaking” milestone, while Citi’s Richard Hodder described the financing as one of the largest export credit agency-backed facilities in West Africa. UK Export Finance CEO Tim Reid said the deal strengthens trade relations and opens doors for British exporters.
Since 2018, UKEF has provided over £3 billion in support for West and Central Africa. Both Apapa Port, built in the 1920s, and Tin Can Island Port, operational since 1977, handle more than two-thirds of Nigeria’s goods trade.
