A £746 million financing deal to upgrade Nigeria’s major port infrastructure has become a focal point during President Bola Tinubu’s high-level meeting with United Kingdom Prime Minister Keir Starmer, aimed at strengthening economic and strategic ties.
According to a statement from the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the talks are expected to result in several Memoranda of Understanding and agreements covering trade, investment, defence, and cultural cooperation. The discussions underscore Nigeria’s commitment to attracting foreign investment and modernising key infrastructure to drive economic growth.
Central to the engagement is the £746 million financing package involving UK Export Finance, the Nigerian Ports Authority, and the Federal Ministry of Finance, intended to rehabilitate critical maritime assets. The UK government’s export credit agency, UK Export Finance (UKEF), has guaranteed the loans on the condition that at least 20% of the contracts go to UK suppliers.
Under the agreement, British firms will secure contracts worth at least £236 million, including a £70 million supply of 120,000 tonnes of steel from British Steel for refurbishing two major port facilities: the Lagos Port Complex (Apapa Quays) and the Tin Can Island Port Complex, key hubs for Nigeria’s import and export operations. The deal reflects a strategic partnership where Nigeria advances its infrastructure goals while the UK benefits from industrial export opportunities.
The broader visit also emphasizes renewed momentum in Nigeria-UK relations, with both countries seeking expanded cooperation across various sectors. Earlier, President Tinubu and the First Lady were hosted by King Charles III and Queen Camilla at Windsor Castle, highlighting the diplomatic significance of the trip. The President’s delegation includes Senate President Godswill Akpabio and senior cabinet officials, reflecting the extensive scope of the bilateral talks.
