How Nigeria-UK £746 Million ports deal would boost trade — UK export finance CEO’s
UK leading finance and investment institutions have revealed that the £746 million agreement to modernise key Nigerian trading ports is expected to boost trade, strengthen infrastructure, and deepen economic cooperation between Nigeria and the United Kingdom.
Business and finance leaders involved in the project said the deal will improve port efficiency, create opportunities for British manufacturers, and support long-term economic growth in both countries.
The announcement comes as Prime Minister Keir Starmer and President Bola Tinubu held a bilateral meeting at Downing Street on Thursday, where they discussed shared priorities to strengthen the UK–Nigeria Strategic Partnership.
Allan Bell, CEO of British Steel, described the contract as a record-breaking milestone for British Steel that will support thousands of jobs. He said the agreement represents a move from stabilisation toward sustainable growth, adding:
“This deal marks a tremendous vote of confidence in British Steel and UK manufacturing.”
Richard Hodder, Global Head of Export and Agency Financing at Citigroup, said the financing arrangement is one of the largest export credit agency-supported facilities in West Africa and will deliver significant economic benefits to Nigeria.
“Citi has been present in Nigeria for over 40 years and is delighted to support the Nigerian Ports Authority and the Federal Government of Nigeria in the financing of this critical infrastructure project which will deliver significant economic benefits to the Nigerian economy over the coming years. Today’s milestones represent one of the largest Export Credit Agency supported Buyer Credit Facilities ever seen in West Africa.”
Tim Reid, CEO of UK Export Finance, highlighted the benefits for UK businesses, noting that over £200 million will flow back to British companies. He added that the deal lays the foundation for stronger long-term trade relations and opens doors for UK exporters across Africa.
