Nigeria, UK seal £746m deal to rehabilitate Apapa, Tin Can Island ports

Nigeria and the United Kingdom have agreed on a £746 million export finance arrangement to support the rehabilitation and modernisation of two of Nigeria’s busiest seaports, a move expected to boost trade capacity and strengthen economic ties between both countries.

The development was disclosed by presidential aide Sunday Dare in a post on X on Thursday, following engagements between President Bola Tinubu and British Prime Minister Keir Starmer during Tinubu’s official visit to the United Kingdom.

“Nigerian President Tinubu meets UK PM Starmer as he prepares to witness the signing of the £746m Nigeria-UK port deal, boosting trade and refurbishing Lagos and Tin Can Island ports,” Dare said.

Under the agreement, the funding will be used for the refurbishment of the Lagos Port Complex and the Tin Can Island Port Complex, two critical gateways for Nigeria’s international trade.

The financing will be guaranteed by UK Export Finance, while Citibank will coordinate and arrange the loan.

According to a report by Reuters, the agreement is also projected to generate about £236 million in supply contracts for British companies, including a £70 million contract awarded to British Steel, which the UK government described as a boost to its steel industry.

The deal is expected to improve port efficiency, reduce congestion, and enhance Nigeria’s trade competitiveness.