Nigeria and the United Kingdom have finalized a £746 million export finance agreement to support the redevelopment of the Apapa and Tin Can Island port complexes in Lagos, aiming to ease long-standing operational bottlenecks, reduce logistics costs, and strengthen bilateral economic ties.
Under the agreement, UK Export Finance will provide loan guarantees, with Citibank coordinating the financing.
As part of the deal, British Steel will supply 120,000 tonnes of steel through a £70 million contract, while at least 20% of other project components will be sourced from the UK, generating an estimated £236 million in contracts for British suppliers.
The UK government described the steel contract as the largest export supported by UK Export Finance for
British Steel.
UK Trade Secretary Peter Kyle said the deal highlights British Steel’s global expertise while promoting jobs and growth in Scunthorpe.
Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, said the project will solidify Nigeria’s position as a leading maritime hub in West and Central Africa and boost regional trade flows.
The agreement followed high-level talks between President Bola Tinubu and UK Prime Minister Keir Starmer at Downing Street, with Starmer describing it as the first agreement of its kind with a West African leader in 37 years.
Earlier, Tinubu and the First Lady were received by King Charles III and Queen Camilla at Windsor Castle, underlining the diplomatic significance of the visit.
The President was accompanied by senior officials from economic, security, and legislative sectors, highlighting the strategic importance of the negotiations.
