Nigeria and the United Kingdom have agreed a £746 million financing deal to modernise two major ports in Lagos, in a move aimed at boosting trade and easing congestion.
According to a report by the BBC, Truthlive News learnt that the agreement was reached during talks in London between Nigeria’s President, Bola Tinubu, and UK Prime Minister, Keir Starmer.
President Tinubu is currently on a two-day visit to the United Kingdom aimed at strengthening economic ties and attracting foreign investment.
Under the deal, the UK’s export credit agency will guarantee loans for the redevelopment of the Apapa Port and Tin Can Island Port, two of the country’s busiest shipping hubs. The financing will be arranged by Citibank.
As part of the agreement, British Steel will supply about 120,000 tonnes of steel in a contract worth £70 million. Officials say the wider deal will also create business opportunities for UK companies, with at least 20% of materials sourced from Britain.
Mr Starmer described the visit as “historic”, noting it is the first official visit by a West African leader to the UK in nearly 40 years. Both leaders discussed trade, investment, security and climate cooperation.
Nigeria’s government says upgrading the ports will improve efficiency and strengthen the country’s position as a key maritime hub in West and Central Africa. The facilities have long struggled with congestion and ageing infrastructure.
During the visit, Nigeria also signed a separate agreement through the Nigeria Sovereign Investment Authority to support the development of a dairy production project in the country.
