The Federal Republic of Nigeria and the United Kingdom have finalised a landmark £746 million export finance agreement to reconstruct the Apapa and Tin Can Island port complexes in Lagos, marking a significant boost to the nation’s maritime infrastructure.
The deal, signed during a high-prolific meeting between President Bola Tinubu and UK Prime Minister Keir Starmer at Downing Street on Thursday, March 19, 2026, secured loans through UK Export Finance (UKEF), which was coordinated by Citibank.
The project represented one of the most comprehensive port redevelopment in nearly 50 years, targeting facilities that handle over 70% of Nigeria’s imports and exports. Key terms included the supply of 120,000 tonnes of steel by British Steel under a £70 million contract, with at least 20% of project materials sourced from the UK, potentially generating £236 million in contracts for British firms.
UK Trade Secretary Peter Kyle highlighted the agreement’s role in bolstering British Steel’s expertise and supporting jobs in Scunthorpe.
Prime Minister Starmer described the contract as historic, noting that it is the first such deal with a West African leader in 37 years, while emphasising strengthened bilateral ties.
President Tinubu’s state visit, which began on Wednesday following an invitation from King Charles III and Queen Camilla, also covered discussions on trade, economic cooperation, security, and climate change.
Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, lauded the initiative as a game-changer that will cement the country’s status as a premier maritime hub in West and Central Africa.
Accompanied by a powerhouse delegation, including Senate President Godswill Akpabio, Attorney General Lateef Fagbemi, Finance Minister Wale Edun, and National Security Adviser Nuhu Ribadu, Tinubu’s travel pointed to Nigeria’s push for enhanced global partnerships.
The redevelopment aimed to streamline operations, reduce congestion, and elevate efficiency at these critical trade gateways, fostering economic growth amid Nigeria’s ongoing infrastructure renewal efforts.
Recall that President Tinubu met Keir Starmer earlier today to witness the signing of the financing deal.The agreement involves UK Export Finance, Nigerian Ports Authority, and Federal Ministry of Finance, boosting Nigeria’s infrastructure and economic ties with Britain.
The bilateral talks also covered trade, investment, defence, and cultural MoUs.Other Nigerian top officials joining Tinubu included Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole; Minister of Culture and Creative Economy, Hannatu Musawa; Minister of Communications and Digital Economy, Bosun Tijani; Minister of Defence, Gen. Christopher Musa; and Director-General of the National Intelligence Agency, Mohammed Mohammed.
Others are Minister of Solid Minerals, Dele Alake; Minister of Information and National Orientation, Idris Mohammed; and Minister of State for Foreign Affairs, Ambassador Bianca Ojukwu.