Nigeria and the United Kingdom have finalized a significant £746 million export finance deal aimed at redeveloping the port complexes of Tin Can and Apapa in Lagos. This agreement was reached during a meeting between UK Prime Minister Keir Starmer and Nigerian President Bola Tinubu at Downing Street, London. Under the terms of the deal, UK Export Finance will back loans for refurbishing the port facilities, which are crucial for Nigeria’s imports and exports.

The investment is expected to benefit both countries economically, with UK companies involved in the project. Notably, British Steel will contribute to the effort by supplying 120,000 tonnes of steel for the redevelopment works under a £70 million contract. Additionally, the deal stipulates that at least 20% of the project’s components will be procured from the UK, which should create approximately £236 million in contracts for British suppliers, thus reinforcing economic ties between Nigeria and the UK.

UK Trade Secretary Peter Kyle highlighted the deal's positive impact, stating it would not only showcase British Steel's expertise but also contribute to job creation and economic growth. This redevelopment project appears to be a strategic move to modernize Nigeria's port infrastructure, which is vital for its trade operations, thereby enhancing overall efficiency and boosting its economy in the long term.