Nigeria has finalized a significant export finance agreement worth £746 million with the United Kingdom, aimed at upgrading the crucial port complexes of Apapa and Tin Can Island in Lagos. The deal highlights the growing collaboration between the two countries in enhancing infrastructure, particularly in Nigeria's maritime sector. This agreement was concluded during a meeting between UK Prime Minister Keir Starmer and Nigerian President Bola Tinubu in London, showcasing the commitment to strengthen bilateral ties.

The financing will be managed through UK Export Finance, which will provide guarantees for loans to support the refurbishment of these key facilities. Citibank will oversee the financial structure of the project, ensuring a streamlined implementation process. As part of the agreement, British Steel is set to supply a substantial 120,000 tonnes of steel for the port reconstruction under a separate £70 million contract, indicating strong involvement of UK companies in the project.

Moreover, the arrangement stipulates that a minimum of 20 percent of the project components will be sourced from the UK, which is projected to yield an estimated £236 million in supplier contracts for British firms. UK Trade Secretary Peter Kyle has emphasized that this deal not only strengthens the UK's presence in global markets through British Steel's expertise but also contributes to job creation within both countries, marking a significant step in international trade relations and infrastructure development.