Britain and Nigeria have agreed on a £746 million ($990 million) export finance deal to refurbish two of Nigeria’s busiest seaports, in a move aimed at boosting trade and strengthening economic ties between both countries.
The agreement, announced on Thursday, will fund the redevelopment of the Lagos Port Complex and the Tin Can Island Port Complex, which serve as critical hubs for Nigeria’s maritime trade. The financing will be backed by UK Export Finance, with Citibank coordinating the loan.
The deal is expected to generate about £236 million in supplier contracts for British companies, including a £70 million contract for British Steel, providing a boost to the United Kingdom’s struggling steel sector.
The agreement comes during Nigerian President Bola Tinubu’s state visit to the United Kingdom, where both countries are seeking to deepen commercial and investment ties.
Nigerian officials say the port upgrades will modernize infrastructure, improve efficiency, and strengthen the country’s position as a major trade hub in West and Central Africa. The two ports currently handle the majority of Nigeria’s imports and exports.