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Nigeria’s President Bola Ahmed Tinubu, on Thursday, attended the signing of a £746 million export finance deal, the first of its kind by a Nigerian leader in 37 years, during his state visit to the United Kingdom (UK).
The deal, backed by UK Export Finance and facilitated by Citibank, will fund the upgrade of Nigeria’s key ports: the Lagos Port Complex at Apapa and the Tin Can Island Port Complex.
These two ports are crucial to Nigeria’s trade, handling over 70% of the country’s imports and exports. The significant investment will go toward acquiring state-of-the-art equipment, upgrading digital systems, and expanding port capacity to reduce delays and lower operational costs. This overhaul is expected to be the largest port upgrade in Nigeria in the last 50 years.
The agreement is more than just a modernisation project for Nigeria. It also unlocks £236 million in contracts for UK companies, including a record £70 million allocated to British Steel. Many observers are calling it a transformative step, not only for Nigeria but also for the broader West African trade landscape.
Tinubu expressed optimism about the deal’s impact, highlighting that it would significantly enhance Nigeria’s trade efficiency and global standing.
“This partnership will position Nigeria for accelerated growth, not only benefiting our country but also bolstering commerce across the West African region,” he remarked.
This landmark deal signifies a turning point for Nigeria’s infrastructure development, strengthening ties between the UK and Nigeria and offering vast opportunities for regional economic growth.
