Nigeria and the United Kingdom have signed a £746 million export finance agreement to support the redevelopment of Lagos’ Apapa and Tin Can Island port complexes.
The deal was announced by UK Prime Minister Keir Starmer during a bilateral meeting with President Bola Ahmed Tinubu at 10 Downing Street on the second day of Tinubu’s state visit.
“Today is the opportunity to take that to another level with the agreements that we’ve been able to reach on exports, and I think that shows we can go even further than we’ve already gone,” Starmer said.
Tinubu, in his remarks, said Nigeria is undergoing “very strong reform of the economy” and highlighted the need for deeper economic cooperation between both countries.
“We need more trade agreements and economic relationships that we build between nations. Nigeria is currently going through a very strong reform of the economy,” the president said.
He also linked security challenges in West Africa to environmental pressures, stating, “The largest country in West Africa, and on the continent, is challenged by terrorism coming from the conflict of climate change.”
Tinubu noted that both countries face global economic pressures, adding, “Currently, the entire world is challenged. Nigeria is not immune. Britain is not immune.”
He explained that the talks centred on improving citizens’ welfare through stronger collaboration. “The economic welfare of the people and how we can work together to improve livelihood” was a key focus of the discussions, he said.
The president added that ongoing engagements would explore how Britain can “accelerate the friendship, partnership and collaboration” between the two nations.
Starmer described the visit as historic, noting it is the first state visit by a Nigerian leader to the UK in nearly four decades.
“The long and shared history between our countries is obvious and much valued, as is the people-to-people contact and engagement that enriches lives here in the United Kingdom,” he said.
He added that both countries already cooperate on economic, defence, and security issues, but expressed readiness to deepen ties further.
Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, said the port redevelopment project would enhance the country’s role in regional commerce.
“This project will strengthen Nigeria’s position as a leading maritime hub in West and Central Africa,” he said.
The state visit, which began following an invitation from King Charles III and Queen Camilla, is expected to yield additional agreements, including a memorandum of understanding aimed at boosting trade and investment between both nations.
